What It's About
These tote bags are selling, but need to sell for more money to make a profit.
Notes from Chris
Episode 2338
Does the world need more tote bags? Apparently the answer is… maybe! Perhaps they’re like yoga mats or journals, which are seemingly endless in design and variation. Let’s hear from a listener selling eco-friendly tote bags at local markets and online. They’re wondering about the right time to raise prices. Specifically, he’s experiencing some challenges with pricing strategies, especially as costs fluctuate, and he wants to know how to balance covering his expenses and remaining competitive in the market. This is a common dilemma with physical products, so if you’re ever going to be in that situation—what do you need to know?"Hi, I'm Benjamin Wright from Indianapolis, and I started a side hustle designing and selling eco-friendly tote bags at local markets and online. I've had some success, but I'm having trouble figuring out the best pricing strategy to cover costs while remaining competitive. Recently, my costs went up and I wasn’t sure what to do about it—like, should I have immediately raised my prices as well, or just absorbed the increase and waited till later to raise prices? How can I determine the optimal pricing for my products and communicate their value to customers?"Listen to today's episode to learn more...
SEE ALSO:
- Catholic Designer Creates Stylish Apparel Line: What shall it profit a man to gain the whole world but not sell any t-shirts? This designer cast his bread upon the waters and ended up with a profitable fashion line.
- Seattle Couple Creates New “Income LiveStream”: When a married couple runs into logistical problems at their wedding, it leads to an innovative service that other engaged couples need during the pandemic.
- Role-Playing Pastor Rolls The Dice On $2800/Month Hustle: Listener success story! This Presbyterian minister turns to his lifelong interest in role-playing games to set up a sustainable second income source.
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