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Skip to 0 minutes and 9 secondsHello, and welcome to our online business success programme. Pricing for Success is one of four courses that is part of the online business success programme. Pricing for success can assist you to identify the key financial elements you need to consider when starting or running your online business. Throughout the course, we will highlight the importance of understanding the financial statements of your online business. We will work through some of the metrics and methods used to establish a price for products or services. We will also highlight the link between understanding the financial statements and pricing to improve the viability and success of your business. You will hear from experienced, online, small business entrepreneurs.

Skip to 0 minutes and 56 secondsThey share insights into how they approach the financial and pricing aspects of their business at startup and what they might do differently in pricing. Calculating price for Story Box Library is incredibly complex. I've got a number of different types of subscribers. So we have different pricing strategies. Along the way, we will introduce you to our experienced university academics. We will explain the process of financial and pricing management. Throughout the course, you'll be given the opportunity to engage and interact through a variety of activities and conversations with other global learners to reflect on your business idea. I wish you all the best as you start your own journey through Pricing for Success.

Introduction

Welcome to Online Business: Pricing for Success – a four-week journey designed to help you understand the key aspects of getting your prices and costs right, while aligning pricing to your marketing strategies.

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 consider 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 in your online business.

If you are ready to prepare your own financial statements, the zip file Pricing and Financial Statements Handbook at the bottom of the page is a working file for you (generated using Microsoft Excel). If you are not spreadsheet-savvy, the formulas and layout have already been set, so you just need to have your data ready to apply it to your business. Also, below to assist you is a link to the basics of using Microsoft Excel.

Get involved

Before moving on, introduce yourself in the comments section and share what you hope to get out of this course.

Remember, you can reply to individual comments and ‘like’ the ones you agree with or interest you. You can also ‘follow’ others whose responses you want to keep track of – to get started, why not follow the course facilitators now?

The comments section can be a little overwhelming if there are lots of responses, so please don’t feel you have to read all of them! Try reading the first page of most recent comments and then the first page of ‘most liked’ comments – this will help you keep up-to-date with the newest comments.

Pathway

Details of eligibility and more information on the Certificate IV in New Small Business can be found in the downloads section below.

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This video is from the free online course:

Online Business: Pricing for Success

RMIT University