Shownotes
Get Your Pricing For Retail And Wholesale Right
Up until now, wholesale has been Gail’s sales strategy, which she will continue to pursue. But she’d also like to add direct-to-consumer sales into the mix. She wants to get out and interact with people! We dive deep into all the gritty details needed to properly price her products to support these goals plus lots more.Here's what we cover in this Boost:
(What's a Boost, you ask? See details below)- A detailed discussion about pricing and all the elements that must be included
- Setting up properly for retail AND wholesale
- How to position pricing so it fits with your intended lifestyle
- and more!
Tune into this conversation to hear how to finally get your pricing for retail and wholesale right!
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Gift is Unwrapped.
Speaker:Episode 393 Production time.
Speaker:How is that figured out?
Speaker:Cost-wise? Attention,
Speaker:Gifters begs,
Speaker:crafters and makers.
Speaker:Pursuing your dream can be fun.
Speaker:Whether you have an established business or looking to start one,
Speaker:now you are in the right place.
Speaker:This is Gift Biz Unwrapped,
Speaker:helping you turn your skill into a flourishing business.
Speaker:Join us for an episode packed full of invaluable guidance,
Speaker:resources, and the support you need to grow your gift biz.
Speaker:Here is your host Gift Biz gal,
Speaker:Sue Mohe.
Speaker:Hi there.
Speaker:It's Sue and it's your lucky day because you've landed on
Speaker:another Boost episode.
Speaker:This is a new show format that I've recently introduced.
Speaker:A boost is your chance to listen in while I address
Speaker:a current issue faced by one of your fellow handmade makers.
Speaker:Have you ever stalled in one area of your business where
Speaker:if you could just get past that block,
Speaker:it would open the path to new business growth?
Speaker:That's what this is all about.
Speaker:To give a boost and clear the way for the next
Speaker:big move.
Speaker:At the end of the show,
Speaker:I'll tell you how you can sign up for your own
Speaker:free gift bus boost.
Speaker:Today we're talking to Gail Baro.
Speaker:Gail's been in business for quite a while at this point,
Speaker:working it around her full-time job.
Speaker:Now that she's retired,
Speaker:she has more time to devote,
Speaker:to build upon what she's already very successfully started.
Speaker:I love this idea of developing and working on your brand
Speaker:on the side with the intent of retiring into something that
Speaker:you love.
Speaker:We're gonna focus on doing just that.
Speaker:Wholesale has been Gale's sales strategy,
Speaker:which she will continue to pursue,
Speaker:but she'd like to add direct to consumer sales into the
Speaker:mix as well.
Speaker:She wants to get out and interact with people.
Speaker:Towards that end,
Speaker:we get into a detailed discussion about pricing,
Speaker:how to make sure she's set up properly for retail and
Speaker:wholesale, and you'll hear a strategy of positioning pricing.
Speaker:So it fits with Gale's intended lifestyle moving forward too.
Speaker:Take note,
Speaker:while we're talking about how Gail,
Speaker:from the very beginning niche down to a very specific product,
Speaker:this naturally directed her into her ideal wholesale targets and will
Speaker:also serve her beautifully.
Speaker:For this next stage,
Speaker:let's listen together as I give Gail a boost.
Speaker:Today we're gonna be talking with Gail Baro of Eve Michael
Speaker:Designs. Gail,
Speaker:welcome to the Gift Biz Unwrapped podcast.
Speaker:Thank you,
Speaker:Sue. I'm so excited to get into this topic.
Speaker:We're not gonna tell everybody what it is yet.
Speaker:We're gonna wait,
Speaker:wait for a second.
Speaker:Okay. But it's something that a lot of people either know
Speaker:they aren't getting right,
Speaker:are struggling with,
Speaker:take a shot in the dark,
Speaker:like all this type of thing.
Speaker:So it's gonna be a great one to dive into.
Speaker:But before we do that,
Speaker:share with us a little bit about your business when you
Speaker:started, how you've evolved to where you are today.
Speaker:Let's go with that first.
Speaker:I started about six years ago and I started immediately with
Speaker:wholesale. Right now,
Speaker:after everything has evolved,
Speaker:I make little girl denim jackets.
Speaker:They're all embroidered and embellished and handmade flowers,
Speaker:hand painted sections of them and that pretty much it.
Speaker:I also do adult jackets,
Speaker:more artistic and more painting.
Speaker:But my core thing is little girl jean jackets And they're
Speaker:absolutely beautiful.
Speaker:You sent me a download of your wholesale sheet so I
Speaker:got a chance to see your work.
Speaker:It's gorgeous.
Speaker:Thank you.
Speaker:You were alluding to that's what you're doing now.
Speaker:What did you start with?
Speaker:I started about six years ago thinking towards retirement,
Speaker:and so I thought about doing bows.
Speaker:To be totally honest,
Speaker:I have been in some kind of artistic thing forever and
Speaker:I did a lot of flowers,
Speaker:I did bridal flowers,
Speaker:all of that for quite a few years and whatnot.
Speaker:And I thought,
Speaker:you know,
Speaker:doing little girl hair bows,
Speaker:which were so popular,
Speaker:might work well,
Speaker:so it did ok,
Speaker:but it didn't feel like it was going to be successful
Speaker:enough. There are some major ribbon companies out there and it
Speaker:just, I wasn't able to compete so slowly it evolved to
Speaker:different things and the jean jackets have really taken off in
Speaker:the last three years.
Speaker:That's a great thing in and of itself,
Speaker:is that you don't always land on what you want to
Speaker:do for your business right away.
Speaker:Exactly. You know?
Speaker:Cause part of it is what do you like working with
Speaker:making selling?
Speaker:You know what energizes and excites you because if you start
Speaker:a product just because you wanna make money and your heart
Speaker:isn't in the product,
Speaker:it's never gonna work.
Speaker:Cuz you're never gonna be passionate enough about it to put
Speaker:in the time.
Speaker:So true.
Speaker:Yeah. So I think that's great that,
Speaker:you know,
Speaker:you tested out a few things and you landed on the
Speaker:jean jacket.
Speaker:I love that you've got a very unique and wonderful style
Speaker:and I,
Speaker:it's so oriented to children,
Speaker:so that's perfect.
Speaker:And I think that one of the things you have going
Speaker:for you already,
Speaker:there's a couple of things,
Speaker:but since we've already talked about it a little bit,
Speaker:is the fact that you've niche down to that it is
Speaker:specifically children's gene jackets.
Speaker:Yes. You add in adults also,
Speaker:but your true focus is children's jean jackets.
Speaker:Yes. I've been lucky enough to have a few really good,
Speaker:they're high end boutiques that the jackets are not cheap to
Speaker:purchase. Like they sell them at a decent price.
Speaker:So I'm able to sell to the wholesaler at a decent
Speaker:price and they mark them up considerably obviously.
Speaker:They mark them up a hundred percent.
Speaker:Yeah. All right,
Speaker:so we're going to talk about that,
Speaker:right? For sure.
Speaker:But so you've have not had a lot of trouble getting
Speaker:into upscale children's shops?
Speaker:No, and it's been great.
Speaker:Yeah. So I mean,
Speaker:you've validated your product right from the start because you've got
Speaker:small businesses who want to buy it and sell it in
Speaker:their boutiques,
Speaker:so that's amazing.
Speaker:And so have you just retired now?
Speaker:Just two months ago.
Speaker:Okay. So exciting.
Speaker:It is.
Speaker:And so care to share with us what your full-time career
Speaker:wise, I was the executive assistant to the chairman of surgery
Speaker:at the major hospital in the Detroit area Medical.
Speaker:Okay. And that sounds like you needed a lot of organization
Speaker:and coordination as skillsets for your job.
Speaker:Oh, yes.
Speaker:That's wonderful too,
Speaker:because that you'll be able to apply as you continue to
Speaker:build your business too.
Speaker:Absolutely. Yeah.
Speaker:And so share with me a little bit of how much
Speaker:time you've been putting into the business,
Speaker:you know,
Speaker:where it's been and how you've been servicing your wholesale accounts
Speaker:up until the point that you retired.
Speaker:When I started doing wholesaler,
Speaker:my entire little business,
Speaker:I immediately went into trade shows,
Speaker:small local trade show that they had twice a year.
Speaker:And that was the way that I got most of my
Speaker:little account.
Speaker:So it was a trade show in terms of the people
Speaker:who were walking the show were boutique owners.
Speaker:They weren't customers.
Speaker:Exactly. And I also would basically cold call,
Speaker:I called many,
Speaker:many, many boutiques to see if I could drop by,
Speaker:show them some of my things.
Speaker:I had no problem traveling two hours to see a boutique,
Speaker:and I got sales every single time.
Speaker:Oh wow.
Speaker:So in person selling is good for you?
Speaker:It is,
Speaker:yeah, it really is.
Speaker:And I have done craft shows 30 years ago for another
Speaker:product, so I have no problem meeting people doing that.
Speaker:So it's been good.
Speaker:It's been very good.
Speaker:And it's slowly,
Speaker:I mean,
Speaker:I'm in the Michigan area,
Speaker:I have boutiques in Florida,
Speaker:I'm in Indiana,
Speaker:Ohio, so it's nice.
Speaker:Yeah, it's worked out well so Far.
Speaker:And it also sounds like the in person,
Speaker:whether you're selling to wholesale,
Speaker:where you're walking in and they're getting a chance to see
Speaker:the jackets,
Speaker:I think really helps towards the sale.
Speaker:Right? Completely.
Speaker:Yeah. And then you've done face to face to consumer,
Speaker:which is also awesome.
Speaker:And I know we're gonna talk about that a little bit
Speaker:too. What do you specifically want to target in on today?
Speaker:All right,
Speaker:so I know my boutiques,
Speaker:I know my product,
Speaker:all of my raw materials are upcycled.
Speaker:All of my jean jackets I buy used,
Speaker:I wash,
Speaker:you know,
Speaker:do whatever to them.
Speaker:After that,
Speaker:I don't change buttons,
Speaker:I do change the label because it's my label.
Speaker:But that's part of what's important to me is to upcycle
Speaker:and be a little gentle on the earth.
Speaker:So with that though,
Speaker:there's no guarantee that someone will buy when they purchase a
Speaker:jacket, other than purchasing a size that I always tell 'em,
Speaker:You'll get the same look,
Speaker:you won't get the same jacket.
Speaker:I can't guarantee it.
Speaker:Right. And it's important.
Speaker:Again, most of my,
Speaker:all my customers are very happy with being able to do
Speaker:the upcycle,
Speaker:the recycled type of things.
Speaker:Right. Where are you finding the jackets?
Speaker:Off and on?
Speaker:Thread up.
Speaker:I have hit every Salvation Army and used clothing.
Speaker:I try everywhere.
Speaker:Right now I probably have a hundred little jean jackets in
Speaker:my workroom,
Speaker:so I constantly purchase so that I'm not low on my
Speaker:stock. And then after that,
Speaker:everything is made to order.
Speaker:So you don't run dry on jean jackets?
Speaker:For sure.
Speaker:No. Although I have noticed that the pricing has gone up
Speaker:considerably. Even for used jackets,
Speaker:when I first started,
Speaker:I could get a jean jacket for five to $7.
Speaker:They're up to 10 to 12 now.
Speaker:That's the nature of the economy right now.
Speaker:Right? Oh,
Speaker:is it ever?
Speaker:And You need to apply that to your numbers as well.
Speaker:Unfortunately, we all do.
Speaker:Or you're not gonna have a business,
Speaker:or you'll just be churning the product and breaking even if
Speaker:you're lucky.
Speaker:Exactly. And that's not what I want.
Speaker:Yeah. So we wanna target it on pricing,
Speaker:right? Yes.
Speaker:I have a simple question.
Speaker:It's, I sell my jackets for 35 to $37,
Speaker:depending on quantity Wholesale.
Speaker:You're talking wholesale pricing right now?
Speaker:Wholesale. But when I wanna go in person craft show,
Speaker:all of that,
Speaker:I know that my boutique sell them for 70,
Speaker:80, $90.
Speaker:Okay. Which is wonderful.
Speaker:But is it ethical or good business to undermine my boutiques?
Speaker:I don't want to go to a craft fair and sell
Speaker:them for $60 when I know that they're selling for 70,
Speaker:80, 90.
Speaker:Yeah. But I also feel that my market for craft shows
Speaker:is not going to be as open to 70,
Speaker:80, $90.
Speaker:I may be wrong and I hope I'm wrong.
Speaker:Yeah, you may be wrong.
Speaker:And I do think it's part of a strategy in terms
Speaker:of what your pricing looks like when you're selling direct to
Speaker:a customer versus when you're selling to a wholesaler.
Speaker:You had mentioned to me in some of the pre-information that
Speaker:you provided that you're also now starting an e-commerce site.
Speaker:So I think we'll talk about that too.
Speaker:So your wholesalers will see you and see pricing that you
Speaker:are offering to the general public,
Speaker:and we're gonna cover all of of that.
Speaker:But I think the very first thing is not as much
Speaker:from an outside look in what will the market bear,
Speaker:but we need to start with what should you be pricing
Speaker:at based on the costs of making and everything,
Speaker:Right? What are your costs initially?
Speaker:And from there,
Speaker:the numbers kind of lay out nicely.
Speaker:Okay. So have you ever done that analysis in terms of
Speaker:really looking at your product and how much it's costing?
Speaker:I call it build of materials.
Speaker:Yes. I definitely,
Speaker:I know What's included in that,
Speaker:Included is the jackets,
Speaker:which I have at,
Speaker:I priced them all when I'm figuring out my costs all
Speaker:at $15.
Speaker:I thought you just said that you are getting them for
Speaker:five or $7.
Speaker:Yes. But I can't guarantee that.
Speaker:So if it's not always a guarantee,
Speaker:I feel that it's smarter for me to look at it
Speaker:at a $15,
Speaker:which is extremely high.
Speaker:That is the top that I will,
Speaker:I don't get any of them for $5 anymore.
Speaker:They're always about 10,
Speaker:10 to 12.
Speaker:So 15 is not crazy.
Speaker:Then the material that I use for applique,
Speaker:for embroidery,
Speaker:for thread,
Speaker:for paint,
Speaker:I seriously break it down into every single thing.
Speaker:What I don't think I'm good enough at is my time.
Speaker:Okay. It takes a couple hours to make a jacket.
Speaker:And now,
Speaker:don't get me wrong,
Speaker:I can batch so that I can paint five jackets at
Speaker:one time.
Speaker:You know,
Speaker:boom, boom,
Speaker:boom, embroidery.
Speaker:There's no batching.
Speaker:I have a number of embroidery machines,
Speaker:so I can do two to three at a time.
Speaker:But I know it sounds ridiculous.
Speaker:It sounds like you should be able to throw it on
Speaker:an embroider machine and walk away.
Speaker:There's no throwing it on and walking away,
Speaker:it's just not done Right.
Speaker:That's right.
Speaker:Okay. That's pretty much,
Speaker:And as for shipping and whatnot,
Speaker:that is included in my,
Speaker:I charge shipping to my customers,
Speaker:to my boutiques.
Speaker:Okay. All right.
Speaker:So if you think of the jackets that you offer,
Speaker:some of them have the,
Speaker:we call it an apple,
Speaker:and then it's embroidered around the A.
Speaker:Some of them you add a little bit of paint in,
Speaker:et cetera.
Speaker:And flowers that I hand make Yes.
Speaker:That you hand make.
Speaker:Ooh, I gotta look at that.
Speaker:Okay. All right.
Speaker:So if you were to just a gut feel now,
Speaker:Okay. If you were to think of,
Speaker:let's just say five jackets that you make or 10 you
Speaker:tell me which is better.
Speaker:Well, we could double it.
Speaker:So let's just go with five.
Speaker:What percentage are those different types of jackets?
Speaker:Because obviously production is different for each of those.
Speaker:So if you were to sell five jackets,
Speaker:if you think of all your sales,
Speaker:so not just a single shop,
Speaker:but all your sales,
Speaker:and I know this is just a gut feel.
Speaker:How many of them have those handmade flowers that are applied
Speaker:versus applique versus paint and stitching?
Speaker:I would say 60% have have handmade flowers and lace.
Speaker:But the handmade flowers,
Speaker:yeah, all of this,
Speaker:because it is little itty bitty baby jackets or children's jackets,
Speaker:they're all very small amounts.
Speaker:So when I make handmade flowers,
Speaker:I am able to make a hundred or 50 and that
Speaker:will last a lot.
Speaker:Ok. I will put three or four on them and I
Speaker:do, I think what I sent you didn't represent front and
Speaker:back. I do front and back.
Speaker:No, I see front and back.
Speaker:I see front and back.
Speaker:And I'm looking at the ferry ones,
Speaker:which is probably,
Speaker:Yeah, those are your handmade flowers.
Speaker:Okay. So you're batching,
Speaker:so that's good.
Speaker:You're batching,
Speaker:these are so pretty,
Speaker:you're batching some of that.
Speaker:Okay. So let's stick with this in the pricing idea.
Speaker:So if we were to talk about,
Speaker:let's just go with the percentages.
Speaker:So 60% include handmade flowers and then where's the other 40?
Speaker:How does that play out?
Speaker:The other 40 will have just paint or that just,
Speaker:some of them will have like my little sailboats.
Speaker:How many would have just paint?
Speaker:Just paint.
Speaker:None. Okay.
Speaker:None have just paint.
Speaker:They will have just embroidery.
Speaker:But no flowers,
Speaker:no crystals,
Speaker:no rhinestones.
Speaker:How much would be embroidery?
Speaker:Only 20% maybe.
Speaker:Okay. And so then the other 20 is embroidery and paint?
Speaker:Yes. Okay.
Speaker:An idea for you in terms of figuring out production and
Speaker:you might actually have to physically do this,
Speaker:you know?
Speaker:Okay. But if you were to make,
Speaker:let's say,
Speaker:because you can batch and when you batch,
Speaker:are you batching,
Speaker:not the individual,
Speaker:but when you're actually putting it into a jean jacket,
Speaker:are you batching three at a time or comedy?
Speaker:Oh, I batch only the paint that I will put on
Speaker:it. So if you'll notice some of the corners or whatever
Speaker:there's paint like medallions or whatnot,
Speaker:I will batch that only each jacket I do individually up
Speaker:to embroidery I have to do individually.
Speaker:I can't really batch them.
Speaker:And as for doing the lace and the flowers and the
Speaker:rhinestones, I usually do them.
Speaker:I can do two at a time,
Speaker:but that's about it.
Speaker:Can't batch big time.
Speaker:Okay. So we're back to then really backing certain elements of
Speaker:the production as much as you can.
Speaker:As much as I can,
Speaker:which is not a Lot.
Speaker:Okay. So then,
Speaker:because where I was trying to go with this is how
Speaker:much time does it take when you have the handmade flowers
Speaker:versus the embroidery only versus the embroidery and paint?
Speaker:See where I was going with that?
Speaker:Yeah. And then I was trying to,
Speaker:let's say handmade flowers was two hours,
Speaker:cuz you referenced that earlier.
Speaker:But embroidery only per jacket is one and a half.
Speaker:The embroidery an entire is about,
Speaker:I would say embroidery only per jacket is probably about an
Speaker:hour. Okay.
Speaker:By the time doing all of the stuff to it.
Speaker:So, And is it true then that the handmade flower one
Speaker:is double that two hours?
Speaker:The handmade flower one?
Speaker:Actually no.
Speaker:I mean I suppose if I took,
Speaker:I don't think about that at all.
Speaker:And I'm actually making a jacket because I've made the handmade
Speaker:flowers always ahead.
Speaker:I have an entire containers filled with them.
Speaker:All of the additional embellishment really only it takes about another
Speaker:hour because not only I don't just glue it on,
Speaker:I then hand sew it on so that if a parent,
Speaker:which I'm assuming most of them will need to wash it
Speaker:at some point the flowers won't come off cause they're only
Speaker:glued. So I glue and stitch all of my stuff.
Speaker:So let's call that production one and a half hours.
Speaker:Okay, that's good.
Speaker:Just for,
Speaker:to put something on paper,
Speaker:you know.
Speaker:And then what about embroidery and paint?
Speaker:Embroidery and paint painting,
Speaker:if I,
Speaker:my batch,
Speaker:I can do quite a few in about an hour And
Speaker:then you go back an embroider on top of that.
Speaker:Then I go back an embroider and a lot of this
Speaker:is in stages.
Speaker:So the paint I do one night or one day,
Speaker:go back the next day,
Speaker:do the embroidery and then finish it up later that day
Speaker:or the next day.
Speaker:So two things,
Speaker:and this may be something just to think about as you're
Speaker:doing production because these might not be the right numbers but
Speaker:Right. They might be,
Speaker:you know,
Speaker:so it's somewhere to start,
Speaker:you know,
Speaker:like if you have a number on paper,
Speaker:then you can say,
Speaker:yeah, okay,
Speaker:true or false,
Speaker:you know,
Speaker:but at least you're starting with some type of a target.
Speaker:So based on the conversation that I just heard from you,
Speaker:embroidery only takes about an hour all told given the batching
Speaker:and non batching and whatever you're doing.
Speaker:And then the embroidery and paint and your handmade flowers takes
Speaker:between an hour and a quarter to an hour and a
Speaker:half. Yes.
Speaker:That's good.
Speaker:If you were to try to separate them down just to
Speaker:their own elements.
Speaker:Right, Right.
Speaker:Correct. Okay.
Speaker:So currently you are pricing at a single price to wholesalers,
Speaker:right? Correct.
Speaker:This is just food for thought.
Speaker:You might want to consider your embroidery only to be one
Speaker:price and the others that have more embellishment to be a
Speaker:little bit more because your production time is more.
Speaker:Ok, there we go.
Speaker:Yeah, Just a thought.
Speaker:If you don't,
Speaker:then I think if you decide no,
Speaker:I wanna just price everything and make it easy and everything
Speaker:one price,
Speaker:then you can make more margin on your embroidery only and
Speaker:a little bit less on your other ones if you were
Speaker:at like one in a quarter hours for everything.
Speaker:So that could be,
Speaker:that's a decision point for you and only you know how
Speaker:you feel about doing that.
Speaker:But it might be nice,
Speaker:especially if there to have those two offers,
Speaker:you know,
Speaker:like more the standard embroidery and then the one that's a
Speaker:little more embellished because I think you might be leaving money
Speaker:on the table if you price it all at the same.
Speaker:And you also might be losing some wholesale or retail as
Speaker:we or direct to consumer.
Speaker:Cause as we talk about that,
Speaker:because you don't have another option for them if everything's priced,
Speaker:let Say.
Speaker:Oh okay.
Speaker:Right. Okay,
Speaker:I understand.
Speaker:Yes. Okay,
Speaker:so that's production.
Speaker:So we're talking either for a production price having two different
Speaker:prices of your production cost,
Speaker:which ultimately end up being a different sale price or Right.
Speaker:Averaging it at like one in a quarter.
Speaker:If you in the end decide that that's right for production.
Speaker:Okay. Right.
Speaker:Okay. And so those are the elements that you're currently including
Speaker:in your price,
Speaker:right? Correct.
Speaker:Yes. Okay.
Speaker:Let's go back and I wanna review this for a second.
Speaker:I know with the cost of your jackets you're saying 15
Speaker:and giving yourself a buffer there.
Speaker:I would rather you look at your re like as close
Speaker:to possible as your real costs as you can.
Speaker:So I would bring that down to 10.
Speaker:Okay. Okay.
Speaker:And you'll hear why in a second then something that people
Speaker:forget to add into their costs is acquisition of that product.
Speaker:Okay. So if you're buying and they're shipping it and you're
Speaker:paying for the shipping to come to you,
Speaker:Yes, I'd buy enough every time for free shipping.
Speaker:Perfect. Okay.
Speaker:So that's fine.
Speaker:What about if you are resourcing locally and you're driving to
Speaker:get it?
Speaker:Yes. Now that's something I don't take into Consideration.
Speaker:Okay. So you could,
Speaker:you know,
Speaker:depending on how much of that you do,
Speaker:you might have to consider that.
Speaker:And it might be,
Speaker:you know,
Speaker:you pick up 20 somewhere averaging all of that out.
Speaker:It might only be like a quarter,
Speaker:you know,
Speaker:like 25 cents.
Speaker:But you wanna make sure that you're thinking about that as
Speaker:a line item of how you build your pricing.
Speaker:Because if ever where you're getting the jackets decides we're not
Speaker:doing free shipping anymore,
Speaker:then you're gonna have to think about that as in relation
Speaker:to your price.
Speaker:Right. You're right.
Speaker:So I would do your jacket at 10 right now it
Speaker:sounds like acquisition cost isn't really that much.
Speaker:No. But consider it also,
Speaker:what about the cost of back to materials?
Speaker:Cuz we didn't finish up on that.
Speaker:The paint and the thread.
Speaker:Like you've got your jacket as 10,
Speaker:what's your other costs?
Speaker:My other expenses,
Speaker:what I paint,
Speaker:embroidery thread,
Speaker:the way I break it down is the cost of the
Speaker:jacket. Then the paint,
Speaker:which I have,
Speaker:like I said,
Speaker:it depends on what I'm doing,
Speaker:but paint I put at a dollar per jacket,
Speaker:which is again,
Speaker:it's really only,
Speaker:it's pennies.
Speaker:It couldn't be more Than,
Speaker:Yeah you wanna put it in,
Speaker:You know,
Speaker:I do.
Speaker:Okay. The embroidery thread,
Speaker:again, you get a lot of embroidery out of us full
Speaker:of thread.
Speaker:So I consider that a dollar.
Speaker:Also. Now if I do any heat transfer,
Speaker:which I do very few,
Speaker:I do it for a specific customer.
Speaker:When I make specialty jackets or specialty t-shirts,
Speaker:I can,
Speaker:that's, I added $3 because it's,
Speaker:it's a pretty Expensive,
Speaker:So that's a special,
Speaker:that's a custom price product.
Speaker:So we,
Speaker:that's, we won't worry about that for today.
Speaker:Yeah. Okay.
Speaker:And then your flowers And my flowers are probably 20 cents
Speaker:each and I put,
Speaker:so probably 60 cents to a dollar.
Speaker:Okay. So we'll just say a dollar,
Speaker:let's just round it all out to a dollar for that.
Speaker:Okay. Production time we've talked about.
Speaker:Then I want you to think about margin for you.
Speaker:Okay. And the margin portion is the money that you're gonna
Speaker:be able to use to reinvest in running your business.
Speaker:Exactly. You're talking about putting up a Shopify site,
Speaker:any an email program paying for entrance in craft shows,
Speaker:materials that you need,
Speaker:just like paper for your copier if you need that.
Speaker:Yeah. All of those things have to come from somewhere.
Speaker:And if you don't build them into the price of the
Speaker:selling of your product,
Speaker:where's it gonna come from?
Speaker:Right, exactly.
Speaker:Yes. And then money for you.
Speaker:Right? Which is partially production since you're making,
Speaker:cuz you're reimbursing yourself for your time in.
Speaker:But you also should have some upside on top of that
Speaker:because you're not just your time either.
Speaker:Yes. You wanna think about that as well.
Speaker:Just a little bit on the top side of every single
Speaker:product you sell,
Speaker:it might be $2,
Speaker:it might be $5.
Speaker:That's something we can get to in a second.
Speaker:But you should have that as a line item.
Speaker:So to review,
Speaker:when you build up a price,
Speaker:it's the cost of your materials for you,
Speaker:it's your jacket,
Speaker:the paint and thread and fabric,
Speaker:any other enhancements that you use,
Speaker:then that's one.
Speaker:Two is acquisition,
Speaker:which we're saying right now is kind of minimal for you,
Speaker:but you wanna keep that in there.
Speaker:Exactly. Third is production time per piece.
Speaker:And this is never gonna be exact obviously,
Speaker:but you can get it pretty close.
Speaker:Right. And then margin,
Speaker:which includes running the business and a salary for you.
Speaker:You could even break out margin ads,
Speaker:business expenses like overhead and then payroll or like however you
Speaker:want. But I'm just making it simple and saying margin is
Speaker:two things.
Speaker:It's number one,
Speaker:acquiring money to run the business and then also a salary
Speaker:for you,
Speaker:which is separate than paying yourself back for producing the product.
Speaker:It's in addition to that Now production time,
Speaker:how is that figured out cost-wise?
Speaker:Perfect. Cause you're leading right into what I was gonna talk
Speaker:about. Oh,
Speaker:okay. The way you wanna think of production time is how
Speaker:much would it cost you to hire somebody in to produce
Speaker:the product instead of you.
Speaker:Okay. Now obviously you are the designer,
Speaker:you are the creator to truly pay for your time.
Speaker:You would be more expensive than someone that you would be
Speaker:bringing in training them to do any of the production.
Speaker:Correct. But this is the way that to really zero in
Speaker:and decide a cost per production.
Speaker:I mean,
Speaker:Gail, seriously,
Speaker:you know,
Speaker:if you start growing too much,
Speaker:you doing them yourself are limited no matter what you do,
Speaker:there's only a certain number of jackets you'd ever be able
Speaker:to make.
Speaker:Yeah. There could come a time,
Speaker:and I know this is a business you're retiring into,
Speaker:so you can judge how people wanna grow It.
Speaker:Exactly. But you might make the flowers and let someone else
Speaker:run some of the embroidery machines or do some of the
Speaker:painting or do some of the packing and shipping or something
Speaker:like that.
Speaker:You know,
Speaker:At least Yeah.
Speaker:Portions of it.
Speaker:It's not like they'll start making the jackets.
Speaker:They might.
Speaker:Right. So this also helps set you up so that if
Speaker:you do want to grow,
Speaker:you've got the money to pay that employee.
Speaker:But because you've put money into the margin,
Speaker:you're also paying yourself.
Speaker:See how that all together.
Speaker:Ok, that makes sense.
Speaker:Yes. All right.
Speaker:So if we were,
Speaker:and you'll have to,
Speaker:after we're done talking here,
Speaker:go back and decide if you like these numbers and you
Speaker:might adjust these numbers,
Speaker:but this will help us get to a real true cost
Speaker:for you with business development and overhead and all of that.
Speaker:All right.
Speaker:So let's say your jacket is 10 cuz we've averaged it
Speaker:at 10.
Speaker:Let's say acquisition is,
Speaker:so I wanna put a number in there.
Speaker:So let's say 50 cents for each piece.
Speaker:Okay? Okay.
Speaker:And Then your time,
Speaker:again, this is a decision point if you want to break
Speaker:it into two prices or not.
Speaker:Right. But Your time,
Speaker:I don't know,
Speaker:I like to use a base of $15 an hour.
Speaker:Okay. It's way under pricing you,
Speaker:but if you price your time too high,
Speaker:you're gonna overprice your product for the market.
Speaker:Exactly. Yes.
Speaker:So how do you feel about saying 15?
Speaker:Yep. That that'll work.
Speaker:Okay. So remember if you decide to go with two prices,
Speaker:your embroidery only jackets would be at 15,
Speaker:but your other two would be at 22,
Speaker:right? Cause you're saying one and a half hours.
Speaker:Yeah. Okay.
Speaker:Now don't freak out as we build this up,
Speaker:but let's just put in,
Speaker:So let's back it up and let's say you're only gonna
Speaker:go with one price.
Speaker:So let's average it between the 15 and the 22,
Speaker:let's say 18.
Speaker:Okay. Okay.
Speaker:So that's 18.
Speaker:And then in terms of margin for you,
Speaker:let's put it at,
Speaker:for each jacket,
Speaker:I don't know,
Speaker:$2, two 50.
Speaker:Okay. But let's do two 50 cuz then we're gonna end
Speaker:up with a good even number.
Speaker:Okay. 11.
Speaker:So that's,
Speaker:is that right?
Speaker:Let's see.
Speaker:Okay, so we are at $31 if I did my math
Speaker:right. Yeah.
Speaker:$31 a jacket is your cost.
Speaker:Oh okay.
Speaker:To produce a jacket.
Speaker:This might be like a reality hit.
Speaker:Well when I'm selling them for 35 or 37,
Speaker:that Is okay,
Speaker:well hold on.
Speaker:Just this is just a number to know.
Speaker:Okay? Yes.
Speaker:Okay. And one way,
Speaker:and have you,
Speaker:have you heard of benchmark pricing before?
Speaker:It's been so long since I did anything with sales.
Speaker:It's been a long time.
Speaker:I know the word,
Speaker:but I don't Know.
Speaker:Okay, so what benchmark pricing is your cost to produce the
Speaker:product And then normally what you do is you double that
Speaker:when you go to wholesale and then you double That wholesale
Speaker:price again to get your retail price And you would pull
Speaker:out the two 50,
Speaker:let's say you don't include your margin in here because your
Speaker:margin comes in when you're doubling Or Right.
Speaker:Okay. But then that puts you at 15 or,
Speaker:or let's see,
Speaker:28, 30.
Speaker:So it's pretty much or 28 50.
Speaker:I'm sorry.
Speaker:So this is giving you kind of a look at really
Speaker:what your real costs are because probably you haven't been thinking
Speaker:about your production time before in terms of paying for it
Speaker:and charging for It.
Speaker:No, I haven't.
Speaker:That's exactly what over like that's 28 is the $15 that
Speaker:I have been thinking that it's about.
Speaker:Yeah. So hold on.
Speaker:If we were to run this,
Speaker:knowing these numbers,
Speaker:cause there's another step here.
Speaker:So it would be 28,
Speaker:50, 57 and one 14.
Speaker:And what these numbers are is 28,
Speaker:50 is your cost to produce.
Speaker:57 would be if you're gonna follow the benchmarking,
Speaker:what you would sell to wholesalers,
Speaker:they typically would double that.
Speaker:Exactly. And as would you to sell direct to consumer at
Speaker:114. Okay.
Speaker:I can't imagine someone being willing to pay that.
Speaker:And I like my work.
Speaker:That's a lot.
Speaker:Yes and no.
Speaker:I mean it depends.
Speaker:You're already talking upscale boutiques.
Speaker:I am.
Speaker:Okay. I am.
Speaker:So, So now there is other ways to work with these
Speaker:numbers. You're the business owner,
Speaker:you can decide what your numbers are,
Speaker:but these are reality numbers based on the conversation we've just
Speaker:had. Okay.
Speaker:Yeah. So here's where you can play with this a little
Speaker:bit. There are different ways to get these numbers down.
Speaker:Can you acquire jackets?
Speaker:Not at 10,
Speaker:but at nine or eight.
Speaker:And you said you used to be able to get them
Speaker:at five.
Speaker:So is 10 really the number,
Speaker:even if you really look at it in average at all
Speaker:in in today's day and age it might be At 10.
Speaker:Definitely. There's the odd one that I can get.
Speaker:I start,
Speaker:there are a few that I can get less,
Speaker:but in general there are a few that I have to
Speaker:get at 12.
Speaker:So This is another thing about pricing.
Speaker:You never ever,
Speaker:if you get a big deal like that,
Speaker:you've made your pricing and it's based,
Speaker:based on the $10 a jacket as that portion of your
Speaker:price. If you get a deal and you're able to get
Speaker:50 jackets at five,
Speaker:they'll lower your price.
Speaker:I don't lower mix,
Speaker:never. I don't,
Speaker:I don't ever,
Speaker:Yeah. Now if you wanna make us have a sale,
Speaker:a certain type of a sale,
Speaker:that's fine,
Speaker:but you stay with your higher level price.
Speaker:Right, Right,
Speaker:right. Well and I give the discount to wholesalers with if
Speaker:they buy five or more,
Speaker:then I will lower the price.
Speaker:And when I'm at a trade show,
Speaker:if they order that day,
Speaker:I will give them a deal for that day.
Speaker:Right, right.
Speaker:Well and well worth doing that because when people walk away
Speaker:your probability that they're gonna come back and actually buy drops
Speaker:at least by 50.
Speaker:Exactly. Exactly.
Speaker:Exactly. It works.
Speaker:So this is a realistic look Gail,
Speaker:at the pricing and from here you can make smart decisions
Speaker:of how you want to work your business.
Speaker:The other thing I wanna make mention of with you is
Speaker:I don't know how you feel about wanting to b bring
Speaker:in employees.
Speaker:You know,
Speaker:if you're retiring,
Speaker:you have a life too that you finally get to get
Speaker:to in addition,
Speaker:right? Like this is part of it,
Speaker:but you don't nec you don't necessarily want to now jump
Speaker:into a whole nother big career.
Speaker:Maybe you do,
Speaker:maybe you don't.
Speaker:Right. That's exactly where I am.
Speaker:I was a few weeks back at a trade show,
Speaker:it was called the Philadelphia Candy Show and some people were
Speaker:coming to the booth and we were talking about the product
Speaker:that I sell with my other business and we were talking
Speaker:and we got into this conversation a little bit and virtually
Speaker:she was growing out of loving her business because she also
Speaker:was doing this as a retirement.
Speaker:And I'm like,
Speaker:nobody says you need to grow bigger.
Speaker:Like if you are making enough money and you like where
Speaker:you're at and you're enjoying what you're doing,
Speaker:I give you permission just to stay where you are year
Speaker:over year and be successful with that.
Speaker:And she was like,
Speaker:I so needed to hear that.
Speaker:So I'm saying that to you Too.
Speaker:My sister's biggest concern for me is that it will take
Speaker:off crazy.
Speaker:And I said no,
Speaker:it's my option.
Speaker:Whether it does,
Speaker:if I'm,
Speaker:they know.
Speaker:Yeah. And I'm gonna give you something to consider here.
Speaker:If you run with the prices that are realistic prices,
Speaker:if you wanna go with benchmarking,
Speaker:you are upscaling your product.
Speaker:Yeah. Right?
Speaker:Yeah. And limiting some people who are going to buy,
Speaker:but that gives you correct margin on the products that you're
Speaker:selling. Right.
Speaker:And having less production that you need to make.
Speaker:See, Okay.
Speaker:Yes, I agree.
Speaker:You're right.
Speaker:You're right.
Speaker:So something to think about there.
Speaker:And I'm not saying to do that with your existing wholesale
Speaker:accounts. Like if you raise your prices,
Speaker:honor your prices to them,
Speaker:especially if they're already paid for shipping.
Speaker:Cuz that,
Speaker:you know,
Speaker:we all know that before enough.
Speaker:So since you have a handful and you've worked with them
Speaker:for quite a while now,
Speaker:like I,
Speaker:I would that to them.
Speaker:But as you're moving forward,
Speaker:you know,
Speaker:and this is again a judgment call for you,
Speaker:but it allows you to put less time into creating,
Speaker:even though I know that that's part of what you love,
Speaker:making more off of each piece and not slipping yourself into
Speaker:that frenzy.
Speaker:Really good idea.
Speaker:And is it OK to sell to different shops,
Speaker:different prices?
Speaker:It's ok,
Speaker:right? If you have an explanation for it,
Speaker:the wholesalers who have already been with you up to this
Speaker:point honoring the prices or maybe a slight increase cuz your
Speaker:materials have gone up,
Speaker:you have an explanation and a reason.
Speaker:You know,
Speaker:they've been with me for six years time in because sometimes
Speaker:people will talk with each other,
Speaker:you know,
Speaker:it kind of depends.
Speaker:Like if you open up to doing things in different states
Speaker:or something like that,
Speaker:you wouldn't have that issue.
Speaker:But you need to do what's right for your business yet
Speaker:have an answer for why,
Speaker:you know?
Speaker:Okay. So like that,
Speaker:again, I'll go back to my show because at the show
Speaker:we'll have a lot of customers come to the booth and
Speaker:say hi.
Speaker:And you know,
Speaker:we think we're pretty friendly,
Speaker:you know,
Speaker:they wanna,
Speaker:they have questions and they're talking.
Speaker:So customers will talk to each other.
Speaker:And I have a rule in that business that the only
Speaker:time we discount product is when we're at a show period.
Speaker:So when people are talking with each other,
Speaker:they, someone might say,
Speaker:Oh, I got it at this price.
Speaker:And another person might say,
Speaker:gosh, I got it at a different price.
Speaker:And if they come to me I can say,
Speaker:Cuz you purchased online,
Speaker:this person was actually face to face at a show,
Speaker:which is where we discount our,
Speaker:like it's an explanation,
Speaker:right? Yeah.
Speaker:So just to have the answer to that question and very
Speaker:easily it can be existing people before I reset my pricing
Speaker:and now is the perfect time to reset pricing because everything's
Speaker:going up,
Speaker:you know?
Speaker:Yes. So I'm feeling like we can leave the pricing conversation
Speaker:at that for now.
Speaker:Okay. How Does that sit with you?
Speaker:Does you have enough information?
Speaker:Yes, Yes.
Speaker:My only question is in person,
Speaker:can I?
Speaker:Yeah, so let's talk about that next.
Speaker:Okay, So this would be the pricing based on benchmarking,
Speaker:which I think now,
Speaker:now you can always compare these numbers against what you feel
Speaker:is reality,
Speaker:right? Like if we got to a gene jacket being $150
Speaker:in the markets that you sell in,
Speaker:you would kick back and say,
Speaker:Sue, that's unrealistic.
Speaker:That's not gonna happen.
Speaker:Right? So you Exactly.
Speaker:You can look at these numbers and have faith that these
Speaker:are the numbers,
Speaker:but change how you actually do sell accordingly.
Speaker:That's your choice.
Speaker:Yeah. What the market will bear.
Speaker:Yeah. What The market will bear.
Speaker:But because of what your life goals are,
Speaker:push the market a little bit.
Speaker:Know you are reducing your overall sales and even if like,
Speaker:listen, a company can sell a million dollars in revenue and
Speaker:not make a penny and you could sell 50,000
Speaker:and make 20,000.
Speaker:Yes. Yes.
Speaker:You know,
Speaker:it all depends on how your prices are.
Speaker:That's why it's so important to get realistic on these numbers
Speaker:and then you can decide what to do.
Speaker:But just then you have an informed choice of how you're
Speaker:gonna set your pricing.
Speaker:So I opened up an Etsy shop probably two months ago,
Speaker:six weeks ago,
Speaker:just a few items at the $70 price that the most
Speaker:of my boutiques are selling at.
Speaker:Nothing is moving.
Speaker:I get lots of looks.
Speaker:Is it okay?
Speaker:That's what I mean.
Speaker:Like is it okay,
Speaker:I know my boutiques will be able to look at Etsy
Speaker:and see Michael designs are less than what they are in
Speaker:their boutique.
Speaker:Any suggestions?
Speaker:How do I,
Speaker:Yes, suggestions.
Speaker:Number one,
Speaker:don't put your best stuff necessarily on Etsy.
Speaker:Now, first off,
Speaker:you have to make sure you're working the Etsy platform properly
Speaker:and that's way more conversation than we're gonna do here today.
Speaker:Just because you put it on Etsy doesn't mean it's gonna
Speaker:necessarily sell.
Speaker:It's kind of like when you start your Shopify,
Speaker:like you've gotta be getting people in,
Speaker:et cetera with that.
Speaker:I agree.
Speaker:But to answer your question a little more directly,
Speaker:just put a couple of things there and that's it.
Speaker:Okay. And maybe put only the embroidered ones that are less
Speaker:expensive to make.
Speaker:Okay. And similar designs,
Speaker:You know?
Speaker:Yes. Yeah.
Speaker:And that might price it into what would sell on Etsy,
Speaker:but so that kind of thing so you're not comparing apples
Speaker:to apples.
Speaker:Okay. Then the other thing I'll say is as you're walking
Speaker:into craft shows Have Different levels of pricing of jackets based
Speaker:on the embellishment.
Speaker:I will,
Speaker:that is a very Good idea.
Speaker:Like you could make some jackets that have just the tiniest
Speaker:bit of embellishment and sell 'em for less.
Speaker:Cause your production time ends up only being half an hour.
Speaker:Nothing. Yeah.
Speaker:40 minutes,
Speaker:Right? Something like that.
Speaker:So that you could have a couple of different levels and
Speaker:then of course talk about customization,
Speaker:adding people's names and all of that then could either be,
Speaker:depending on the shows that you go to,
Speaker:like let's say you go to a show where there it's
Speaker:once a month or you could say,
Speaker:I'll have it for you at the show next month.
Speaker:Or they can pay shipping for you to send it to
Speaker:them. So thinking through,
Speaker:you can think through shows a little bit differently than wholesale
Speaker:and make things that are only available at shows,
Speaker:which also then okay.
Speaker:Helps you with that comparison with your wholesale accounts.
Speaker:Okay. Okay.
Speaker:Makes sense.
Speaker:Yes. That's a,
Speaker:Yeah, that's a great idea.
Speaker:And adult jackets too,
Speaker:there. I do have adult jackets that I haven't been doing
Speaker:that long,
Speaker:but I do more custom.
Speaker:Most of them are at as a request.
Speaker:I have quite a few Christian jackets that are asked that
Speaker:I get asked to make with crosses that are embroidered and
Speaker:whatnot on the backs.
Speaker:So, so far I haven't really pushed my adult jackets.
Speaker:I would have those on display,
Speaker:maybe even two or three of them on display.
Speaker:Okay. That could be sold.
Speaker:And I see no reason why you don't price those at
Speaker:like $127.
Speaker:Oh, okay.
Speaker:Okay. Right.
Speaker:See what happens.
Speaker:Test the Market.
Speaker:Yes. Worst case you put 'em back in the car on
Speaker:the way home.
Speaker:Yes, exactly.
Speaker:Right. I mean,
Speaker:you might be surprised.
Speaker:Think about it.
Speaker:Women will spend that kind of money and I don't think
Speaker:that that's overpriced for the market at all.
Speaker:Depends on what the markets are that the craft shows are
Speaker:in. Yes.
Speaker:So I have a client who sells her handmade shawls.
Speaker:She hand dies and makes the yarn and her go for
Speaker:230 to $500 at shows.
Speaker:Wow. More artisan shows,
Speaker:right? Yeah.
Speaker:She selects the right shows and she's in a similar situation
Speaker:as you,
Speaker:like she can do this,
Speaker:but not as her full time right now.
Speaker:And so she's got to limit,
Speaker:and quite honestly,
Speaker:the quality and the style and what she's doing is worth
Speaker:every penny,
Speaker:you know,
Speaker:of her Shas.
Speaker:Right, Right.
Speaker:So, And that's the other thing.
Speaker:You have to have the mindset that you're worth it.
Speaker:Yep. Sometimes that is a difficult mindset,
Speaker:but Yes.
Speaker:But look at how you built up the pricing.
Speaker:You're like,
Speaker:what we just talked about.
Speaker:You're not pulling the numbers out of thin air,
Speaker:you know?
Speaker:No. These are real numbers and it's,
Speaker:and they're supporting a local artisan.
Speaker:And we could go on and on with some of that.
Speaker:Yes, yes,
Speaker:you're Right.
Speaker:Ok. So any,
Speaker:just to finalize this whole conversation on pricing,
Speaker:any other questions that are coming to mind for you right
Speaker:now? None.
Speaker:Not really.
Speaker:You've hit everything.
Speaker:Thank you so much.
Speaker:Okay. You are so welcome.
Speaker:And what are your next steps now?
Speaker:What are you gonna do?
Speaker:I actually,
Speaker:I, the next step is,
Speaker:what I had already had in mind was to go into
Speaker:a fall show,
Speaker:fall custom show,
Speaker:and figuring out the pricing was my biggest concern on what
Speaker:I would do with the fall art fair.
Speaker:So that's what I'm gonna do.
Speaker:And I'm gonna do some adult check.
Speaker:It's more adult check and Have a lower priced one too
Speaker:there, you know?
Speaker:Yes. A show only one that you can whip out.
Speaker:Yes, yes,
Speaker:yes. So,
Speaker:You know,
Speaker:and some of that is a test,
Speaker:right? Seeing what the market will bear,
Speaker:what people are attracted to.
Speaker:Bear in mind that it's Christmas,
Speaker:so there are going to be more people who will pay
Speaker:more because it's a gift ver,
Speaker:you know,
Speaker:or for themselves.
Speaker:I mean,
Speaker:I shouldn't say that.
Speaker:They'll pay pay more as a gift and not for themselves.
Speaker:We Yes,
Speaker:the buying.
Speaker:Buying in general.
Speaker:Yeah. But,
Speaker:so there's a great opportunity there.
Speaker:I would also,
Speaker:and let's not get into that for this for the sake
Speaker:of time,
Speaker:but as much of your website as you can have up
Speaker:with the things that you want,
Speaker:have them there because Okay,
Speaker:you know,
Speaker:people might like what you have,
Speaker:but it's just not the style that they're wanting.
Speaker:But then they would be able and collect emails at your
Speaker:shows, right?
Speaker:I, yes,
Speaker:I Do that.
Speaker:Okay. And then,
Speaker:then you'll be able to send them somewhere online where they
Speaker:can see things similar to what you have for wholesalers,
Speaker:but then you'll be able to,
Speaker:to drive people over there for direct to consumer.
Speaker:Okay. Okay.
Speaker:Thank you.
Speaker:So you're wonderful.
Speaker:You really are.
Speaker:Thank you so much.
Speaker:It is my pleasure.
Speaker:Where can people who are listening look for your products?
Speaker:Thank You,
Speaker:Eve Michael,
Speaker:Custom designs Eve Michael,
Speaker:what did you say?
Speaker:Custom-design.com. Okay,
Speaker:perfect. And what is your shop on Etsy?
Speaker:My shop on Etsy is Eve Michael Designs.
Speaker:Okay. Best way to find them.
Speaker:Find it,
Speaker:because Etsy is so difficult is to search for fairy jackets.
Speaker:Wonderful. Perfect.
Speaker:Okay, well this has been such a great conversation.
Speaker:And honestly,
Speaker:Gail, like I think that we're gonna help a lot of
Speaker:people who are listening because this whole pricing thing can be
Speaker:a struggle.
Speaker:But yes,
Speaker:you know,
Speaker:like I said,
Speaker:if you drive down to get your best estimate of what
Speaker:these different elements are,
Speaker:then you still get to decide in the end what you're
Speaker:gonna price it for.
Speaker:But you're coming from a much stronger position to understand and
Speaker:to speak better,
Speaker:right? Like knowing these numbers,
Speaker:you're gonna be able to talk much more confidently when you're
Speaker:presenting the product.
Speaker:You know truly how much it costs.
Speaker:You're right.
Speaker:You're right.
Speaker:So wonderful.
Speaker:Well, thank you,
Speaker:Gail. It's been a pleasure talking with you,
Speaker:and I look forward to seeing where you take this.
Speaker:Thanks so much.
Speaker:I'll keep you informed.
Speaker:Okay, wonderful.
Speaker:Bye for now.
Speaker:Thanks. Bye bye.
Speaker:If you haven't already reviewed your pricing to the detail that
Speaker:we've covered here,
Speaker:now's the time to do it.
Speaker:Or if it's been a while,
Speaker:please revisit it.
Speaker:Especially with our rising costs.
Speaker:You wanna make sure your prices for both wholesale and retail
Speaker:are in line and you're not spinning your wheels at break
Speaker:even. It's very easy to let this slip leaving you without
Speaker:dollars to invest to grow your business.
Speaker:Re-listen to this podcast if necessary and apply our discussion to
Speaker:your unique situation or sign up for a boost.
Speaker:Do you have questions about how to get your business started?
Speaker:Do you need ideas on how to increase sales?
Speaker:What about e-commerce or online marketing?
Speaker:These are all topics we can chat about.
Speaker:If you'd like to sign up for your own gift biz
Speaker:boost, head over to gift biz unwrapped.com/boost.
Speaker:This is a chance to get coaching at no cost to
Speaker:you except for some of your time.
Speaker:And as you've just seen,
Speaker:you'll walk away with actionable steps to move you forward in
Speaker:a single area of your business.
Speaker:That link,
Speaker:again is gift biz unwrap.com/boost.
Speaker:If you're enjoying the podcast and would like to show support,
Speaker:a rating and review is always fabulous because it helps get
Speaker:the show seen by more makers.
Speaker:It's a great way to pay it forward.
Speaker:And there's another way where you can get something tangible in
Speaker:return for your support too.
Speaker:Visit my merch shop for a wide variety of inspirational items
Speaker:like mugs,
Speaker:journals, water battles,
Speaker:and more featuring logos,
Speaker:images, and quotes to inspire you throughout your day.
Speaker:Makes a great gift too.
Speaker:And we've just added some new products for the season to
Speaker:the shop.
Speaker:Turnaround is quick and the quality is top-notch,
Speaker:nothing but the best for you.
Speaker:Take a look at all the options@giftbizunwrapped.com
Speaker:slash shop.
Speaker:All proceeds from these purchases helps go to offset the cost
Speaker:of producing the show.
Speaker:And now be safe and well,
Speaker:and I'll see you again next time on the Gift Biz
Speaker:Unwrapped podcast.
Speaker:I wanna make sure you're familiar with my free Facebook group
Speaker:called Gift Miss Bre.
Speaker:It's a place where we all gather and are a community
Speaker:to support each other.
Speaker:I've got a really fun post in there that's my favorite
Speaker:of the week,
Speaker:I have to say,
Speaker:where I invite all of you to share what you're doing
Speaker:to show pictures of your product,
Speaker:to show what you're working on for the week,
Speaker:to get reaction from other people.
Speaker:And just for fun,
Speaker:because we all get to see the wonderful products that everybody
Speaker:in the community is making.
Speaker:My favorite post every single week.
Speaker:Without doubt.
Speaker:Wait, what?
Speaker:Aren't you part of the group already?
Speaker:If not,
Speaker:make sure to jump over to Facebook and search for the
Speaker:group gift.
Speaker:Bre don't delay.
