August 2017

Today we’re onto our 2nd part of our Pricing series.  We’re going to talk about the nuts and bolts, the down and dirty, how to come up with a price for your products.  We’ll walk you through several methods and give you some of the pro’s and cons of each to help you price your products better.

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Key Takeaways

• Priceing strategy is not based on a “one and done” cookie cutter method. You need to understand multiple aspects of how the market works in order to win.
  • Market Price
  • Cost price
  • Labor rate (day rate)

Homework

• Make a pricing spreadsheet in some form for your products using your known labor and costs
• Know what “levers” you can pull to change the price

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Today we’re starting a 3 part series on pricing your products.  We’ll start with Understanding your Market.  Before you can price your work, you need to know your product, your competition, and your customer.  We’ll dive into each of these hit some of the high points to consider.

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Links:

Key Takeaways

• Push yourself further up the quality scale
• Understand your competition and what’s in your market
• Put the customer first and respond to their needs

Homework

• Develop your quality vs. price matrix and see where you land
• Lay in your competition on that matrix and look for gaps
• Identify your ideal customer

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Taking your side hustle or part time gig to full time status is a huge decision.  Today we’ll talk about when is the right time and what are the important things you need to think about and have in place before making that decision.  Oh, and Brad quit.

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Links:

http://startupcamp.com/write-incredible-business-plan-one-week/ – Dale Partridge – Startup Camp

Key Takeaways

• Have A Plan In Place. Do the research in order to set yourself up for success. Have a plan for your income stream and your expenses.
• Is your life ready to own a business? Have you created the necessary time to run a business 24/7
• Think about the processes that go into running a  business. From your pipeline to your income streams. Create long term plans for real business wins
• Be prepared for the smaller time consuming necessities like social media and day to day operations. They can become very time consuming, make sure you’re prepared and have a plan for these daily operations.

Homework

• Work backwards from where you are (or want to be) and create a plan for how much you need to sell in order to have your life where you want it. Work the process backwards.

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Want to work with sponsors?  Today we’ll give you an introduction to working with sponsors as a content creator or social influencer.  We’ll discuss the why, how and when and also give you some things to think about before you starting down that journey.

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Links:

Creativity Inc. – http://amzn.to/2fl0JgK

Key Takeaways

• People First. When working with brands remember that these are people working for these companies.
• A ship rises and falls with the tide. Both sides of this equation are in it together. Build a relationship and work to help the brands. Not just work for them.

Homework

• Create a gameplan on how you would like your first brand deal to look. Keeping an open mind, brainstorm how you can build a relationship and add value for both parties.

Sign up for our e-mail list to get the one page downloadable MFP Instagram Playbook.

Show links may contain affiliate links which help support the show

Podcast: Play in new window | Download