What Is Preventing You From Maximizing Your Profits? Want to learn more about pricing, here is another video to help out. Tammy - Video: Pricing Your Services Correctly - ruclips.net/video/doAKxyRa4pM/видео.html
Hi Tammy! I own an embroidery and apparel business. I just recently came across your videos and I couldn't be more thankful for them. Thank you for your straightforward explanations. I feel like I am finally getting it. Could you do one for an embroiderer? Thank you again!
Hey there. I'm glad you are finding them helpful. I'm working on something that might help those of you with these types of businesses where the biggest cost is actually your time due to how long it takes to do the item. I think it will help. I'll let you know when it is done. :-) - Tammy
Hi there. Good suggestion. Let me ask, what are the materials you usually include and then how much time is spend on the "doing" of a project. Just an average for a point of reference... Tammy
Hi tammy thanks for responding...to answer your question, the materials used would be things like crochet hooks, yarn, thread, needles, measuring tape, the packaging items and office supplies such as stickers, receipts books, pens, stamp, books,bags, business cards etc... the timing to create a piece depends on the item for example a simple headband may take 15-20 mins depending on the size and if it's a more detailed headband 45 mins -1hr. Bigger projects like beachwear/clothing takes more time from hours to days to create all by hand. Also how do you factor in paying yourself as an employee and business owner? Thanks :)
@@krochetkloset Keep in mind, your COGS (Cost of Goods Sold) will only be the items that are given to the buyer. So things like hooks, measuring tape etc are expenses as they are used multiple times and are tools of the trade. Yarn, thread, etc that are used on the project are given to the client when done so they are COSTS. Your employee time is also part of COGS like you see in the video. So you might say you pay yourself $20 an hour so if it takes a half-hour you have $10 in your costs for that. Here is another video that might help as well. Video: Pricing Your Services Correctly - ruclips.net/video/doAKxyRa4pM/видео.html
Great question. I wouldn't necessarily include them but I would keep in mind that depending on your sales, plan to put 15-20% off all profits towards your taxes. - Tammy
I can't help it. Your math is wrong. Profit would be $35. That's really not important, though. A little breakdown on expenses would be helpful. Thank you. The information you provided so far is extremely use for me.
Okay so just so you know what people don't understand how we KEEP clients isn't about being special a vast majority of the time. It about loyalty lmao. I know it sounds odd and a bunch of bs believe it or not the 6 years I've been grooming I've seen horrid groomers keep clientele by just being super friendly and good with their dogs (maybe that's what's special about them idk) but it actually has nothing to do with how good of a groomer you are. One person trash is another treasure. Also a vast majority of clients are looking for a cheaper service anyway. That's why petco and petsmart are the most affordable for grooming on top of that they have the most (rotating) clientele. Alot of people will undervalue grooming because it's not really regulated in most states as well. From personal experience there's nothing you can give to a client or their dog or groom a certain way because qt the end of it all boils down to does this person have a good solid relationship with you? If yes it's probably gonna be a life long client.
You are right on target. We all ask how a business can stay in business and it is typically do to great service or great quality. The standouts do both. But it all comes down to who people trust with their fur babies (in this case). People can put up with poor quality if they love the service and vice versa. This business in particular is very emotional based on loyalty. However, with that said, I still believe we each need to decide if our own businesses will stand for both and provide both excellent service and great quality. Great topic! - Tammy
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What Is Preventing You From Maximizing Your Profits? Want to learn more about pricing, here is another video to help out. Tammy - Video: Pricing Your Services Correctly - ruclips.net/video/doAKxyRa4pM/видео.html
Hi Tammy! I own an embroidery and apparel business. I just recently came across your videos and I couldn't be more thankful for them. Thank you for your straightforward explanations. I feel like I am finally getting it. Could you do one for an embroiderer? Thank you again!
Hey there. I'm glad you are finding them helpful. I'm working on something that might help those of you with these types of businesses where the biggest cost is actually your time due to how long it takes to do the item. I think it will help. I'll let you know when it is done. :-) - Tammy
Good points! Thanks!💥🐾🐾❤️
Hi! Can you do an example for a crochet designer.. will be very helpful thanks :)
Hi there. Good suggestion. Let me ask, what are the materials you usually include and then how much time is spend on the "doing" of a project. Just an average for a point of reference... Tammy
Hi tammy thanks for responding...to answer your question, the materials used would be things like crochet hooks, yarn, thread, needles, measuring tape, the packaging items and office supplies such as stickers, receipts books, pens, stamp, books,bags, business cards etc... the timing to create a piece depends on the item for example a simple headband may take 15-20 mins depending on the size and if it's a more detailed headband 45 mins -1hr.
Bigger projects like beachwear/clothing takes more time from hours to days to create all by hand.
Also how do you factor in paying yourself as an employee and business owner? Thanks :)
@@krochetkloset Keep in mind, your COGS (Cost of Goods Sold) will only be the items that are given to the buyer. So things like hooks, measuring tape etc are expenses as they are used multiple times and are tools of the trade. Yarn, thread, etc that are used on the project are given to the client when done so they are COSTS. Your employee time is also part of COGS like you see in the video. So you might say you pay yourself $20 an hour so if it takes a half-hour you have $10 in your costs for that. Here is another video that might help as well. Video: Pricing Your Services Correctly - ruclips.net/video/doAKxyRa4pM/видео.html
Very cool
Hiya, thanks so much for this video! Would you include your taxes in expenses?
Great question. I wouldn't necessarily include them but I would keep in mind that depending on your sales, plan to put 15-20% off all profits towards your taxes. - Tammy
I can't help it. Your math is wrong. Profit would be $35. That's really not important, though. A little breakdown on expenses would be helpful. Thank you. The information you provided so far is extremely use for me.
You are correct. I didn't see that until later. I've learned to double check everything since. LOL I'm glad it was still helpful. :-). - Tammy
Okay so just so you know what people don't understand how we KEEP clients isn't about being special a vast majority of the time. It about loyalty lmao. I know it sounds odd and a bunch of bs believe it or not the 6 years I've been grooming I've seen horrid groomers keep clientele by just being super friendly and good with their dogs (maybe that's what's special about them idk) but it actually has nothing to do with how good of a groomer you are. One person trash is another treasure. Also a vast majority of clients are looking for a cheaper service anyway. That's why petco and petsmart are the most affordable for grooming on top of that they have the most (rotating) clientele. Alot of people will undervalue grooming because it's not really regulated in most states as well. From personal experience there's nothing you can give to a client or their dog or groom a certain way because qt the end of it all boils down to does this person have a good solid relationship with you? If yes it's probably gonna be a life long client.
You are right on target. We all ask how a business can stay in business and it is typically do to great service or great quality. The standouts do both. But it all comes down to who people trust with their fur babies (in this case). People can put up with poor quality if they love the service and vice versa. This business in particular is very emotional based on loyalty. However, with that said, I still believe we each need to decide if our own businesses will stand for both and provide both excellent service and great quality. Great topic! - Tammy