Do you ever hear people say “I have a lot of interest in my business and I am working hard, but I am not making any money”? This free online course will help you understand the key aspects of getting your prices and costs right, while aligning pricing to your marketing strategies.
Understand pricing and costing concepts
Understanding pricing is a critical step to starting your own online business. We will explain the key drivers, helping you appreciate how price will be a deciding factor in whether to set up a business in the first place and its long-term sustainability.
This course will take you through a number of costing and financial concepts, financial documents and performance ratios, to provide you with an overarching understanding of how these documents can help you.
By the end of the course, you will understand:
- how to make practical pricing decisions;
- how to assess the expenses of a business;
- methods for understanding and analysing the numbers;
- and how to read the numbers.
Get expert online business advice
This course is one of four in the Online Business Success program from RMIT University. On every course, you will be guided by academics from the College of Business and the Business Enterprise Unit. Plus you’ll hear from successful online entrepreneurs about how they positioned and priced their online business.
- The catalogue of financial terminology used when discussing financial statements with accountants and bookkeepers.
- The role independent professionals play when seeking information on financial statements and contract advice.
- The distinction between startup and ongoing costs including capital finance and assets to inform product and service pricing.
- The types of business structures that influence profit sharing and legal liabilities.
- The process taken to price products or services to optimise business profitability and performance.
- Researching the industry standards that impact and drive demand for a product or service to meet customer needs.
- Accurate record keeping using a range of financial statements to identify a business's financial position.
- Analysis of costs and margins to inform product or service price.
- The effect business success indicators including reports, ratios and benchmarks has on the health and viability of a business.
What will you achieve?
By the end of the course, you‘ll be able to...
- Compare pricing solutions that best suit your business objectives
- Investigate and determine the start-up costs, assets and capital of your business
- Apply a range of accounting methods to confirm your pricing strategy and its impact on business health
- Develop numeric literacy to appreciate the financial viability of your business
Who is the course for?
This course is targeted at learners who have a small business or are considering setting up an online business and wish to understand the principles of costing and pricing, through a series of short case studies, practical exercises and the completion of templates.
Join the conversation on social media
You can use the hashtag #FLRMITPricing to talk about this course on social media.