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Are you leaving money on the table because you underprice your services? Dive headfirst into this enriching episode where I, Erin Olson, unwrapped the art of proper product pricing. I pull back the curtain on my journey of launching three businesses, the hurdles I faced, and how I mastered the technique of correctly pricing my products. Unearth the secret to factoring in all overhead costs, inclusive of third-party fees and labor. Learn the magic of adding an extra 20% to your labor costs to appropriately value your time.

In the second segment of our enlightening chat, I walk you through how to determine and define Profit Margin and Markup. Guiding you with my own reflections, I stress the criticality of learning from our blunders and sharing my lessons learned. I urge you to spread this enlightening episode to those who may find it beneficial. Engage with us on our social media and subscribe to our weekly newsletter for more business life-enriching resources and updates. Remember, it's through collaborating we all improve our quality of life. So, lend your ear, and let's embark on this journey together.

This week's Homework:
Download the Product Pricing Calculator Spreadsheet and add in your own Cost Of Goods Sold to see exactly what your margin and markups are. Then adjust accordingly.

Resources:
SCORE.org Small business mentorship and learning
Product Pricing Calculator Spreadsheet

Thanks for listening! I'm glad you're here.

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See ya next week!
Erin