You have invested your time, designed the product and now you are ready to market and start selling , given the economic condition and the competition out there you're still unsure how much you should charge.
pricing may be among the hardest things an entrepreneur may come across, there are a lot of jargon involved and may be confusing a times but by mastering the basics the task may be bearable and intuitive. below are some of the methods that may aid you when it comes to the task.

1. understand your business terrain

the aim of starting any business is to generate profit (excluding social entrepreneurship) , to be able to generate this profit the knowledge about your business should be vast and updated. try asking yourself these questions
  1. who are my competitors?
  2. whats my market niche ?
  3. do i provide a unique product?
  4. whats the demand for my product?
these questions would allow you to understand your business terrain and help you proper price your product/service

2. profit margin calculations

there are basically 3 methods to calculating your profit margin
  1. direct costs margin
  2. break even pricing
  3. profit pricing
direct costs margin
is the margin generated after paying for costs that are directly associated with the product or service being sold
direct costs margin= sales price - total direct costs
direct costs margin% = (direct costs margin/sales price) x 100%
break even pricing
this calculation only provides you with the price necessary for recovering your initial investment (you can use this price as a benchmark ).
break even price = (direct costs/unit + fixed costs) x volume
break even volume = (fixed costs/ direct cost margin%)/ selling price
profit price
this calculation provides to you the price needed to generate the desired profit
profit price = ((direct costs/unit) + (fixed costs + desired profit)) / volume

3.making a decision

at the end it will fall on your shoulders to make a decission, ask yourself this question
given the business terrain from step 1 would the profit price i calculated in step 2 be appropriate?
use your break even prices as benchmarks coupled with direct costs margin, and adjust your quantitative price from the profit pricing based on the questions asked on step 1. if prices are too high try reducing on expenses or transfer to another product.
NB: UNDER PRICING IS AS DANGEROUS AS OVER PRICING SO BE CAREFUL WHEN CARRYING OUT YOUR ASSUMPTIONS
Nathaniel r Kombe