How to Price Your Products & Services Correctly | Common Mistakes People Make When Pricing

Learning to Price Correctly is the Core Foundation of Having a Profitable Business. So How Do You Price Your Products and Services to Ensure You Have a Profit at the End of the Day and You Aren’t Leaving Money on the Table?

First, you need to understand the common mistakes people make when setting their prices and then understand what your prices must account for. When you put this all together, you come up with the perfect way to set your prices on your products and service.

KEY MOMENTS IN THE VIDEO:

00:00 How to Price Your Products & Services Correctly
00:34 3 Costly Mistakes When Pricing
01:14 Pricing to Competition
02:14 Under Valuing Your Products or Services
03:37 No Accounting for Expenses Correctly
04:26 The #1 Calculation You Need to Know
05:53 How to Figure Out Your TRUE Costs of Goods (COGS)
07:23 COGS for 3 Different Types of Businesses
09:31 COGS for Batching Multiple Items as One Time
10:47 Why Your Labor Should Be in Your COGS
12:31 How to Figure Out Your Expenses for Pricing
15:00 Pulling it All Together to Set a Price
16:40 Profits Go Into 3 Buckets
17:44 Job Wages vs Owner Wages
18:30 Knowing Your Business Numbers to be Profitable
19:48 How to Learn More

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WANT TO DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS?

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WANT MORE? HERE ARE SOME OTHER VIDEOS TO HELP…

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TOOLS TO HELP YOU RUN A BETTER BUSINESS

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👉 DISCLAIMER: I am not an attorney, CPA, bookkeeper, insurance agent or financial advisor. My videos/podcast are for entertainment & educational purposes only and should not be construed as tax, legal, insurance or financial advice. Please seek out a qualified CPA, attorney, or specialist as needed. I’m sharing my experiences with my businesses and those I have worked for and/or helped coach.

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[BadassBusinessOwners]

*What is the Biggest Mistake You Think You Make When Setting Your Prices? - Tammy*

[monarsondarisme]

I have a small business for 2 years, and im just learning this, I have created a job and now it’s time to get back to the drawing board I appreciate this video 💯💫

[hit-the-webmarketing]

we are service-based business. if COGS is what you hand over to the client/customer and we prebuy hosting. is that a COGS or Op Exp? thanks

[vazq_Fernanda]

How do you properly capture your time as an employee of the business spent in admin/marketing/sales? Would that be under expenses?

[Loncar]

Where would you list sales commission? Cost of goods or expenses?

[MusicaErika]

What if you’re just starting a service and you don’t have materials/ingredients cost?