• What will you say today? If you are ready to own what you have where you are, comment your favorite emoji below. 🧡
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    What will you say today? If you are ready to own what you have where you are, comment your favorite emoji below. 🧡
  • Pricing your product is a foundational aspect of your business so let’s talk about it! 🤓 (Save this post so you can reference next time you price!) While research is important to staying competitive in your industry, it’s wise to make sound, data driven decisions instead of picking arbitrary numbers only based on what you see other people doing. Use these steps to make data-driven pricing decisions: 1. Calculate your price per item. You can do this by adding up your total cost that go into creating each product and then dividing by the number of items you have available, or by simply adding up each individual cost that goes into each item. For example, if you sell t-shirts, this may be the wholesale cost of each shirt, cost to print each shirt, as well as a fulfillment fee you may pay a fulfillment team. 2. Once you know your cost per item, calculate possible price points by testing different markups. Although it can vary by industry, a good rule of thumb is to try to aim for a markup of at least 50%. If you can mark it up more and still be competitive, do that! Using the formula in the table, try different markups to discover your price point options. This is where you can research average price ranges in your industry and select the best retail price for you — do you want to be on the higher or lower end? Lower works if you have high volume of customers, higher is great if you have a lower volume of customers. 3. Estimate Your Estimated Profit by Subtracting Total Cost Per Item from Revenue (or retail price per product) 4. Find your profit margin per product at the price selected. Look into the average profit margin for your industry. If you are at or above average, you can verify you’ve found the best price for your product! The best case scenario = when your best sellers also have the highest profit margin! Asking for what your service or product is worth is not only creates space for your business is grow, but most importantly, allows your business to bless your customers with the BEST quality you can offer. 🙌 When pricing your product, what questions/hesitations are you observing? Share below so we can support you! 🧡
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    Pricing your product is a foundational aspect of your business so let’s talk about it! 🤓 (Save this post so you can reference next time you price!) While research is important to staying competitive in your industry, it’s wise to make sound, data driven decisions instead of picking arbitrary numbers only based on what you see other people doing. Use these steps to make data-driven pricing decisions: 1. Calculate your price per item. You can do this by adding up your total cost that go into creating each product and then dividing by the number of items you have available, or by simply adding up each individual cost that goes into each item. For example, if you sell t-shirts, this may be the wholesale cost of each shirt, cost to print each shirt, as well as a fulfillment fee you may pay a fulfillment team. 2. Once you know your cost per item, calculate possible price points by testing different markups. Although it can vary by industry, a good rule of thumb is to try to aim for a markup of at least 50%. If you can mark it up more and still be competitive, do that! Using the formula in the table, try different markups to discover your price point options. This is where you can research average price ranges in your industry and select the best retail price for you — do you want to be on the higher or lower end? Lower works if you have high volume of customers, higher is great if you have a lower volume of customers. 3. Estimate Your Estimated Profit by Subtracting Total Cost Per Item from Revenue (or retail price per product) 4. Find your profit margin per product at the price selected. Look into the average profit margin for your industry. If you are at or above average, you can verify you’ve found the best price for your product! The best case scenario = when your best sellers also have the highest profit margin! Asking for what your service or product is worth is not only creates space for your business is grow, but most importantly, allows your business to bless your customers with the BEST quality you can offer. 🙌 When pricing your product, what questions/hesitations are you observing? Share below so we can support you! 🧡
  • Do you want a cohesive brand, but not know where to start? We have all been there! Save this and reference it when creating your brand’s color palette. The best places to start when finding a cohesive brand: 1. @pinterest - just search “color palettes” 2. @canva’s color palette picking tool 3. @over’s free color palettes Any questions? Comment them questions below! Let’s get clear on your brand together. 👇🏾👇🏽👇🏼
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    Do you want a cohesive brand, but not know where to start? We have all been there! Save this and reference it when creating your brand’s color palette. The best places to start when finding a cohesive brand: 1. @pinterest - just search “color palettes” 2. @canva’s color palette picking tool 3. @over’s free color palettes Any questions? Comment them questions below! Let’s get clear on your brand together. 👇🏾👇🏽👇🏼