Are you giving away a full cup of coffee for only half the price, or maybe even discounting it so much it’s almost free? There’s an important convo which needs to be addressed and the coffee is about to get spicy. When we set our prices as small business owners, there is a degree of engineering involved and practice required to help it run smoothly for both profit and margin. Afterall, if we don’t make money in our business we wouldn’t be here and our ride as an entrepreneur is put at risk. Listen carefully as Kerry and Kim mix it up today and chat about:
Surviving and thriving in business. How your understanding and money can improve by knowing what profit margin is on your products or services.
How normal it can be to set a price based on what we think is going to work and the realisation that we are paying people to take a course or similar instead. In reality, sometimes our head can get a bit too big to fit through the doorway and it can be hard to admit the lessons we need to learn.
What is a margin anyway? Is it the more than a blank space ruled down the side of our page with the ruler tucked in our desk drawer? Why do margins make such a big difference? The importance of knowing full costs in order to know how much we can price accordingly.
The layers that need to be taken into account when factoring in discounting your prices and pricing offers. Thinking about value we add, taxes, expenses, our expertise and experience and value proposition in the marketplace.
As entrepreneurs and small business owners there is no doubt, we are invested in both ourselves and our business. Where do you need to add value to what you’re offering and think about your own profit margins to succeed in business? To explore more and learn about the value you can bring to your business finances please join Kerry and Kim for the Biz Bean$ Club at https://www.kerryzarb.com/club. Monthly accountability, a library of resources and friends in finances by your side.
Until next time, happy Biz Bean$ to you and see you again soon in the Simply Biz Bean$ virtual café 🙏
Cheers ☕ Kerry & Kim
No beans were harmed during the production of this podcast. Information contained in this podcast should be taken as general advice only and your personal circumstances have not been taken into account. It is recommended that you seek financial advice from a professional who is licensed to do so. If you choose to act upon the general advice shared, you do so at your own risk.