Running A Profitable Business (In 11 Minutes)
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- Опубликовано: 22 фев 2021
- 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
Content Director: Matthew Encina
Producer: Mark Contreras
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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.
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 RUclips search away. Chris Do and his team are hidden gems. ⚡️
We do have a course. Thank you.
Chris always puts my day in a winning perspective🙏🏽
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 🙏🏼
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.
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!
this gives me flashbacks of that Nike video that introduced me to The Futur a few years ago.
saaame
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.
Really appreciate excerpts of the lessons you're putting up regularly. Teaches a lot to us creators.
learned so much from your contents, no words can represent my appreciation to you~
I appreciate that!
Recently discovering this channel has been a true blessing.
Thanks for the content, Chris! Nothing but quality stuff.
Thank you
I am still amazed on how this amazing content is free for everyone to enjoy. cheers you guys!
I love Chris Do’s presentation and teaching style. I’m in a different field completely but wish I could adopt this approach.
Love it
I keep coming back to these videos just to learn what otherwise feels like corporate bs
This was really great Chris! thank you
Awesome Chris! I really like this short video and "in 11 minute" good tactics, I will use it :)
Good work, thanks for this useful explanation as usual 👌🏻👊🏻
Absolutely life changing channel. Thank you for producing valuable content that's really changed the way I look at business.
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!
Probably the most useful lesson I learned
Amazing 🤩
Thanks for teaching us freely guys ☺️
This information is gold.
This was clear. Merci Chris.
Content so good that I had to restart and take notes
100% Authentic content
❤️❤️❤️
Really helpful. Thanks!
Valuable content! Thanks Chris.
Glad you enjoyed it!
Thank you for this amazing video.
Thank you for sharing your knowledge and making it accessible 👏🏾
You bet!
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!
So informative!
This helps me wrap my head around profit.
Thank you for the valuable lesson. You gained a new sub and another person looking up to you today! 🙏
Welcome to the Futur
Great Summary from the actual episode.💙❤
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.
Thank you so much!
Sharp as usual! I Love these refresh resumes that you are doing of the classics. Thanks!
Glad you like them! People kept asking about cut-downs to make them easier to consume/rewatch.
@@thefutur I think they are a great format. You really take the juice in these 10' pills.
I saw this one before, a great refresher though!
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
Thank so much. That really helps, I was asking myself those questions as I thinking to start my own business.
You are so welcome!
The amount of value in this video far exceeds the price to watch it (free!)
I really appreciate this
Wow really made me rethink my emoji choices 💎💎💎
I was literally describing this to an entrepreneur yesterday. Thanks for posting this cause now I can just send it haha.
Boom!
What great content. Made me think better.
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
Loved it!
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!)
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.
Awesome content as ever
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.
You can learn more in this channel than at some University courses out there.
Very Well Said, Chris.. Thanks for the video Team :D
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.
This has taught me more than school ever has about business, thanks so much :)
Happy to help!
Watching you from Somalia
hello Said.
So much 'Value' here.
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?
Awesome thanks
OMG i love your cap ❤❤❤
“i want to move the needle for you...”
great closing to the presentation.
Respect 🤙
I like that! I want to make an material impact on people's lives
Wow!!!! You surprise me all the time Chris
happy surprises?
thank you
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
Getting the feeling of , I learnt a new thing today.
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!
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!
Love it
ohhh this brought me back to why I joined The Futur’s community
Nice!
Amazing!
Thanks!
buyers determines the price...
because buyers feel the satisfaction.. 😁
Kudos sir chris.. 😁
I want to start a buisness so badly. Watching these videos are giving the little steps of confidence I need to start it.
Beautiful 👍
amazing amazing!!
Thank you! Cheers!
Hey just a silly thing..!!
What's the font used on Chris sir cap..??
It's kinda clean and standard..!
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?
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.
Thank you!
You're welcome!
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?
this was really informative
Glad to hear
@@thefutur yea I've been looking at price vs cost but I made the mistake of thinking value was a crutch to price or cost instead of looking at it as a third option.
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?
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) 🙌🔥
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...
Love your hat brother 🙏
Thank you
And your content is a blessing! Thank you for your knowledge and wisdom.
How do I join the class? I've always wanted to 🙌🏾👍🏾💡
That hat has value brother!
Watching From Bangladesh.
hello Bangladesh
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.
remember seeing this and being like wooooow
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)
How to find or be known by customers who value your work?
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
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
Cool
You are so cool
I learn more business concepts than design in this channel. 0 price infinite value!
There's double space between Running and A 😁✌
Funny you talking about diamonds. Me beeing a goldsmith/ hand engraver. Haha! Thanks for Another great video! Learning so much!
haha. thanks Arthur.
👍