Developing a pricing strategy can be a complex process that requires a balance between competitive pricing and turning a profit. And, there's a good chance your pricing strategy will change over time.

For niche markets, prices are typically higher than larger markets due to the lack of competition and the specialization of the product or service.

For many entrepreneurs, choosing what to sell online is one of the most difficult steps of starting an online store. After all, the products should entice and appeal to the target audience while being profitable and easily sourceable.

Social media doesn’t feel incredibly important when you’re trying to build a small business, but it makes a huge difference when it comes to visibility. With consumers spending so much time on social media every day, it makes sense to try to reach them on their Instagram Discover pages or Facebook newsfeeds.

Owning and running a small business is an incredible feat that is not for the faint of heart. You have a passion and you’re making money doing it, which is amazing! But, to make sure your business is staying relevant in today’s point-and-click world, you need to take the proper steps. Having a solid online presence is essential!

Cybersecurity threats are everywhere, and can be especially worrisome for small businesses. Small businesses are often targets of cyber attacks because they have information that is attractive to cybercriminals, without the cybersecurity large businesses and corporations have to keep them safe. When running a business, large or small, you must take all measures to protect sensitive information, your employees, and the technology you use.

Defective and dangerous products cause thousands of injuries in the United States every year. Any consumer who suffers personal or property damage from a faulty product may seek restitution from the manufacturer or seller of that product. Parties that are potentially liable for the sale of a defective or dangerous product include the manufacturer, a manufacturer of component parts, the wholesaler, and the retail store that sold the product to the consumer.

People are recognized as leaders for different reasons, but to be a leader, other people must be willing to follow you. Some people find the power to be leaders from their history of successes or their expertise. Others rely more on their personalities. Some demonstrate strong values or an ability to empathize that makes others willing to follow them. The most common bases of leadership are charisma, expertise, authority, success, commitment, values, and empathy.

The budget cycle is the period of time between one budget and the next. It involves a series of steps that form a cycle.

The budget cycle involves the creation of the budget, its validation (by testing current versus expected performance), the examination of variances (actual versus budget performance), the implementation of any corrective actions, and the revision of the budget based on feedback.

Franky Descoteaux is a speaker, business coach, podcast host, video producer, and consultant for startup, growth, and crisis-stage businesses and nonprofits. She has launched four businesses and two nonprofit programs, coached a number of entrepreneurs, and managed several crisis turnarounds. Skye Learning was thrilled to feature Descoteaux in Introduction to Small Business Management, a course in Skye’s Certificate in Small Business Management.

Dreams of financial independence and career flexibility drive many people to start new businesses, but only half of those enterprises survive after five years. Although the payoffs can indeed be significant, many who hope to start a business underestimate the required upfront and ongoing commitment to maintain the business.

Check out our latest infographic and learn about some of the challenges you might face when starting your own business.