Running A Profitable Business (In 11 Minutes)
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- Опубліковано 29 вер 2024
- What is the difference between Cost, Price, and Value? As a teen, Chris had a silk screening company making custom t-shirts. Because he didn't understand the differences between Cost, Price, and Value, he wasn't making a profit off of his business, and either broke even on the orders, or lost money. When you understand how Cost, Price, and Value work together, you will make PROFIT, and isn't that why you're in business in the first place?
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Host: Chris Do
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I love Chris Do’s presentation and teaching style. I’m in a different field completely but wish I could adopt this approach.
I love this! I think clients say "cost" because it's what it it costs them to get xyz, not what it costs us as designers.
This was one of the best whiteboard sessions.
I agree. The mentioning of hidden costs is something many people do not consider. Great points, clear, and concise.
Well guys than you should watch another 400 videos about business of design if you are saying so. I personally have watched twice each. And I heard that story few times in a different ways.
The amount of value in this video far exceeds the price to watch it (free!)
Thank you for this amazing video.
Thank you for sharing your knowledge and making it accessible 👏🏾
You bet!
I think this question is haunting for many small business owners., especially when they try to find clients a the beginning period. But if the buyer set a very low bar or bodega, do you accept it or say No?🤪
Say no
@@thefutur Yes, then lots of pressure to myself
Isn't this a reupload?
This is a reupload.
it's an 11 minute cutdown for those that can't watch the full length video.
learned so much from your contents, no words can represent my appreciation to you~
I appreciate that!
Chris always puts my day in a winning perspective🙏🏽
this gives me flashbacks of that Nike video that introduced me to The Futur a few years ago.
saaame
If this entire channel was a course then it would be worth thousands and I would still definitely buy. Don’t spend money anywhere else. The Futur brings so much value and information all for free and it’s just a UA-cam search away. Chris Do and his team are hidden gems. ⚡️
We do have a course. Thank you.
Watching you from Somalia
hello Said.
Good video. Sometimes the customer might ask what the cost is because for them, it is a cost. Meaning it is going into their budget to do business. Internally, each company should know how they define and determine Cost, price and Value 👍
Great point!
Recently discovering this channel has been a true blessing.
Thanks for the content, Chris! Nothing but quality stuff.
Thank you
So much 'Value' here.
I like that! I want to make an material impact on people's lives
if youtube was this helpful when i was in college i would have learned a lot more and prevented a lot of mistakes along the way. thank you for this golden nugget!
Content so good that I had to restart and take notes
Ok, I have not seen the video yet but I will leave my insights and if this video gets the info I was looking for...
Although by the title I liked it already lmao...
Very Well Said, Chris.. Thanks for the video Team :D
Good work, thanks for this useful explanation as usual 👌🏻👊🏻
I was literally describing this to an entrepreneur yesterday. Thanks for posting this cause now I can just send it haha.
Boom!
100% Authentic content
❤️❤️❤️
You can also mathematically figure out your exact costs by using this formular:
Cost = varaible costs (Costs per unit: These costs change with time, as materials get scarce or raw material is getting more pricier ) + set-cost (your rent, your maschines, your etc.: They stay the SAME)
so in short: C = V.c + S.c
Maths is not always the way to go, but sometimes it can help :D
Thank you
This helps me wrap my head around profit.
So funny how 25% is not a quarter of the pie here.
Yeah. Brain fart.
I watch John MacArthur to sharpen my theology, and I watch the Futur to sharpen my creative mind. Thanks God for such "valuable" ;) creators!
Thank you
This is a great primer for all recent grads from Design programs that don't usually teach the business of design. What you said at the end of this video is the most valuable advice that'll lead to a sale for sure.
Take my money Chris 💸
hi Nico. good to see you are also here and not just on CH
@@thefutur for years now on YT & IG -> CH made it visible I think (What is a good thing) 🙌🔥
In other words:
Cost = cost of goods + overheads
Price = COG + Profit
Value = COG + Profit + Markup (like the crazy amount for face creams and makeup, sometimes 1000%+ XD)
When people contact me by email and their first question is "how much do you charge?" I ignore them. I experimented with this for a while and those that ask for price first and foremost turned out to be one of two: either one of those headache inducing problematic clients that only focus on price or the competition trying to figure out more about my prices and how I work. If they say something like "I need your services in this, I need you to do this for me, etc" then I reply. I say email because if they call me they're usually clients on the safe side, although I do get one wacky call every once in a while.
Wow really made me rethink my emoji choices 💎💎💎
Great whiteboard session. Totally agree with philosophy. But you mentioned you can't force a customer to buy something they don't want. But there seems to be a can where there might have to. E.g if you need to buy food but the marketplace of grocery stores around you have completely inflated prices for staples by 2x the consumer has no choice? But I understand it's less likely to happen in the design world.
Unless there’s a monopoly you can’t fix prices.
Chris, have you been working out?
no more than usual.
This information is gold.
Thank you for the valuable lesson. You gained a new sub and another person looking up to you today! 🙏
Welcome to the Futur
Got so much value from this! As a creative, often times I find myself in a shrouded cloud when it comes to the "financial stuff" so I always feel like I'm not able to explain it well to others (or even to myself). Your videos always help dispel those clouds, and the value I get from them help maintain a clearer state of mind. Thanks for sharing all the insight, per usual 🙏🏼
Thanks for this info, this is perfect timing for me. On a side note, the kerning in between the V and A in VALUE is bugging me lol
Great to hear!
Chris because of your videos I was able to quite my job that’s minimum wage and began to freelance and now converting to an agency still learning to become one of the best in the MENA region
That’s awesome man - keep going!
amazing. congrats!
I saw this one before, a great refresher though!
I really appreciate this
I love the insight Chris! You have made my morning....
I am a self taught Graphic Designer, and I find it difficult in getting clients,
what would you recommend I do in order to get potential clients?
Watching you from Ghana.
Beautiful 👍
That hat has value brother!
“i want to move the needle for you...”
great closing to the presentation.
Respect 🤙
Everytime someone asked at collage about charging at my Graphic Design Carreer... ALL of my teachers said 'well there isn't a place on your degree to study this'. When I did the UX/UI degree. The same question and answer appeared: 'We can't say it, here we just learn about design'. As a service, price/cost/value can depend on many things. And this video really hits the spot! I always try to think in myself as being a Nike shoe... You can't afford me? You can't see my value? No worries. Others will, I don't want to low the price and feel bad working for less. I don't deserve it (and neither my clients). It's all in our heads. Working with a worried mind is no good! have a good day! (oh... Sorry for all this text!)
So informative!
👍
Thank you so much!
are clubbhouse contents coming? or we left here to watch cut outs?
Team is working on it.
What if the value exceeds price of a product so I raise the price? Is this a bad business move because I didn't start with a high enough price to behind with? It would also be the same exact product. Thanks for such a great video!
The goal is to deliver more value than price. If you think the gap is too much raise prices.
@@thefutur cheers thanks
Hii, I'm wondering how one could scale a branding consultancy business? Because it's a very Personal Service that requites case by case consideration, right?
Awesome video, all of y'all's videos are awesome.
Question though, if you take in to account the rent, overhead and all of the other usages that help you get the job done and add that to a base hourly price. Would it then be okay to charge hourly?
For instance, I run a screen printing shop and we sat down and timed out every task that we did whether it was design only or full service screen printing then tripled that price and broke it down into a hourly fee plus materials. Before doing this we were only charging $25 per screen for setup and scratching or heads at the end of the month. When we finished resetting the prices, the new price was $111 per screen plus the shirt, handling, impressions and shipping. Thoughts if any?
Why did you made the last video 'Gamilfying in the LinkedIn' as private one? 😥
We will reupload
Thanks 😊
Hey just a silly thing..!!
What's the font used on Chris sir cap..??
It's kinda clean and standard..!
Hey Chris, how do you think one could attract clients from the US or Canada, when he/she is not based in North America. Let's say i'm living in Europe in non-english speaking country, i feel that clients from the US/Canada are very reluctant to work with me when they see that i'm not based in the US, especially because i didn't build any reputation for myself yet. I think that what they are worried about the most is that there could be some communication (in terms of me not understanding them well) and timezone related issues. Another thing could also be the thought, that i will simply disappear when they send me the money, and honestly it doesn't surprise me, i don't think i would risk buying anything myself from someone who doesn't have any reviews and lives on a different continent. How do you think i could overcome this issue?
25% is a quarter. Quarter of 360 degrees is 90 degrees. That first sector is clearly not drawn at 90 degrees. Otherwise, awesome.
I get the idea. but can you give or someone here give me an advice? So I'm trying to build a dropshipping business, If I sell a product and a customer sees value on it but later they found a much cheaper version of it. How do I win potential buyers.
You are so cool
I am having the thoughts that what you just shared with us in this video about value exceeding price is best achieved via a real-time conversation, probably a phone call or a video call. Do you believe we can also share with the prospect about the whole value through text or email?
Cost, price, investment or whatever, there is just an amount of money you pay for goods and services. That's it.
I think clients always says 'cost' because in their point of view, it is cost. They are just using their language.
thank you
Nice!
buyers determines the price...
because buyers feel the satisfaction.. 😁
Kudos sir chris.. 😁
Love it
Great Summary from the actual episode.💙❤
Cool
How do I join the class? I've always wanted to 🙌🏾👍🏾💡
Thanks very much for this. I'm currently making the mistake of overpricing my hourly rate and underpricing my projects (literally the opposite of 5:12). I priced my hours as "billable hours" so I only billed customers for "time spent when actually doing work", which means phone calls, meetings, "hey can I ask a small favour", etc are essentially free. This leads to customers complaining that I charge way too high for "work", and I end up billing them fewer hours, and "discussions, meetings, revisions, etc" all become free. Then I priced my project hours based on the market price instead of my own calculated breakdown price, and end up spending way too many hours on it.
How should I change this, and how do I communicate it to current & new clients?
Thank you so much!
There's double space between Running and A 😁✌
Wow so important to know the difference between cost, price and value. I've been using them in the wrong context without truly understanding the meaning of these words
Awesome Chris! I really like this short video and "in 11 minute" good tactics, I will use it :)
I want to start a buisness so badly. Watching these videos are giving the little steps of confidence I need to start it.
Awesome content as ever
I learn more business concepts than design in this channel. 0 price infinite value!
Love it
I keep coming back to these videos just to learn what otherwise feels like corporate bs
my forearms started to hurt just watching that poor person pull the squeegee
gotta push it
You can learn more in this channel than at some University courses out there.
Thank you!
You're welcome!
I'm working on my best video yet for a topic very similar. Thank you guys for all that you do!
Keep going man !! One day it will worth it !! 💪🏼💪🏼👍🏻👍🏻
@@droove3324 thank you s much! It's honestly been so worth it already, getting comments and messages from people telling me it's changing their life.
Really appreciate excerpts of the lessons you're putting up regularly. Teaches a lot to us creators.
Getting the feeling of , I learnt a new thing today.
Peoples like Pablo disliked the video two times
This was really great Chris! thank you
What great content. Made me think better.
Really helpful. Thanks!
Watching From Bangladesh.
hello Bangladesh
Thank so much. That really helps, I was asking myself those questions as I thinking to start my own business.
You are so welcome!
Love your hat brother 🙏
Thank you
And your content is a blessing! Thank you for your knowledge and wisdom.
This was clear. Merci Chris.
remember seeing this and being like wooooow
OMG i love your cap ❤❤❤
Love this video and the info given. Thanks for always providing REAL value in each of your posts/content. Looking forward to watching the longer videos of this series.
Probably the most useful lesson I learned
Amazing 🤩
Thanks for teaching us freely guys ☺️
Absolutely life changing channel. Thank you for producing valuable content that's really changed the way I look at business.
Valuable content! Thanks Chris.
Glad you enjoyed it!
This has taught me more than school ever has about business, thanks so much :)
Happy to help!
Awesome thanks