Hey everyone. Welcome back to the $100 MBA Show. I'm your host Omar Zen Home.

And in today's lesson you will learn how to price your product or service.

Pricing is one of the most crucial aspects of your business strategy.

It could be the difference of you barely making ends meet in your business and really growing tremendously fast with profits month over month.

This episode is an episode you really should take seriously.

This topic, this concept, pricing, has caused a lot of businesses to not succeed, to fail, to go out of business because they don't give themselves enough margin for success.

Business is all about margins. You'll hear me talk about this a lot on the podcast because the bigger your margins, the bigger chance of you being successful as an entrepreneur.

Margins are basically how much it costs you to fulfill your product or service and how much you actually

charge. This is your profit. You often hear the word profit margin and the best

businesses have big margins so that they're making a lot of profit every time

they do business. Now if you get this wrong you might be leaving money on the

table but worse you might be leading down a path of seeing your business go down the

tubes. Today I'm going to share with you all the experiences I've had with

pricing with my products and services, what I got right, what I got wrong, what I learned along the way.

But a lot of what I've learned over the last 20 years in business came from learning from others.

And one person that I always go to in a comes to pricing advice is a guy named Patrick Campbell.

He's a good friend of mine. He's been on the podcast before.

Patrick Campbell is the founder of Profitwell and he built this business based on making sure people get their pricing right.

He sold this business for $200 million, by the way, it's a bootstrap business, so his

profit on that sale is incredible but he sold this business for $200 million

and he in my opinion is one of the best when it comes to pricing so I'll be

mentioning some of the things he taught me because he consulted for us and help fix the pricing

...