“How would you go about finding out what others bakers (home-based) are pricing their goods at?” You should check out your food competition; it’s important to know as much as you can about your competitors.
Check Out Your Food Competition:
Why should you check out your food competition? Chances are pretty high that most of your home-based competitors are under-charging for their products.
It’s vital to your success to know what they are selling and for how much. Instead of competing for the least profitable items; specialize in the most profitable products. Own the market for those products!
In my area, several decorators specialize in children’s cakes. Their Facebook and website pages are full of copyright infringed theme cakes. None featured wedding cakes or adults birthday cakes. I deliberately went after the market for wedding cakes and expensive adult birthday cakes. Selling wedding cakes gave me the introduction; later they called me for baby shower cakes and first birthday cakes, etc…
- What do they want?
- What will they’ll pay for it?
You have to appeal to potential customers by selling the products they want, at the price they are willing to pay. If you don’t have the right products at the right prices customers aren’t going to buy from you. You won’t be able to sustain your business….