How to Price Your Products & Services Correctly | Common Mistakes People Make When Pricing
Channel: Be a Badass Business Owner
Date: 27/11/2021

Learning to Price Correctly is the Core Foundation of Having a Profitable Business. So How Do You Price Your Products and Services to Ensure You Have a Profit at the End of the Day and You Aren’t Leaving Money on the Table? 

First, you need to understand the common mistakes people make when setting their prices and then understand what your prices must account for. When you put this all together, you come up with the perfect way to set your prices on your products and service.  


KEY MOMENTS IN THE VIDEO:

00:00 How to Price Your Products & Services Correctly
00:34 3 Costly Mistakes When Pricing
01:14 Pricing to Competition
02:14 Under Valuing Your Products or Services
03:37 No Accounting for Expenses Correctly
04:26 The #1 Calculation You Need to Know
05:53 How to Figure Out Your TRUE Costs of Goods (COGS)
07:23 COGS for 3 Different Types of Businesses 
09:31 COGS for Batching Multiple Items as One Time
10:47 Why Your Labor Should Be in Your COGS
12:31 How to Figure Out Your Expenses for Pricing
15:00 Pulling it All Together to Set a Price
16:40 Profits Go Into 3 Buckets
17:44 Job Wages vs Owner Wages
18:30 Knowing Your Business Numbers to be Profitable
19:48 How to Learn More

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WANT TO DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS? 
👉 Grab Your Free Know Your Business Numbers Reference Guide: https://babolearning.com/KYBNReferenceGuide
👉 Check Out the AFFORDABLE - Know Your Business Numbers Course http://KnowYourBusinessNumbersCourse.com 

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WANT MORE? HERE ARE SOME OTHER VIDEOS TO HELP… 
👉 Pricing Your Products Correctly – https://youtu.be/AQ_mUb1E9MQ 
👉 Pricing Your Services Correctly - https://youtu.be/doAKxyRa4pM
👉 How to Read a Profit & Loss Statement - https://youtu.be/x6qdKGnWE0w

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PLAYLISTS TO CHECK OUT:
👉 Learn How to Read Your Profit & Loss Income Statement: https://www.youtube.com/playlist?list=PLkSR9dYanvV1YssoiyqLBUlgxYy2hYADj
👉 PLAYLIST: Pricing Your Products & Services https://www.youtube.com/watch?v=X89AFodPA3U&list=PLkSR9dYanvV0yWIzfFldB1sGx7Dfmn3Do3
👉 PLAYLIST: Learning Your Business Numbers Better:  https://www.youtube.com/playlist?list=PLkSR9dYanvV1tPjNcLppOPDDBn6i4Sdzw 

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FREE GUIDES / TOOLS
👉 FREE eGuide: 8 Steps to Earning $100,000 in Income in your small business - http://bit.ly/8Steps100k 
👉 FREE eGuide: How to Read a Profit & Loss Statement - https://bit.ly/ReadPL 
👉 FREE Start Up Guide for Starting a Business - https://bit.ly/BusinessStartUpGuide 
👉 Free Business Health Check: https://localsmallbusinesscoach.com/businesshealthcheck
👉 Free eBook: 10 Questions to Ask in Your Business  https://bit.ly/10QuestionsBiz

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Books I Recommend to All Small Business Owners – 5 Must Reads
👉 Profit First by Mike Michalowicz – https://amzn.to/3nBsCRC
👉 eMyth Revisited by Michael Gurber - https://amzn.to/3bMDTeR
👉 Building a Storybrand by Donald Miller - https://amzn.to/3y5t0fS
👉 The ONE Thing by Gary Keller & Jay Papasan - https://amzn.to/3yciFi7
👉 The 12 Week Year - Brian Moran & Michael Lennington - https://amzn.to/3R54Smi

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COURSES to HELP YOU
👉 Understanding Your Business Numbers - http://KnowYourBusinessNumbersCourse.com 
👉 Start a Local Small Business – http://StartASmallBusinessCourse.com
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TOOLS TO HELP YOU RUN A BETTER BUSINESS

👉 Housecall Pro: https://babolearning.com/housecallpro - Straightforward software for home service pros. Work simpler and grow smarter with Housecall Pro. Easily manage payments, link to Quickbooks, scheduling, dispatching, and more--all from one, convenient platform. Easy to Learn. Want more efficiency in your business?  (not gonna lie – affiliate link)   😊    But I do believe in it’s ability to help your business! 

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MORE:
👉 Check Out the Website: https://babolearning.com
👉 Listen to the Badass Business Owner Podcast
👉 Want to Help Support the Channel? Click the Super Thanks!  
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👉  DISCLAIMER on Affiliate Links: I occasionally will have some affiliate links & I do earn a small commission but at no cost to you. I only recommend companies or items that I believe will save you time, money or help make your business better

👉  DISCLAIMER:  I am not an attorney, CPA, bookkeeper, insurance agent or financial advisor. My videos/podcast are for entertainment & educational purposes only and should not be construed as tax, legal, insurance or financial advice. Please seek out a qualified CPA, attorney, or specialist as needed.  I’m sharing my experiences with my businesses and those I have worked for and/or helped coach. 

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Local Small Business Owners are the Backbone of All of Our Communities! 
 

#BABOLearning #KnowYourBusinessNumbers #SmallBusinessOwner