This was is so true and I learned that I was under-charging for a lot of my stuff trying to be friendly (and not for my time either🥴) charging. I downloaded fillet when I watched your other video and realized how bad I was playing myself😕. I made adjustments where necessary. It's all good now lol
This is so true! No shade but I see so many new baking businesses on Instagram and they’re literally charging more than the pros but also overcharging, cause they keep seeing “know your worth” then justify their prices by adding a shop local tag! Like no! Your cost shouldn’t be under 10% otherwise you’re ripping people off, I’m sorry!
Yep, it can be really confusing especially when you’re just starting out. Knowing your worth and knowing the worth of your products are two different things!
The Station Bakery exactly! Price high for labour intensive, high cost ingredients or if both, but if it’s easy/fast to make and low cost ingredients there’s no need to price outrageously high just cause people might not know better cause it’s basically scamming and to me it just doesn’t feel right. You said it perfectly!
Well said, I recently had to raise my prices and unfortunately I'm losing orders. Having said that, I no longer want to work for $3-$4 an hour. That's basically what I was making for custom cakes. SMH In my area, people don't get it.
I am a hobby baker and an accountant, recently decided to use my accounting skills to determine how much my baking items are worth. I started with raw materials and supply , my next stop is timing the baking process and breaking down active working in the cake and work that is not put in the cake but around the cake ( cleaning, baking time, ordering supply) and the rate for each. Recently I made a pastry and I was doubting my pricing , one friend told me I should have charged her more. Which honestly is correct, that specific pastry is very time consuming and I only charged ingredients and two hours of work at almost minimum wage. They take more than 2 hours to make, but it was for friends and my first two orders so I am not mad at the price but the fact that I second guessed and felt so insecure even asking for that amount. I have my first cake order and this time i am timing the process more closely, so that I know what the real value is. Is okay if I want to give my friends discount, but I have to be honest with how much is going to cost me to do the kids.
Honestly, it’s like that in the beginning because it’s so new. Allow yourself time to learn and give yourself grace as you go through the process. You’ll get some no’s and you’ll get some yeses and that’s going to be forever as it is just a part of running a business. And as for giving discounts, it’s your business and you get to decide who gets what. I have people that I will give a discount to just to say thank you or if it’s a family memeber that I like and know they can’t really affford it I will discount as well. And sometimes they’ll still pay me more because they know. It’ll take some time to grow your confidence and even then you still may have some questions and doubts and that’s ok. You got this and your business is going to be great!!
Does this also work for people who aren’t making cakes? I’m doing berries, brownies, banana pudding and more. I’ll eventually work my way to cakes and cookies. 😬 I’m still learning.
I personally think pricing for treats would be slightly different. There are actually a few ways you can price your treats. I have this video here showing how I break down my pricing for popcorn which would be similar for treats. And take your time. Craft great recipes and menus and find what you like! ruclips.net/video/yZ7Zg4iXi5Y/видео.html
This was is so true and I learned that I was under-charging for a lot of my stuff trying to be friendly (and not for my time either🥴) charging. I downloaded fillet when I watched your other video and realized how bad I was playing myself😕. I made adjustments where necessary. It's all good now lol
That app is a GAME CHANGER! I’m glad it has helped you too! Not a good feeling to be losing money!
@@TheStationBakery it really is! I highly recommend it
This is so true! No shade but I see so many new baking businesses on Instagram and they’re literally charging more than the pros but also overcharging, cause they keep seeing “know your worth” then justify their prices by adding a shop local tag! Like no! Your cost shouldn’t be under 10% otherwise you’re ripping people off, I’m sorry!
Yep, it can be really confusing especially when you’re just starting out. Knowing your worth and knowing the worth of your products are two different things!
The Station Bakery exactly! Price high for labour intensive, high cost ingredients or if both, but if it’s easy/fast to make and low cost ingredients there’s no need to price outrageously high just cause people might not know better cause it’s basically scamming and to me it just doesn’t feel right. You said it perfectly!
Well said, I recently had to raise my prices and unfortunately I'm losing orders. Having said that, I no longer want to work for $3-$4 an hour. That's basically what I was making for custom cakes. SMH In my area, people don't get it.
This was completely amazing! Thank you. Perfectly and beautifully stated. You are awesome.
Thank you Eddie! I appreciate it!
Definitely something I struggle with really understanding thanks 😊
You’re welcome! It takes time!
This is quality content I come here for! Keep it up!
Yes!! More coming every week!!
I am a hobby baker and an accountant, recently decided to use my accounting skills to determine how much my baking items are worth. I started with raw materials and supply , my next stop is timing the baking process and breaking down active working in the cake and work that is not put in the cake but around the cake ( cleaning, baking time, ordering supply) and the rate for each. Recently I made a pastry and I was doubting my pricing , one friend told me I should have charged her more. Which honestly is correct, that specific pastry is very time consuming and I only charged ingredients and two hours of work at almost minimum wage. They take more than 2 hours to make, but it was for friends and my first two orders so I am not mad at the price but the fact that I second guessed and felt so insecure even asking for that amount. I have my first cake order and this time i am timing the process more closely, so that I know what the real value is. Is okay if I want to give my friends discount, but I have to be honest with how much is going to cost me to do the kids.
Honestly, it’s like that in the beginning because it’s so new. Allow yourself time to learn and give yourself grace as you go through the process. You’ll get some no’s and you’ll get some yeses and that’s going to be forever as it is just a part of running a business. And as for giving discounts, it’s your business and you get to decide who gets what. I have people that I will give a discount to just to say thank you or if it’s a family memeber that I like and know they can’t really affford it I will discount as well. And sometimes they’ll still pay me more because they know. It’ll take some time to grow your confidence and even then you still may have some questions and doubts and that’s ok. You got this and your business is going to be great!!
I wish more people would understand that. Well said
It takes time, but hopefully people will fall on this video and find the value in it!
Very solid information, good for all businesses.😊♥️
Thank you! Glad I can add to the conversation.
Does this also work for people who aren’t making cakes? I’m doing berries, brownies, banana pudding and more. I’ll eventually work my way to cakes and cookies. 😬 I’m still learning.
I personally think pricing for treats would be slightly different. There are actually a few ways you can price your treats. I have this video here showing how I break down my pricing for popcorn which would be similar for treats. And take your time. Craft great recipes and menus and find what you like! ruclips.net/video/yZ7Zg4iXi5Y/видео.html
👏👏👏 yes, thank you for this! 😁
You’re very welcome!
Thanks for the helpful tips 🥰
You’re so welcome Emily!
Thank you 💜
💜