I currently own a small IT and Security installation business, but looking to get into this business as a side Hussle to assist with our slower times in the tech field. Purchased a Cameo 4 and a Heat Press a couple months back for $100 for all equipment. So naturally we do our own company apparel! Its a learning curve but so easy to get started. Thanks for all the content and looking forward to using Stahls when the need arises.
Absolutely Fancylooks! We're always happy to help- quoting, pricing and calculating overhead sure is one of the hardest parts when you're just getting started- and some of the most important aspects to ensure you're getting paid (or paying yourself) for your time. We're all about anything we can do to help you succeed!
Great breakdown! So when we are considering paying ourselves, how do we calculate what we can actually put in our pockets if we are basing our pay on the profits? I factor my labor cost into the price of my items, my gross profit, and my profit margin... I just don't know where or when I should *actually* put some money in my own pocket! I hope that makes sense.
Well, it depends on your own overhead, business goals and any employees you may have, but if it's just you- I would set yourself an hourly wage like a salary then pay yourself that weekly.
Absolutely, wholesale orders and bulk pricing play a huge role in factoring in those profit margins. These are most accurately calculated with your operating expenses, materials and overhead, etc combined. Checkout this video from Josh that covers a little bit of it too: ua-cam.com/video/IVYi-O8RyU0/v-deo.htmlfeature=shared
I currently own a small IT and Security installation business, but looking to get into this business as a side Hussle to assist with our slower times in the tech field. Purchased a Cameo 4 and a Heat Press a couple months back for $100 for all equipment. So naturally we do our own company apparel! Its a learning curve but so easy to get started. Thanks for all the content and looking forward to using Stahls when the need arises.
We’re always happy to help!
Thank you for this analysis, pricing is not easy when you begin!
Absolutely Fancylooks! We're always happy to help- quoting, pricing and calculating overhead sure is one of the hardest parts when you're just getting started- and some of the most important aspects to ensure you're getting paid (or paying yourself) for your time.
We're all about anything we can do to help you succeed!
Great breakdown! So when we are considering paying ourselves, how do we calculate what we can actually put in our pockets if we are basing our pay on the profits? I factor my labor cost into the price of my items, my gross profit, and my profit margin... I just don't know where or when I should *actually* put some money in my own pocket! I hope that makes sense.
Well, it depends on your own overhead, business goals and any employees you may have, but if it's just you- I would set yourself an hourly wage like a salary then pay yourself that weekly.
@@transferexpress Thank you :)
What about pricing for volume. Xs 2 works for smaller orders but eventually pricing will have to be reduced. 1 vs 200 vs 1000
Absolutely, wholesale orders and bulk pricing play a huge role in factoring in those profit margins. These are most accurately calculated with your operating expenses, materials and overhead, etc combined. Checkout this video from Josh that covers a little bit of it too: ua-cam.com/video/IVYi-O8RyU0/v-deo.htmlfeature=shared
@@transferexpress is there a part 2? This only tells you how to factor cost but not a pricing strategy for bulk orders using cost?
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BDBD?