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Pricing Strategies In Business For Health Experts | Tribe Talks

As a health professional, you know that pricing is one of the most important aspects of running a successful business. After all, if you don’t charge enough for your products and services, you won’t be able to stay in business for very long. But at the same time, you don’t want to overcharge your customers and risk losing their business.

So how do you strike the right balance?

The answer, unfortunately, is that there is no easy answer. Every business is different, and what works for one might not work for another. That said, there are a few general principles that can help you get started on setting your prices.

1. Know Your Costs

This includes both the direct costs of producing your product or service (e.g., the cost of materials) as well as the indirect costs of running your business (e.g., overhead). Once you know your costs, you can start to think about how much you need to charge to make a profit.

2. Consider Your Competition

If you’re priced too high, you risk losing customers to competitors who are offering a lower price. But if you’re priced too low, you may not be able to cover your costs and make a profit. As such, it’s important to find a happy medium that allows you to compete effectively while still making a profit.

3. Understand Your Customers

Finally, it’s important to understand who your target customers are and what they’re willing to pay for your product or service. If you’re selling luxury items, for example, you’ll be able to charge more than if you’re selling everyday items. But even if you’re selling everyday items, there will always be some customers who are willing to pay more for better quality or service. The key is to find the right balance that meets the needs of both your business and your customers.

Pricing is one of the most difficult aspects of running a health business. There is no easy answer as to how much you should charge for your products and services. However, by understanding your costs, considering your competition, and understanding your target market, you can start to develop a pricing strategy that meets the needs of both your business and your customers.

Homework

I teach a six step plan to help you with your pricing in this week’s episode of Tribe Talks. This is the sixth in a 12-part series where I help you go from where you are now as a health expert, to launch your online business in 12 short weeks.

 

Want help turning what you learn into action? I’d love to invite you to a free trial of Startup Therapy Tribe, my live weekly coaching community: https://www.entrepreneurs.doctor.

Your health business coach,

Behrooz, The Entrepreneur’s Doctor

PS/ Want to grab coffee and discuss your business plans as a health expert? Let’s book a time: https://www.entrepreneurs.doctor/coffee.

 

Dr Behrooz Behbod is a Harvard, Oxford, US CDC, and UK NHS trained public health physician with 25+ years of international experience across health, business, and education. As The Entrepreneur’s Doctor, Behrooz helps fellow Health Experts build and grow their online business so they can scale their impact, work less, and enjoy the freedom of doing what they love. After decades in the health service, his own burnout taught him that if we want better population health or better healthcare, we need to start with Patient Zero… fellow Health Professionals. The Entrepreneur’s Doctor is on a mission to create a healthier, happier world, by helping one fellow Health Professional at a time.

 

DISCLAIMER: The content is provided for information only and is not intended as a substitute for medical or any other professional advice. The content is not necessarily representative of any organisations affiliated with Dr Behrooz Behbod. The views or opinions expressed by guests are not necessarily shared or endorsed by Dr Behrooz Behbod.

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