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Home › 6. Small Business Essentials (Documents & Operations) › Design a Simple Pricing Strategy Worksheet

Design a Simple Pricing Strategy Worksheet

6. Small Business Essentials (Documents & Operations) ⏱ 25 minutes min 📊 Intermediate

Objective

Evaluate and set product or service pricing using cost, competitor, and value-based approaches.

Materials Needed

  • AI chat tool
  • Rough cost per product/service and 1-2 competitor prices if known

Step-by-Step Instructions

  1. 1

    Provide your cost per unit and any competitor prices you know.

  2. 2

    Prompt: 'Walk me through cost-based, competitor-based, and value-based pricing for this product, and suggest a price range.'

  3. 3

    Ask the AI to explain the pros and cons of pricing at the low, middle, and high end of that range.

  4. 4

    Ask what messaging could justify a higher price point if you choose it.

  5. 5

    Decide on a price and note the reasoning for future reference.

Instructor TipConnect this directly back to the Break-Even Calculator and Freelancer Rate Calculator tutorials if taught in the same course.
TakeawayConfident, reasoned pricing (not guesswork) is one of the biggest profitability levers a small business owner controls.

Tools Used

  • ChatGPT
  • Claude.ai