Price Products Like a Boss - for Baking Business
Is your current baking business pricing professional, or are you just guessing…?
Over my years of mentoring bakers, it is apparent that for many people, pricing is one of the most confusing and uncomfortable parts of business.
Because of this, pricing is often pushed to the back burner and treated as a non-issue, UNTIL bakers realize that they have not been making the income they thought they were. This usually comes about during tax time, when all the numbers get crunched.
When they discover all the behind-the-scenes costs for their business, they realize that what they thought was wages and profit really wasn’t, and that money was being consumed by hidden business costs that were not factored into their pricing.
That realization can really take the wind out of the sails, when they have been working so hard for so long, with almost no compensation.
This is often the point when you see bakers closing their businesses out of frustration, and I DO NOT want that for you!
For your business to push past that stage of working for nothing, consider getting professional pricing in order now, that takes into account ALL your costs from past, present and future.
By the term professional pricing, I simply mean pricing that will be based on math and a thorough formula.
Pricing should never be based on emotions, other baker’s pricing, what customers tell you to price, what “feels” right, etc. This is where bakers get into real trouble.
More articles and videos on pricing here.
Below, watch a video describing our signature process of protective pricing, that is expanded on in our pricing course and mentorship program.
Does anything surprise to you in the video?!
(10 minute video)
As you can see from the video, it’s not JUST materials and time that you need to consider.
As you think about pricing, just remember…
“If the CUSTOMER isn’t paying for it, the only one left to pay is YOU!!”
—> List of things to include in your pricing formula:
Materials
Labor/Wage
Overhead
Depreciation
Business Growth Profit
—> Ok, so you may be missing some things and need to rework your pricing to be PROTECTIVE.
But where do you start?
DIY it: If you have the patience and energy to get it all figured out at home with the information above, GET IT DONE TODAY!!
Expert Made Course: If you want some help along the way, you have the option to join in on our pricing course, Pricing for Profit.
Receive step by step charts, forms, videos and sections to keep you on the right track as your create your pricing.
In this course, you will be using the above pricing principles to create your own unique average pricing chart, PERFECT for people who make custom baked goods.