Why pricing can make or break your business

A price tag is more than a number; it's a message. It tells customers what to expect and how to value what you offer (Photo: Gemini)

For anyone stepping into business, few decisions feel as simple but carry as much weight as setting a price. It's not just about attaching a number to a product or service; it's about understanding value, covering costs and positioning yourself in the market. Get it right, and you build a sustainable business. Get it wrong and even strong demand may not translate into profit.

Financial literacy expert Patrick Wameyo says that pricing a product or service starts with understanding everything that goes into getting it ready to sell. This includes the cost of buying materials, transport, packaging, and all the small expenses.