How to price your products, services better

I just had a conversation with a client who owns a restaurant. Their biggest concern was that, despite sales, they might not be profitable. After an event with a client lately opened his eyes to something, they were starting to question some things.
In order to provide the finest, they aim to use the best, which is why, unlike everyone else, they provide farmers choice sausages. Farmers’ choice sausages are quite popular and well-liked.
However, he discovered that they acquire a pack of sausages for Shs 35,000, but they sell the pack for Shs 30,000, based on their price of Shs 1,000 per sausage. This means they lose Shs 5000, as has been the case since they began doing business.
A closer examination and examination revealed the same for other products as well. For some, selling and receiving exactly what they put in meant no profit margins at all.
Many businesspeople, in fact, do not pursue pricing with the zeal it necessitates. Many people charge because that’s how everyone else does it, without considering what they actually put in to deliver.
Pricing is a scientific method that takes into account all of the costs associated with providing a service or product. It covers material costs, manufacturing costs such as power, water, and labor, and, most crucially, taxes.
If you don’t account for these while pricing, you’ll almost certainly lose money.
You’ll see money come in for the most part and think, “This is it, we’re making money,” but you’ll never stop adding money to the business to cover those short gaps.
Don’t price your products based on what John is selling at the same time; your cost of sale or manufacture may differ from John’s.
Calculate each and every expense and include it in your final pricing. Don’t forget about your markup, which should never be less than 30%.