BUS201: Pricing Workshop
Digging into the data so you can price your products more effectively
"How much should I charge for this?"
It's a terrifying question for shop owners to answer. It feels like you are just making up the number... and then you are afraid that customers will complain that the number is too much.
But there are other things you should fear more, like losing money on each sale, working for free, and customers taking advantage of you
These are all ways for you to burn out and get sick of your business (if you're not forced to close it).
This course will help you understand the basics of business finance so you know how much you MUST charge in order to pay for all of your operating costs, all of your supplies and, most of importantly, your own time!
Once you know your costs, then you know the lowest amount that you must charge to cover everything and pay yourself, and anything above that is profit. For those special, high-value, repeating customers you will know how much of a discount you could give them and still run a profitable business.
Module 1 is a series of lectures to help you understand your business finances better, especially your business costs.
Pricing touches almost every part of your business, and these lectures will help you understand all those relationships.
When you complete this module, you will have a better understanding of:
- Why handmade sellers struggle so much to track costs
- What "profit" really means (there's more than one meaning!)
- How you pay for operating costs
- How pricing fits into your larger business strategy
- How to make sure your pricing is working
Module 2 is a series of workshops that walk you through the steps to calculate your costs so you know how much you need to charge to make a profit.
I will walk you through each of the types of costs you have to make sure you account for them as accurately as possible. It takes a little bit of math, so be prepared.
After you complete this module, you will have:
- calculated your monthly operating costs
- calculated your production costs
- decided how much you will pay yourself .
- decided how much of a profit margin you want
The bonus module gives you even more ways to price your items to increase your profit! They didn't fit well into the other modules, but I really wanted you to know about these!
Some businesses offer products with large variations in price and need more advanced help in pricing them. If that's you, then you won't want to miss the lecture on "weighted pricing!"
There's most to pricing than just picking a number. There are ways you can write your descriptions or show your items that make the price more appealing to the customers. The "psychological pricing" lecture shows you how to do that!
To wrap it all up, there is a long lesson on what to do if your calculations tell you that your pricing is higher than you can charge.
See the complete curriculum below for a full list of lessons!
The course has a total of 18 lectures and over two and a half hours of recorded video!
StartThe Handmade Dilemma (6:10)
StartThe Types of Profits (5:19)
StartHow to Pay for the Costs of Running Your Business (12:57)
StartYour Pricing Strategy (8:23)
StartHow Pricing interacts with other parts of your business (10:41)
StartKeeping Track of Business Finances (4:56)
StartThe Information and Tools You Need to Calculate your Pricing (3:26)
I spent a lot of my career teaching professionals the skills they needed to do their jobs. I have this almost-compulsive need to help other people reach their goals, so it was a great fit!
In 2010, I changed careers into product design and development but my love of helping others never went away. I got to help people reach their goals by designing products to help them throughout their work day.
Now I'm writing courses to help you grow your business the same way I helped my wife grow hers, taking what was already a decent revenue and increasing it by 9 times (and growing!).
While personally mentoring other Etsy shop owners, I've noticed several problems that kept coming up for them, and these problems go to the very core of the business they are trying to grow.
To tell you a little more detail about me and my background:
- I have a lot of experience teaching (8 years of experience teaching architects how to use CAD/BIM software)
- Product development is a big part of what I do (7 years of experience in product management and design)
- I knew enough about business to convince Drexel Univeristy I knew what I was talking about (Masters in Business Administration)
- I'm constantly learning and keeping up with what's doing on in modern marketing and sales (Certified Ecommerce Marketing Specialist, Content Marketing Specialist, and Customer Value Optimization Specalist by Digital Marketer)
- I know many of the struggles you are dealing with (My wife and I run a busy Etsy shop and I've personally mentored over 100 Etsy shop owners)
I can't wait to help you reach your goals!