Welcome,
Well, you are here for one of two reasons…
You are fed up with doing the cringe-worthy thing of asking “what do you charge for your ___?
Or you have gone through our Price It Like A Pro mini-course [LINK] and realize the value in understanding your pricing to help you grow your business.
Now if you are in the first group, I just want to say…
Most of us have been there in our business. Most of us start out without any true guidance as to what to do about our pricing or where to start. Don’t worry you no longer need to feel like you’re throwing spaghetti against a wall and hoping it sticks. We are here to show you a better way.
As a matter of fact, we are here to show you a proven way to do pricing in your baking business so that you can recoup costs, pay yourself, and grow your business.
If you are part of the second group, then I know that you are ready to take this pricing business seriously. I know that you have come to fully understand why pricing can make or break your business, and I know that you know you are in the right place to do that.
We are here to show, tell, and give you all the knowledge we have gained over the years for your pricing.
We are going to talk to you about how you need to change your mindset around pricing. This is a major hang-up for many people.
We are talking to you about costs, break-even multipliers, overhead and so much more about what you need to account for with your expenses and how to recoup those costs.
We go through changes that you will need to implement into your business to get the best results for your pricing.
We will specifically address pricing. We will show you how to actually price your products and give you all the tools we use to price in our business. This simple system has allowed us to confidently price our products and grow our business including making a profit our first year on business.
Then we will discuss tracking your dollars to make sure you know where your money is going in your business. Growth comes from pricing and tracking your dollars.
If you are ready to invest the time and money into changing and growing your bakery, then click below to be notified when our enrollment period begins for our Price It Like A Pro course.
If you ever hear “just multiply it by 3” spill from the lips of someone trying to sell you on their strategy for pricing in your baking business, RUN. FAST.
It’s the go-to for most people in the industry, but the industry does not account for your specific expenses. It does not account for your overhead, your wages, your costs.
It’s the go-to standard that contributes to 20% of all businesses failing in the first year of business.
It’s seriously a detrimental misconception.
And honestly…
I think most business owners adopt this belief because they cannot seem to confidently nail the pricing in their business.
It can be so overwhelming to break down costs. It can be overwhelming to calculate costs, overhead, and break-even multipliers. It can be overwhelming to build and create something to help you calculate your pricing quickly and confidently.
Worst of all…
As business owners, we have so many projects and honey-do lists that we just don’t have any more time to dedicate to figuring all this out. So, we revert to using the multiplier of 3.
Yes, times 3 may work 80% of the time, but boy oh boy I would hate to be that 20% 😳
I mean why would you put all your time, sweat, and effort into something only to play the odds and hope that your pricing doesn’t fall in that 20% category?
So here are the top (and most juiciest) questions I’ve been getting about the Price It Like A Pro Pricing Tool:
What if a have a large baking business/bakery??
- That’s great! Congratulations on your success. But just like Tabitha, even larger bakeshops can benefit from having a proven strategy for their pricing. Her company has been in business for 6 years and still did not have their pricing under control. If you don’t understand pricing, if you don’t understand your costs and expenses, if you don’t understand the value of profit mark-ups, then you are not priced to grow. There is room for improvement.
Do I still need this if I am doing this as a side gig? I mean I don’t make that many sales.
- Yes! If you are charging any kind of money in return for your products, then your side gig is a business. If it is a business, you need to manage your pricing just like a storefront bakery. You should be recouping all your costs. Absolutely, you should be paying yourself, and quite frankly, you should work to grow your business by including a profit mark-up.
Isn’t there software out there that will do the same thing?
- Yup! There is plenty of software out there to help you price your products. Some of them are super AMAZING and include breakdowns of the total amount of ingredients you have left on hand. Can you image logging into your computer and knowing you have 50 oz of All-purpose flour left which will be plenty for your next order? Unfortunately, the reality is that this AMAZING software is INCREDIBLY pricey, but if your budget allows for this type of software you should go for it.
But, not all pricing software is that expensive.
- Correct, not all pricing software is too expensive. Other pricing software require you to know all your expenses and enter all the information into the software before you can start using the tool. If you got that kind of time, then go for it.
Do I really need a pricing strategy? Can’t I just multiply by 3?
- When I got this question, I was a little perplexed. But, in case you missed how much we DESPISE this strategy, I will say it again. Yes, you can multiply by 3. 80% of the time this will be a safe bet, but then there is always that 20%. If you put time, money, and as much effort as you put in your business, then do you really want to leave the success of your business up to chance. If you like to gamble, then yes, you can use this strategy.
Why should I trust you?
- We made a profit in our first year of business. We made enough profit to pay back our initial investment and purchase large equipment to grow our business with our pricing strategy. Do you want to know why we were confident that we could do this…? Because we have two people in our business who understand accounting. My mom (our Pastry Chef) spent over 20 years in accounting. She spent over 20 years figuring out overhead, material costs, profit margins, and payroll expenses for other businesses. My sister has been in accounting for the last 6 years doing the same exact thing. My team knows and understands costs, expenses, income, revenue, and margins.
If you cannot take another minute knowing that you are leaving money on the table every time you sell your product, then join the list to be one of the first people notified during our open enrollment period.
