Pricing your Product for Profit

February 25, 2021

Pricing your Product for Profit

Let’s talk about financing. Many product-based startups don’t realize they are doing pricing wrong because they lack a process and they don’t know the true value of their products. Pricing is challenging especially in the ethical business space, leaving business owners with little to no profits but so much work to do.

I’m here to walk you through a simple process to price your products right. There are a few numbers to consider, but I promise you need to know these numbers to save yourself from the painful feeling of running your business to the ground. Aside from numbers, I also need you to take some self-reflections and ask honest questions about yourself. Let’s answer those questions and learn how to price your products for profit!

[00:01 - 03:13] Opening Segment

  • I talk about the topic for this episode
  • 5X your email marketing revenue!
    • Link below

[03:14 - 09:01] Don’t Be Scared of High Prices

  • The common mistakes of product-based start-ups
    • Lacks process
    • Unaware of the true value of their product
  • Don’t be scared to price your product high

[09:02 - 15:11] Why You Should Understand Gross Margin

  • I break down gross margins
    • What does it mean for your business?
  • The common net profit in retail you should know

[15:12 - 20:34] How to Price Your Product Properly 

  • Learn the basic steps to price your product for profit
  • What are the tough choices you should make in pricing?

[20:35 - 22:10] Closing Segment

  • Connect with me! Links below
  • Final words

 

Tweetable Quotes:

“If you don’t know your numbers, if you’re not pricing for profit, you can lose money on every single sale.” - Kristi Soomer

 

“Cash flow is king in product-based businesses.” - Kristi Soomer

 

Resources: 

 

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