Setting Prices For Your Business - S01 Ep 06
In this Episode, Erica and Connor discuss the considerations to make when setting your prices for your business to allow for it to be sustainable over the long term. This is a very important consideration to make as you establish your business to ensure you don't have to go through the pain points of starting a business.
Start by learning what your pricing needs to be for you to have a sustainable business.
Don’t let local markets influence this part too much. It is important to know at what point your business will be sustainable to know when you’re on the right track.
Erica disagrees. You have to take local markets into account when pricing. You’ll struggle if price yourself at $10k a wedding in a market that has an average of $2k a wedding. Similarly, if you price yourself at $2k a wedding in a market that averages $10k a wedding, you’re devaluing the art and everyone else in your market. If I lived in LA/NYC/Chicago, I’d be charging 3-4 times more than I do now because of the market in both locations.
You can start out lower than this sustainable number, but it is important to figure out ahead of time. When you know what it will take to be sustainable you will have a target to hit.
Cost of Doing Business Calculator: https://nppa.org/calculator
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