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Setting service prices

What factors should be considered when determining what to charge a client for services, such as consulting? 
Several topics should be considered when setting client or customer prices, including:

- Your professional status in the market

- The prevailing rate for your type of service in your market by comparable competition

- The rates of comparable competition

- Your current business backlog and cash requirements

- The message you want to send with your price (value, exclusivity, etc.) 
Brain Trust contributor: Author of Fool-Proof Marketing: 15 Winning Methods for Selling ANY Product or Service in ANY Economy
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AskJim ID: 3046