How to price your products

Рет қаралды 2,781

8 ай бұрын

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This is partly my opinion. But mostly it's math. Plain and simple math. I have decades of experience under my belt managing successful and profitable businesses. This is what has worked for me. There are always exceptions to every rule. That's precisely why I say, "on average". This is how to price your products and remain in business, while being profitable. It isn't hard to do. As long as you account for ALL your expenses. I hope you find this helpful.
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Пікірлер: 44

@merrillalbury8214 7 ай бұрын

I figured in electricity, shop Square footage used, water, etc in addition to my time, machine, parts, etc.

@katebeasley5508 7 ай бұрын

Thank you Steve. I do a lot of craft shows but never knew how to price my items. Know I know. Thank you!!

@MrAnderson1966 Ай бұрын

Great info

@HoboWithWood Ай бұрын

Thanks for watching!

@suesshirtshopandmore6754 7 ай бұрын

Great video! Very good insight on how to price things.

@HoboWithWood 7 ай бұрын

Glad it was helpful!

@nipajhaveri434 7 ай бұрын

Thanks Steve. I really needed this information.

@HoboWithWood 7 ай бұрын

Hope it was at least somewhat helpful. Just remember there are always exceptions. But you need to know your true cost of goods. How else will you keep from shooting yourself in the foot. There are too many others out there that are willing to do it for you.

@craftingwithjean5599 4 ай бұрын

Thank you for this.

@HoboWithWood 4 ай бұрын

My pleasure!

@merrillalbury8214 7 ай бұрын

Thanks Steve. Good show.

@loiszoch8509 7 ай бұрын

Thank you so much for this video.

@HoboWithWood 7 ай бұрын

You are so welcome! Just remember there are always exceptions, But this should be a real good way to start.

@Vintauri 7 ай бұрын

Math is Math, until you try to help your kids with their math homework these days! :D Overall good tips. I also see people undercutting themselves on the true cost of shipping, there are a lot of supplies and time involved with shipping items.

@HoboWithWood 7 ай бұрын

If you are having to deal with the failed idea of "Common Core" math, wait until you see what the left is pushing now. If you thought that was bad, now math is racist. 🤦‍♂️

@jimhinkle7245 7 ай бұрын

@@HoboWithWood Don't even get me started!!!! lol Thankfully, my kids are graduated. But I live in Southern California. It's BEYOND insane!!!!

@merrillalbury8214 7 ай бұрын

I have done quite a few craft shows and seen many competitors selling stuff below cost. The say "I just enjoy doing craft". My $$$ came from people who asked for original items, special requests.

@HoboWithWood 7 ай бұрын

I don't like to do shows. I prefer custom work and creating designs.

@merrillalbury8214 7 ай бұрын

Good show. Few such shows.

@jimshackelford4267 7 ай бұрын

Good video

@HoboWithWood 7 ай бұрын

Thanks

@billstauffer4304 7 ай бұрын

Thanks Steve! Excellent advice and things to consider.

@HoboWithWood 7 ай бұрын

Glad it was helpful!

@magnusltd 7 ай бұрын

Thanks!

@HoboWithWood 7 ай бұрын

Welcome! And THANK YOU!

@johndiego3105 7 ай бұрын

An excellent informative video. I’m glad your shared knowledge about pricing products.

@HoboWithWood 7 ай бұрын

Just remember, there are always exceptions.

@user-yf3gx2oh8e 7 ай бұрын

Very informative Steve, Wish I would have known some of this 20 years ago

@HoboWithWood 7 ай бұрын

Thanks. I wish I knew a lot of what I know know 20 years ago. 😁

@geraldobrien6380 5 ай бұрын

Hello Steve, I just watched you video on making a clock face. I was having trouble getting the numbers / things to go around the circle until I watched your video. I finally got it when I clicked on and off of the two buttons on the circular array tab. You explained it very well and thank you for that. I have a question please. I have made a clock face, like you showed and put some text onto it. I have made the numbers and the offset for the outside. I put the TEXT onto the circle, gave it a layer and I cannot seem to see the TEXT when I do a preview. I should mention that I'm brand new to this adventure. I'm also getting older, near to 80 YO but I'm relatively good with a computer. I just cannot seem to see the TEXT whey I run a PREVIEW. I have the text on a separate layer and on FILL. Just wondering. I'm sure the problem is with me at my end. Not too sure where to look Thank you in adavance for your kindness and assistance Sincerely, Gerald O'Brien... Houston, Texas

@HoboWithWood 5 ай бұрын

Hey Gerald, There could be a couple reasons nor not seeing something in the preview. Contact me at hobowithwood@gmail.com. We can possibly do a remote connection to see what's going on. I am happy to take a look.

@edkennedy1166 7 ай бұрын

Hi Ho, Great video. Thank you for the advice. What type of license do you have?

@HoboWithWood 7 ай бұрын

Business license? I've actually got several LLCs. Also, I have a CDL, and in order to produce the video content I do, I had to get a license to thrill.

@magnusltd 7 ай бұрын

Great video Steve! Close to what I was going to price, but I like your methods better. Best to listen to a real salesman. By the way, Saturday night, you were correct to question the devaluation of lasering old coins. Cleaning old coins drops their value . Always has, no matter the method.

@HoboWithWood 7 ай бұрын

I used to collect coins. I knew I was right. But it was neither the time or place to have that dicussion.

@magnusltd 7 ай бұрын

@@HoboWithWood What I figured while watching. Classy approach. I've collected for more than 50 years now.

@Glenj48 7 ай бұрын

You have some great videos, I wish your audio levels were a bit higher though. My old ears have a hard time hearing you.

@HoboWithWood 7 ай бұрын

I have others that complain I am too loud. I am in the same category as yourself. I listen to the TV at higher than average levels. Others complain it's too loud. But that's where I need it and it doesn't seem loud to me. They actually have ring tones for phones that only the young can hear. That's crazy. I do have subtitles in many different languages. You might find it helpful to turn on the subtitles. KZfaq does a pretty good job and figuring out what this Southern hick is saying. When others in the room are complaining about my TV, on go the subtitles. I try, but it is impossible to please everyone. Thanks for watching.

@PriitPeljo 7 ай бұрын

🤜🤛

@strube2000 7 ай бұрын

another nice video. I have a question. Is the 1.67 (40% profit) also for your hourly wage? or is this purely for your material costs? and that you add the hours you spend on a product to the material costs? Example: I charge $30 per hour and it takes me 30 minutes to make a product, which is $15 for half an hour. The material costs to make the product are $20, then the calculation is $20x1.67+$15= $48.40 or is it ($20+$15)x1.67=$58.45? I hope you understand the question. English is not my native language

@HoboWithWood 7 ай бұрын

If I were providing a service, I would keep my labor separate. But I'm looking at this from the perspective of making a product. Production costs (labor), in this case, I would consider part of the cost of goods. The end product wouldn't exist without the labor. But depending on the local taxes, it might be better to break the labor apart. In some cases, labor isn't taxable. So by breaking the labor out and only taxing the goods, the end price would be slightly less. But to keep things simple, I include the labor when figuring my price.

@geowat2198 7 ай бұрын

Question, if you are new to selling and you are trying to develope name recognition for your craft ability. Wouldn't some early discounting to secure some early clients be beneficial to having the early buyers spreading the word on your quality products?

@HoboWithWood 7 ай бұрын

Do you want to start the reputation of someone who is willing to settle for less? I wouldn't. If you are trying to compete with others in the market, instead of competing with price, let your focus be of quality and quality of service. Trying to win a war based on price is a losing effort for everyone. Even if you are not "at war" with a competitor, trying to gain traction on the market by lowering your prices is a bad way to start. These are simply my opinions. But based on lots of experience.