How to Price Your Product Or Service BEFORE Launching an LLC
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- Опубликовано: 2 июн 2021
- Hey RUclips Family.
In this video I'm breaking down how to properly price your product or service before launching your LLC. as y'all know, I'm big on understanding your numbers and have an organized system in place.
I broke down how to create a gross revenue goal and then we went even deeper to break down profits and how to distribute these profits to scale! Hope you enjoy. Share with another fellow entrepreneur.
If you didn't know, I am the founder of The Jack USA Franchise which includes Jumping Jack Tax, Jack Life Insurance and Jack Bookkeeping. We are a minority owned financial services franchise that can assist you with personal & business taxes, Life Insurance and bookkeeping/consultation.
Download the free Jumping Jack Tax app on Apple & Google or text "youtube" to (267)792-0185 if you need assistance through one of our services.
Protect this man at all cost!!!
Man this brother sobered me all the way! Yes this is what I needed. His passion for success shines through . Thanks for the truth!!
i literally stopped smoking weed after watching his "why i stopped smoking video" its inspiring, wow.
I never leave comments on RUclips, but your videos on finance are the most incredibly valuable i have ever seen. Thank you so much.
real eye opener to see how hard entrepreneurship really is.
Thank you for that education session for FREE... You just save we alot of time and money... Bless up!
To price a product I think you should start from a profit standpoint. You need to work out how much profit you want to make within a year, month, day then per item. Once you find that out, you should then add on the costs of an item, then add on 30% for tax, 15% for marketing and ect
Is taxes really that high at 30% or is it more than just the business income and receipt tax (BIRT) for 6.20% and net profits tax (NPT) for 3.83% here in Philadelphia?
@@henryleestudio I’m not sure I’m from England, that’s just the percent points he used which I interpreted.
All of it is irrelevant though if you have established competitors and the price is already set. You'll have to find a way to sell at a lower price point if you want any of the market or make your products better and find a way to let the market understand that.
“Smart people use calculators” ✨
HE LOOKS LIKE A SEXY COLLEGE PROFESSOR.
@@seanlee7563 OK LIKE…..omg LOL
@@seanlee7563 ew lolol
I love your wife she is such a light in this world I found you through her and this information has been so valuable to me as I become a business owner for the first time
Yaaassss!!! Another very informative video! Thanks for sharing…
Thank you for this video and the details! You gave me much to think about.
Real eye opener. Learned a lot from you. Thanks for this video.
Brother! You just saved my life. Thank you for the jewels.
Definitely need this, especially for the clothing price example🙏🏾! Thank you so much sir!!!
Thankyou man I’ve setup my 5 accounts and I’m taking all of your advice on how to run a Buisness and I’m already seeing how I can utilize the knowledge you teach to grow as an entrepreneur. Again thank-you so much!
Fam, Your vidz have helped me immensely in building my business and continuing to grow my brand and revenue streams, keep up the information as this is vital to all that are out here trying to create a legacy for there kids, kids, kids, kids to have something besides the debt. I appreciate you Fam. 🙏🏾
Notifications club LOVE FROM SOUTH AFRICA 🇿🇦
Let's go!!!
Thank you bro….I’m working from home with my business..I’ve started breaking things down within my business but not in depth like you presented…I gotta watch this a couple more time to fully digest and implement this equation in my business…keep progressing the culture💯
You explains so well and make it simple and easy to understand. I love your videos!
Well that was depressing. Lol, seriously though, some great cautions to consider. Gotta run my numbers again.
your a blessing bro !
The gold Nuggets you that you gave us was amazing 🤩
For some reason I didn’t hear ANYTHING stated for staring lol. Nawl but seriously you give some great advice and I took your advice on LLC start up, the 3-4 bank accounts including a business savings for tax payment purposes. Great info Fresh Prince!!
Just watched this video following these steps and laughed. i really need to adjust some of my margins.
Keep jumping into Financial Knowledge.Salute for the Help.
Goooood damn. Good video, i knew about gross but you gave me alot of game I was sleeping on. I appreciate that breakdown of a daily goal to set.
Awesome information, greatly appreciate you and may God continue to bless you as you bless others.
Very enlightening and clear. Thanks.
Def opened up my mind. I appreciate this!
This was really helpful thank you for the information and the layout I like seeing videos like this have a blessed day
Amazing video, much needed! Thank you!
💎 100% exactly what I needed. Thanks
Loved this. Very informative. And real. Thank you for the truth!
This whole video is a gem
Keep 👏 dropping 👏 gems!!!
Dude this video is so perfect ! Thanks for creating
Great video! I enjoy crunching numbers and having a goal to shoot for.
Great Breakdown! Thank you for sharing your knowledge 🙏
You should be realistic from jump with your numbers. Never THROW a number out there. Also you need to do market research and understand/know your competitors. You have to set a competitive price. Not too high or low. That's where you would get a start for your own numbers. You can have the best numbers in the world but if you didn't study your market. Then the market could reject you. Fail to plan then you plan to fail. Also put systems and processes in your business for it to be sustainable.
Definitely needed to hear this thanks bro 💯💪🏾💪🏾
This is eye opening. I will be starting an online retail business this year and I'm looking for ways to cut cost for me to create a good quality products and sourcing for some of the materials from china. Im using Ventura for homemade items to calculate the price per product and to that price ill add my labor, equipment, etc on top of that price. That IRS always ruins everyone's dream of earning a lot of money, their tax percentage is very high.
Great video! I actually produce high end Streetwear in LA and launching this month. So the example and explanation was perfect. Thanks Prince!
Good luck and much success with your new business!!
Please do a video on filing business taxes.. and purchase business insurance . Thank you.. please keep the videos coming and don’t give up! Remember consistency “No matter what”!💪🏾💯
Thank you for the info the brake down is the key.
Thanks for the breakdown as I have be en doing my study and what you did is the same as a break even point....it showing me I. On the right track
Thank you Brother this is so DOPE
Thanks for sharing your knowledge on this topic
This was extremely helpful
My big brother content be potent asf....🥴🥴🥴🥴‼️
Excellent information!
Excellent information. A must before going in business
Amazing content fr 💯🤞🏽
GREAT video bro! Thank you!
One word thank you..
This is a lot of good info thank you so much 🤴🏾
This video was very informative, thank you
Thank you for the knowledge
Great content 👌🏽
Things to think of for sure
Great video. New fan! Subscribed!
Thanks for the video.. this was very helpful 🙂 😀
Very good advice!
I just did this math and I would have to sell 10,000 units at a $30 gross profit for a $30k/yr income. Good thing I still have a job so I don't have to rely on this money yet. I want to reach $80k/yr or 28,000 unites/yr.
Super dope bro, thanks
Thank You big brother
So much game. God bless king.
Useful information 💯
EXCELLENT!!
Can I invest money from my personal account into my LLC? How will that work? Can you make a video on that one please. PS. I followed your bank resolution advice and opened 6 accounts. I am into drop shipping e-commerce. Can you discuss that in a video as well. Thank you and I love watching your videos. Great advices you spreading around.
We here brody bro!!
appreciate ya!
Thank you
Plus, that rent is the business rent only? What about where I live? haha. Unless it's an online business or home based. So how I do it, I do ALL the expenses for the product based on the product plus operational. After I have that figure, then I add my markup. So expenses + my markup = retail price. But man that 30% tax is a killer, come to Florida haha.
Thank you for all of the information on LLCs. I’m a service LLC not a hard product. Can you take about how to look at that for profit margins
TNX GOOD brother
All I can say is yes
I really like this format. I am working on opening a sporting goods business. How could I use this model when I would have various items for sale?
inspired
Numbers really are everything...
👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾
👏👏🔥🔥💥💥
Great vid. Like ya vids a lot bro. U might need some sleep tho 😂.
In one of your videos you briefly talked about investing in banks because banks understand how to make money. Could you explain more in detail about this?
👍💜Man Thk U!!
Dude this info is Priceless I'm sharing it with every black person IN BUSINESS/STARTING BUSI... The things most ppl don't sit down and think about writing out I know I didn't.... so thank you👍
Could you do one of these for service businesses?
When will you be making a DVD on business finance?
If wanting to set up 2 different businesses/LLC's, would you suggest 5 different bank accounts for each business? (10 total)
Yes. Each entity has its own EIN. I see you didn’t get a response. Hopefully you already have them set up.
This was so on point.
Do you set the emergency funds aside FIRST? OR pay yourself first?
From Brooklyn, NY & I have a few questions I’d like to get in depth with & was wondering if you do consultation?
They do consultations per the description.
I am currently trying to start a skincare business this video was quite helpful. Yet I am a little confused since I will be selling various sizes and products how can I get an accurate number on how many units I need to sell a month overall. I was following along with you and I was able to get the price per fl oz, take in to account labels, containers, and etc but only for a specific item and size. May you help? Or comment someone who may be able to?
What I do, is list every item in a spreadsheet, and try and approximate a “frequency” that a product is purchased (For example, you can weight an 8pc nugget combo wayyyy higher than a 40pc nugget since people will buy that more often). Then you can use that to get an Average Selling Price and an Average Cost per item. Once you have sales, you can go back and adjust those frequencies to what your actual sales look like
If I have all theses different accounts , when will I eventually see profit ?
What if your buying from a wholesale supplier but can't view price until you have all your State license?
What would creating and running a website fall under?
Probably supplies
I round off differently, more like how Trump does. I would round off to 2,000, no less than 1,950 per month / $300 per day.
The product price is low. When I go buy a customized t-shirt I pay at least $40. We sale shoes. And we sale $35 pair and up. Location and customer target is very important.
It's SELL, which is an action (We hope to sell 100 bikes this month). SALE is a thing (The sale at Macy's lasts one more week.)
@Loraine C, the price of $25 that he used was an estimated price. If you want to sell your t-shirt for $40 or more, that’s up to you and that’s the figure you’d use to run your numbers. All the best with your shoes business.🌸
Slow me down ! Thank you
The t-shirt business doesn't work
Well now I don’t wanna start my business. Great
Lol
Bruh… could you leave a quick moments in between your examples so we can screenshot?
This should be taught in HS or college, lots of worthless time wasting crap in school
🫡🫡