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Gift is Unwrapped.

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Episode 393 Production time.

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How is that figured out?

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Cost-wise? Attention,

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Gifters begs,

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crafters and makers.

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Pursuing your dream can be fun.

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Whether you have an established business or looking to start one,

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now you are in the right place.

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This is Gift Biz Unwrapped,

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helping you turn your skill into a flourishing business.

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Join us for an episode packed full of invaluable guidance,

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resources, and the support you need to grow your gift biz.

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Here is your host Gift Biz gal,

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Sue Mohe.

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Hi there.

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It's Sue and it's your lucky day because you've landed on

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another Boost episode.

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This is a new show format that I've recently introduced.

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A boost is your chance to listen in while I address

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a current issue faced by one of your fellow handmade makers.

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Have you ever stalled in one area of your business where

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if you could just get past that block,

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it would open the path to new business growth?

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That's what this is all about.

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To give a boost and clear the way for the next

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big move.

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At the end of the show,

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I'll tell you how you can sign up for your own

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free gift bus boost.

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Today we're talking to Gail Baro.

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Gail's been in business for quite a while at this point,

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working it around her full-time job.

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Now that she's retired,

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she has more time to devote,

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to build upon what she's already very successfully started.

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I love this idea of developing and working on your brand

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on the side with the intent of retiring into something that

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you love.

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We're gonna focus on doing just that.

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Wholesale has been Gale's sales strategy,

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which she will continue to pursue,

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but she'd like to add direct to consumer sales into the

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mix as well.

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She wants to get out and interact with people.

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Towards that end,

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we get into a detailed discussion about pricing,

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how to make sure she's set up properly for retail and

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wholesale, and you'll hear a strategy of positioning pricing.

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So it fits with Gale's intended lifestyle moving forward too.

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Take note,

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while we're talking about how Gail,

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from the very beginning niche down to a very specific product,

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this naturally directed her into her ideal wholesale targets and will

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also serve her beautifully.

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For this next stage,

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let's listen together as I give Gail a boost.

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Today we're gonna be talking with Gail Baro of Eve Michael

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Designs. Gail,

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welcome to the Gift Biz Unwrapped podcast.

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Thank you,

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Sue. I'm so excited to get into this topic.

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We're not gonna tell everybody what it is yet.

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We're gonna wait,

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wait for a second.

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Okay. But it's something that a lot of people either know

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they aren't getting right,

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are struggling with,

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take a shot in the dark,

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like all this type of thing.

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So it's gonna be a great one to dive into.

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But before we do that,

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share with us a little bit about your business when you

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started, how you've evolved to where you are today.

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Let's go with that first.

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I started about six years ago and I started immediately with

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wholesale. Right now,

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after everything has evolved,

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I make little girl denim jackets.

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They're all embroidered and embellished and handmade flowers,

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hand painted sections of them and that pretty much it.

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I also do adult jackets,

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more artistic and more painting.

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But my core thing is little girl jean jackets And they're

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absolutely beautiful.

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You sent me a download of your wholesale sheet so I

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got a chance to see your work.

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It's gorgeous.

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Thank you.

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You were alluding to that's what you're doing now.

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What did you start with?

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I started about six years ago thinking towards retirement,

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and so I thought about doing bows.

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To be totally honest,

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I have been in some kind of artistic thing forever and

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I did a lot of flowers,

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I did bridal flowers,

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all of that for quite a few years and whatnot.

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And I thought,

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you know,

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doing little girl hair bows,

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which were so popular,

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might work well,

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so it did ok,

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but it didn't feel like it was going to be successful

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enough. There are some major ribbon companies out there and it

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just, I wasn't able to compete so slowly it evolved to

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different things and the jean jackets have really taken off in

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the last three years.

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That's a great thing in and of itself,

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is that you don't always land on what you want to

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do for your business right away.

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Exactly. You know?

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Cause part of it is what do you like working with

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making selling?

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You know what energizes and excites you because if you start

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a product just because you wanna make money and your heart

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isn't in the product,

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it's never gonna work.

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Cuz you're never gonna be passionate enough about it to put

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in the time.

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So true.

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Yeah. So I think that's great that,

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you know,

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you tested out a few things and you landed on the

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jean jacket.

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I love that you've got a very unique and wonderful style

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and I,

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it's so oriented to children,

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so that's perfect.

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And I think that one of the things you have going

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for you already,

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there's a couple of things,

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but since we've already talked about it a little bit,

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is the fact that you've niche down to that it is

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specifically children's gene jackets.

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Yes. You add in adults also,

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but your true focus is children's jean jackets.

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Yes. I've been lucky enough to have a few really good,

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they're high end boutiques that the jackets are not cheap to

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purchase. Like they sell them at a decent price.

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So I'm able to sell to the wholesaler at a decent

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price and they mark them up considerably obviously.

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They mark them up a hundred percent.

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Yeah. All right,

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so we're going to talk about that,

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right? For sure.

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But so you've have not had a lot of trouble getting

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into upscale children's shops?

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No, and it's been great.

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Yeah. So I mean,

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you've validated your product right from the start because you've got

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small businesses who want to buy it and sell it in

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their boutiques,

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so that's amazing.

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And so have you just retired now?

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Just two months ago.

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Okay. So exciting.

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It is.

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And so care to share with us what your full-time career

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wise, I was the executive assistant to the chairman of surgery

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at the major hospital in the Detroit area Medical.

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Okay. And that sounds like you needed a lot of organization

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and coordination as skillsets for your job.

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Oh, yes.

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That's wonderful too,

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because that you'll be able to apply as you continue to

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build your business too.

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Absolutely. Yeah.

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And so share with me a little bit of how much

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time you've been putting into the business,

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you know,

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where it's been and how you've been servicing your wholesale accounts

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up until the point that you retired.

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When I started doing wholesaler,

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my entire little business,

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I immediately went into trade shows,

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small local trade show that they had twice a year.

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And that was the way that I got most of my

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little account.

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So it was a trade show in terms of the people

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who were walking the show were boutique owners.

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They weren't customers.

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Exactly. And I also would basically cold call,

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I called many,

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many, many boutiques to see if I could drop by,

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show them some of my things.

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I had no problem traveling two hours to see a boutique,

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and I got sales every single time.

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Oh wow.

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So in person selling is good for you?

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It is,

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yeah, it really is.

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And I have done craft shows 30 years ago for another

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product, so I have no problem meeting people doing that.

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So it's been good.

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It's been very good.

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And it's slowly,

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I mean,

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I'm in the Michigan area,

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I have boutiques in Florida,

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I'm in Indiana,

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Ohio, so it's nice.

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Yeah, it's worked out well so Far.

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And it also sounds like the in person,

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whether you're selling to wholesale,

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where you're walking in and they're getting a chance to see

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the jackets,

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I think really helps towards the sale.

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Right? Completely.

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Yeah. And then you've done face to face to consumer,

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which is also awesome.

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And I know we're gonna talk about that a little bit

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too. What do you specifically want to target in on today?

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All right,

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so I know my boutiques,

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I know my product,

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all of my raw materials are upcycled.

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All of my jean jackets I buy used,

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I wash,

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you know,

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do whatever to them.

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After that,

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I don't change buttons,

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I do change the label because it's my label.

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But that's part of what's important to me is to upcycle

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and be a little gentle on the earth.

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So with that though,

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there's no guarantee that someone will buy when they purchase a

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jacket, other than purchasing a size that I always tell 'em,

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You'll get the same look,

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you won't get the same jacket.

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I can't guarantee it.

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Right. And it's important.

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Again, most of my,

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all my customers are very happy with being able to do

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the upcycle,

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the recycled type of things.

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Right. Where are you finding the jackets?

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Off and on?

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Thread up.

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I have hit every Salvation Army and used clothing.

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I try everywhere.

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Right now I probably have a hundred little jean jackets in

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my workroom,

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so I constantly purchase so that I'm not low on my

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stock. And then after that,

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everything is made to order.

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So you don't run dry on jean jackets?

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For sure.

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No. Although I have noticed that the pricing has gone up

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considerably. Even for used jackets,

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when I first started,

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I could get a jean jacket for five to $7.

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They're up to 10 to 12 now.

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That's the nature of the economy right now.

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Right? Oh,

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is it ever?

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And You need to apply that to your numbers as well.

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Unfortunately, we all do.

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Or you're not gonna have a business,

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or you'll just be churning the product and breaking even if

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you're lucky.

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Exactly. And that's not what I want.

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Yeah. So we wanna target it on pricing,

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right? Yes.

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I have a simple question.

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It's, I sell my jackets for 35 to $37,

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depending on quantity Wholesale.

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You're talking wholesale pricing right now?

271
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Wholesale. But when I wanna go in person craft show,

272
00:10:48,920 --> 00:10:49,640
all of that,

273
00:10:49,990 --> 00:10:52,800
I know that my boutique sell them for 70,

274
00:10:52,800 --> 00:10:53,920
80, $90.

275
00:10:54,430 --> 00:10:56,920
Okay. Which is wonderful.

276
00:10:57,340 --> 00:11:03,520
But is it ethical or good business to undermine my boutiques?

277
00:11:03,790 --> 00:11:07,760
I don't want to go to a craft fair and sell

278
00:11:07,760 --> 00:11:12,080
them for $60 when I know that they're selling for 70,

279
00:11:12,470 --> 00:11:13,480
80, 90.

280
00:11:13,480 --> 00:11:17,520
Yeah. But I also feel that my market for craft shows

281
00:11:17,520 --> 00:11:20,640
is not going to be as open to 70,

282
00:11:21,150 --> 00:11:21,640
80, $90.

283
00:11:21,640 --> 00:11:24,800
I may be wrong and I hope I'm wrong.

284
00:11:24,800 --> 00:11:26,360
Yeah, you may be wrong.

285
00:11:26,360 --> 00:11:28,960
And I do think it's part of a strategy in terms

286
00:11:28,960 --> 00:11:31,840
of what your pricing looks like when you're selling direct to

287
00:11:31,950 --> 00:11:34,240
a customer versus when you're selling to a wholesaler.

288
00:11:34,540 --> 00:11:38,160
You had mentioned to me in some of the pre-information that

289
00:11:38,160 --> 00:11:42,360
you provided that you're also now starting an e-commerce site.

290
00:11:42,530 --> 00:11:44,320
So I think we'll talk about that too.

291
00:11:44,370 --> 00:11:49,520
So your wholesalers will see you and see pricing that you

292
00:11:49,520 --> 00:11:51,040
are offering to the general public,

293
00:11:51,260 --> 00:11:53,400
and we're gonna cover all of of that.

294
00:11:53,420 --> 00:11:57,080
But I think the very first thing is not as much

295
00:11:57,080 --> 00:12:00,480
from an outside look in what will the market bear,

296
00:12:00,480 --> 00:12:03,600
but we need to start with what should you be pricing

297
00:12:03,890 --> 00:12:06,480
at based on the costs of making and everything,

298
00:12:06,480 --> 00:12:09,080
Right? What are your costs initially?

299
00:12:09,140 --> 00:12:10,080
And from there,

300
00:12:10,180 --> 00:12:13,280
the numbers kind of lay out nicely.

301
00:12:13,390 --> 00:12:16,840
Okay. So have you ever done that analysis in terms of

302
00:12:16,840 --> 00:12:20,240
really looking at your product and how much it's costing?

303
00:12:21,070 --> 00:12:23,040
I call it build of materials.

304
00:12:23,180 --> 00:12:24,720
Yes. I definitely,

305
00:12:24,870 --> 00:12:26,800
I know What's included in that,

306
00:12:27,270 --> 00:12:29,720
Included is the jackets,

307
00:12:29,760 --> 00:12:31,400
which I have at,

308
00:12:31,670 --> 00:12:35,640
I priced them all when I'm figuring out my costs all

309
00:12:35,650 --> 00:12:36,760
at $15.

310
00:12:37,070 --> 00:12:39,720
I thought you just said that you are getting them for

311
00:12:39,720 --> 00:12:40,640
five or $7.

312
00:12:41,260 --> 00:12:43,360
Yes. But I can't guarantee that.

313
00:12:43,530 --> 00:12:45,800
So if it's not always a guarantee,

314
00:12:46,070 --> 00:12:48,840
I feel that it's smarter for me to look at it

315
00:12:48,930 --> 00:12:50,320
at a $15,

316
00:12:50,320 --> 00:12:51,880
which is extremely high.

317
00:12:51,880 --> 00:12:53,760
That is the top that I will,

318
00:12:54,070 --> 00:12:56,280
I don't get any of them for $5 anymore.

319
00:12:56,280 --> 00:12:58,000
They're always about 10,

320
00:12:58,000 --> 00:12:58,680
10 to 12.

321
00:12:58,930 --> 00:13:00,720
So 15 is not crazy.

322
00:13:00,950 --> 00:13:04,320
Then the material that I use for applique,

323
00:13:04,460 --> 00:13:05,680
for embroidery,

324
00:13:05,980 --> 00:13:07,000
for thread,

325
00:13:07,220 --> 00:13:08,600
for paint,

326
00:13:09,230 --> 00:13:12,880
I seriously break it down into every single thing.

327
00:13:13,230 --> 00:13:16,600
What I don't think I'm good enough at is my time.

328
00:13:16,910 --> 00:13:19,880
Okay. It takes a couple hours to make a jacket.

329
00:13:20,700 --> 00:13:21,760
And now,

330
00:13:21,760 --> 00:13:22,400
don't get me wrong,

331
00:13:22,790 --> 00:13:25,840
I can batch so that I can paint five jackets at

332
00:13:25,840 --> 00:13:26,240
one time.

333
00:13:26,240 --> 00:13:26,600
You know,

334
00:13:26,600 --> 00:13:27,080
boom, boom,

335
00:13:27,080 --> 00:13:28,360
boom, embroidery.

336
00:13:28,360 --> 00:13:29,520
There's no batching.

337
00:13:29,520 --> 00:13:31,320
I have a number of embroidery machines,

338
00:13:31,330 --> 00:13:34,640
so I can do two to three at a time.

339
00:13:34,940 --> 00:13:36,720
But I know it sounds ridiculous.

340
00:13:36,720 --> 00:13:38,640
It sounds like you should be able to throw it on

341
00:13:38,640 --> 00:13:40,160
an embroider machine and walk away.

342
00:13:40,160 --> 00:13:42,520
There's no throwing it on and walking away,

343
00:13:42,750 --> 00:13:44,240
it's just not done Right.

344
00:13:44,240 --> 00:13:44,720
That's right.

345
00:13:44,750 --> 00:13:46,800
Okay. That's pretty much,

346
00:13:46,800 --> 00:13:48,200
And as for shipping and whatnot,

347
00:13:48,550 --> 00:13:51,360
that is included in my,

348
00:13:51,550 --> 00:13:54,120
I charge shipping to my customers,

349
00:13:54,320 --> 00:13:55,160
to my boutiques.

350
00:13:55,230 --> 00:13:56,520
Okay. All right.

351
00:13:56,650 --> 00:13:59,040
So if you think of the jackets that you offer,

352
00:13:59,270 --> 00:14:01,120
some of them have the,

353
00:14:01,290 --> 00:14:02,240
we call it an apple,

354
00:14:02,340 --> 00:14:04,160
and then it's embroidered around the A.

355
00:14:04,310 --> 00:14:07,120
Some of them you add a little bit of paint in,

356
00:14:07,490 --> 00:14:08,000
et cetera.

357
00:14:08,500 --> 00:14:10,680
And flowers that I hand make Yes.

358
00:14:10,950 --> 00:14:12,400
That you hand make.

359
00:14:12,860 --> 00:14:14,200
Ooh, I gotta look at that.

360
00:14:14,200 --> 00:14:15,440
Okay. All right.

361
00:14:15,530 --> 00:14:18,640
So if you were to just a gut feel now,

362
00:14:18,640 --> 00:14:21,360
Okay. If you were to think of,

363
00:14:21,440 --> 00:14:25,320
let's just say five jackets that you make or 10 you

364
00:14:25,320 --> 00:14:26,160
tell me which is better.

365
00:14:26,160 --> 00:14:27,120
Well, we could double it.

366
00:14:27,120 --> 00:14:28,080
So let's just go with five.

367
00:14:28,230 --> 00:14:31,240
What percentage are those different types of jackets?

368
00:14:31,240 --> 00:14:33,600
Because obviously production is different for each of those.

369
00:14:33,600 --> 00:14:36,040
So if you were to sell five jackets,

370
00:14:36,890 --> 00:14:38,560
if you think of all your sales,

371
00:14:38,560 --> 00:14:39,920
so not just a single shop,

372
00:14:39,920 --> 00:14:40,920
but all your sales,

373
00:14:40,920 --> 00:14:42,920
and I know this is just a gut feel.

374
00:14:43,140 --> 00:14:47,160
How many of them have those handmade flowers that are applied

375
00:14:47,160 --> 00:14:50,960
versus applique versus paint and stitching?

376
00:14:51,750 --> 00:14:56,680
I would say 60% have have handmade flowers and lace.

377
00:14:56,940 --> 00:14:58,160
But the handmade flowers,

378
00:14:58,310 --> 00:15:00,120
yeah, all of this,

379
00:15:00,170 --> 00:15:05,320
because it is little itty bitty baby jackets or children's jackets,

380
00:15:05,320 --> 00:15:07,080
they're all very small amounts.

381
00:15:07,730 --> 00:15:09,920
So when I make handmade flowers,

382
00:15:10,630 --> 00:15:15,320
I am able to make a hundred or 50 and that

383
00:15:15,320 --> 00:15:16,560
will last a lot.

384
00:15:17,170 --> 00:15:21,200
Ok. I will put three or four on them and I

385
00:15:21,200 --> 00:15:24,040
do, I think what I sent you didn't represent front and

386
00:15:24,040 --> 00:15:25,280
back. I do front and back.

387
00:15:25,650 --> 00:15:26,680
No, I see front and back.

388
00:15:26,830 --> 00:15:27,640
I see front and back.

389
00:15:27,640 --> 00:15:29,000
And I'm looking at the ferry ones,

390
00:15:29,000 --> 00:15:29,680
which is probably,

391
00:15:29,680 --> 00:15:31,560
Yeah, those are your handmade flowers.

392
00:15:32,190 --> 00:15:33,440
Okay. So you're batching,

393
00:15:33,440 --> 00:15:34,040
so that's good.

394
00:15:34,040 --> 00:15:34,520
You're batching,

395
00:15:34,520 --> 00:15:35,240
these are so pretty,

396
00:15:35,470 --> 00:15:36,960
you're batching some of that.

397
00:15:36,960 --> 00:15:39,560
Okay. So let's stick with this in the pricing idea.

398
00:15:39,770 --> 00:15:41,400
So if we were to talk about,

399
00:15:41,640 --> 00:15:43,200
let's just go with the percentages.

400
00:15:43,200 --> 00:15:47,640
So 60% include handmade flowers and then where's the other 40?

401
00:15:47,640 --> 00:15:48,680
How does that play out?

402
00:15:49,220 --> 00:15:53,160
The other 40 will have just paint or that just,

403
00:15:53,160 --> 00:15:56,080
some of them will have like my little sailboats.

404
00:15:56,260 --> 00:15:58,040
How many would have just paint?

405
00:15:58,470 --> 00:15:59,360
Just paint.

406
00:15:59,510 --> 00:16:00,320
None. Okay.

407
00:16:00,320 --> 00:16:01,440
None have just paint.

408
00:16:02,120 --> 00:16:03,800
They will have just embroidery.

409
00:16:03,800 --> 00:16:04,600
But no flowers,

410
00:16:04,850 --> 00:16:05,800
no crystals,

411
00:16:05,850 --> 00:16:07,360
no rhinestones.

412
00:16:08,060 --> 00:16:09,560
How much would be embroidery?

413
00:16:09,560 --> 00:16:11,800
Only 20% maybe.

414
00:16:12,070 --> 00:16:15,080
Okay. And so then the other 20 is embroidery and paint?

415
00:16:15,460 --> 00:16:17,000
Yes. Okay.

416
00:16:17,050 --> 00:16:20,520
An idea for you in terms of figuring out production and

417
00:16:20,520 --> 00:16:22,920
you might actually have to physically do this,

418
00:16:23,440 --> 00:16:23,840
you know?

419
00:16:23,840 --> 00:16:25,840
Okay. But if you were to make,

420
00:16:25,840 --> 00:16:26,560
let's say,

421
00:16:26,770 --> 00:16:28,760
because you can batch and when you batch,

422
00:16:28,760 --> 00:16:29,680
are you batching,

423
00:16:30,220 --> 00:16:31,200
not the individual,

424
00:16:31,720 --> 00:16:33,880
but when you're actually putting it into a jean jacket,

425
00:16:34,220 --> 00:16:37,040
are you batching three at a time or comedy?

426
00:16:37,690 --> 00:16:41,200
Oh, I batch only the paint that I will put on

427
00:16:41,200 --> 00:16:44,760
it. So if you'll notice some of the corners or whatever

428
00:16:44,760 --> 00:16:47,160
there's paint like medallions or whatnot,

429
00:16:47,670 --> 00:16:54,320
I will batch that only each jacket I do individually up

430
00:16:54,320 --> 00:16:57,280
to embroidery I have to do individually.

431
00:16:57,310 --> 00:16:58,680
I can't really batch them.

432
00:16:58,860 --> 00:17:02,720
And as for doing the lace and the flowers and the

433
00:17:02,720 --> 00:17:05,000
rhinestones, I usually do them.

434
00:17:05,270 --> 00:17:06,760
I can do two at a time,

435
00:17:06,760 --> 00:17:07,640
but that's about it.

436
00:17:07,800 --> 00:17:09,200
Can't batch big time.

437
00:17:09,710 --> 00:17:14,720
Okay. So we're back to then really backing certain elements of

438
00:17:14,720 --> 00:17:16,960
the production as much as you can.

439
00:17:17,370 --> 00:17:18,520
As much as I can,

440
00:17:18,520 --> 00:17:19,400
which is not a Lot.

441
00:17:19,760 --> 00:17:20,800
Okay. So then,

442
00:17:20,800 --> 00:17:24,080
because where I was trying to go with this is how

443
00:17:24,080 --> 00:17:26,600
much time does it take when you have the handmade flowers

444
00:17:26,710 --> 00:17:30,960
versus the embroidery only versus the embroidery and paint?

445
00:17:31,100 --> 00:17:32,360
See where I was going with that?

446
00:17:32,710 --> 00:17:34,920
Yeah. And then I was trying to,

447
00:17:35,000 --> 00:17:37,640
let's say handmade flowers was two hours,

448
00:17:37,640 --> 00:17:39,320
cuz you referenced that earlier.

449
00:17:39,860 --> 00:17:45,680
But embroidery only per jacket is one and a half.

450
00:17:46,140 --> 00:17:49,760
The embroidery an entire is about,

451
00:17:49,990 --> 00:17:56,480
I would say embroidery only per jacket is probably about an

452
00:17:56,480 --> 00:17:57,720
hour. Okay.

453
00:17:57,770 --> 00:18:00,160
By the time doing all of the stuff to it.

454
00:18:00,810 --> 00:18:03,480
So, And is it true then that the handmade flower one

455
00:18:03,490 --> 00:18:05,160
is double that two hours?

456
00:18:05,620 --> 00:18:07,040
The handmade flower one?

457
00:18:07,920 --> 00:18:08,480
Actually no.

458
00:18:08,630 --> 00:18:10,400
I mean I suppose if I took,

459
00:18:10,790 --> 00:18:12,480
I don't think about that at all.

460
00:18:12,760 --> 00:18:15,960
And I'm actually making a jacket because I've made the handmade

461
00:18:15,960 --> 00:18:17,600
flowers always ahead.

462
00:18:18,070 --> 00:18:21,320
I have an entire containers filled with them.

463
00:18:21,660 --> 00:18:25,800
All of the additional embellishment really only it takes about another

464
00:18:25,800 --> 00:18:28,840
hour because not only I don't just glue it on,

465
00:18:29,150 --> 00:18:32,280
I then hand sew it on so that if a parent,

466
00:18:32,280 --> 00:18:35,000
which I'm assuming most of them will need to wash it

467
00:18:35,000 --> 00:18:37,960
at some point the flowers won't come off cause they're only

468
00:18:37,960 --> 00:18:41,280
glued. So I glue and stitch all of my stuff.

469
00:18:41,490 --> 00:18:43,960
So let's call that production one and a half hours.

470
00:18:44,590 --> 00:18:45,640
Okay, that's good.

471
00:18:45,750 --> 00:18:46,440
Just for,

472
00:18:46,690 --> 00:18:48,240
to put something on paper,

473
00:18:48,480 --> 00:18:49,000
you know.

474
00:18:49,180 --> 00:18:51,240
And then what about embroidery and paint?

475
00:18:52,000 --> 00:18:53,800
Embroidery and paint painting,

476
00:18:54,250 --> 00:18:54,800
if I,

477
00:18:55,210 --> 00:18:55,840
my batch,

478
00:18:55,990 --> 00:18:59,160
I can do quite a few in about an hour And

479
00:18:59,160 --> 00:19:00,920
then you go back an embroider on top of that.

480
00:19:01,150 --> 00:19:03,800
Then I go back an embroider and a lot of this

481
00:19:03,800 --> 00:19:04,520
is in stages.

482
00:19:04,650 --> 00:19:08,120
So the paint I do one night or one day,

483
00:19:08,250 --> 00:19:09,840
go back the next day,

484
00:19:10,090 --> 00:19:13,240
do the embroidery and then finish it up later that day

485
00:19:13,240 --> 00:19:13,920
or the next day.

486
00:19:14,330 --> 00:19:15,320
So two things,

487
00:19:15,320 --> 00:19:17,920
and this may be something just to think about as you're

488
00:19:17,920 --> 00:19:21,880
doing production because these might not be the right numbers but

489
00:19:21,880 --> 00:19:23,240
Right. They might be,

490
00:19:23,240 --> 00:19:23,640
you know,

491
00:19:23,640 --> 00:19:24,680
so it's somewhere to start,

492
00:19:24,680 --> 00:19:25,040
you know,

493
00:19:25,040 --> 00:19:26,400
like if you have a number on paper,

494
00:19:26,430 --> 00:19:27,400
then you can say,

495
00:19:27,400 --> 00:19:28,000
yeah, okay,

496
00:19:28,000 --> 00:19:28,800
true or false,

497
00:19:28,800 --> 00:19:29,280
you know,

498
00:19:29,280 --> 00:19:31,640
but at least you're starting with some type of a target.

499
00:19:31,930 --> 00:19:34,920
So based on the conversation that I just heard from you,

500
00:19:35,360 --> 00:19:39,000
embroidery only takes about an hour all told given the batching

501
00:19:39,000 --> 00:19:40,520
and non batching and whatever you're doing.

502
00:19:40,660 --> 00:19:44,640
And then the embroidery and paint and your handmade flowers takes

503
00:19:44,770 --> 00:19:47,200
between an hour and a quarter to an hour and a

504
00:19:47,200 --> 00:19:48,280
half. Yes.

505
00:19:48,280 --> 00:19:48,920
That's good.

506
00:19:49,570 --> 00:19:52,800
If you were to try to separate them down just to

507
00:19:52,800 --> 00:19:53,720
their own elements.

508
00:19:53,720 --> 00:19:54,720
Right, Right.

509
00:19:54,720 --> 00:19:55,680
Correct. Okay.

510
00:19:55,730 --> 00:20:00,400
So currently you are pricing at a single price to wholesalers,

511
00:20:00,400 --> 00:20:01,480
right? Correct.

512
00:20:01,750 --> 00:20:03,160
This is just food for thought.

513
00:20:03,220 --> 00:20:07,200
You might want to consider your embroidery only to be one

514
00:20:07,200 --> 00:20:10,680
price and the others that have more embellishment to be a

515
00:20:10,920 --> 00:20:13,520
little bit more because your production time is more.

516
00:20:14,050 --> 00:20:15,320
Ok, there we go.

517
00:20:15,320 --> 00:20:16,960
Yeah, Just a thought.

518
00:20:17,170 --> 00:20:18,160
If you don't,

519
00:20:18,310 --> 00:20:20,640
then I think if you decide no,

520
00:20:21,110 --> 00:20:23,920
I wanna just price everything and make it easy and everything

521
00:20:23,920 --> 00:20:24,520
one price,

522
00:20:24,950 --> 00:20:29,480
then you can make more margin on your embroidery only and

523
00:20:29,950 --> 00:20:33,600
a little bit less on your other ones if you were

524
00:20:33,600 --> 00:20:36,160
at like one in a quarter hours for everything.

525
00:20:36,330 --> 00:20:37,120
So that could be,

526
00:20:37,120 --> 00:20:39,880
that's a decision point for you and only you know how

527
00:20:39,880 --> 00:20:41,520
you feel about doing that.

528
00:20:41,540 --> 00:20:43,120
But it might be nice,

529
00:20:43,120 --> 00:20:46,720
especially if there to have those two offers,

530
00:20:46,720 --> 00:20:47,280
you know,

531
00:20:47,280 --> 00:20:50,040
like more the standard embroidery and then the one that's a

532
00:20:50,040 --> 00:20:53,080
little more embellished because I think you might be leaving money

533
00:20:53,080 --> 00:20:55,080
on the table if you price it all at the same.

534
00:20:55,620 --> 00:21:00,000
And you also might be losing some wholesale or retail as

535
00:21:00,000 --> 00:21:01,160
we or direct to consumer.

536
00:21:01,160 --> 00:21:02,600
Cause as we talk about that,

537
00:21:02,600 --> 00:21:05,360
because you don't have another option for them if everything's priced,

538
00:21:05,600 --> 00:21:05,960
let Say.

539
00:21:06,090 --> 00:21:06,640
Oh okay.

540
00:21:06,640 --> 00:21:07,360
Right. Okay,

541
00:21:07,590 --> 00:21:08,280
I understand.

542
00:21:08,280 --> 00:21:09,000
Yes. Okay,

543
00:21:09,000 --> 00:21:10,160
so that's production.

544
00:21:10,160 --> 00:21:14,080
So we're talking either for a production price having two different

545
00:21:14,080 --> 00:21:16,160
prices of your production cost,

546
00:21:16,160 --> 00:21:19,800
which ultimately end up being a different sale price or Right.

547
00:21:19,800 --> 00:21:21,480
Averaging it at like one in a quarter.

548
00:21:21,730 --> 00:21:24,400
If you in the end decide that that's right for production.

549
00:21:24,590 --> 00:21:25,480
Okay. Right.

550
00:21:25,630 --> 00:21:28,960
Okay. And so those are the elements that you're currently including

551
00:21:28,960 --> 00:21:29,600
in your price,

552
00:21:29,680 --> 00:21:30,960
right? Correct.

553
00:21:31,340 --> 00:21:33,080
Yes. Okay.

554
00:21:33,080 --> 00:21:35,120
Let's go back and I wanna review this for a second.

555
00:21:35,310 --> 00:21:39,040
I know with the cost of your jackets you're saying 15

556
00:21:39,040 --> 00:21:41,040
and giving yourself a buffer there.

557
00:21:41,910 --> 00:21:44,440
I would rather you look at your re like as close

558
00:21:44,440 --> 00:21:47,040
to possible as your real costs as you can.

559
00:21:47,090 --> 00:21:48,640
So I would bring that down to 10.

560
00:21:48,790 --> 00:21:49,880
Okay. Okay.

561
00:21:49,940 --> 00:21:53,520
And you'll hear why in a second then something that people

562
00:21:53,520 --> 00:21:57,800
forget to add into their costs is acquisition of that product.

563
00:21:58,190 --> 00:22:02,160
Okay. So if you're buying and they're shipping it and you're

564
00:22:02,160 --> 00:22:04,080
paying for the shipping to come to you,

565
00:22:04,820 --> 00:22:08,560
Yes, I'd buy enough every time for free shipping.

566
00:22:08,850 --> 00:22:10,000
Perfect. Okay.

567
00:22:10,000 --> 00:22:10,800
So that's fine.

568
00:22:10,910 --> 00:22:14,160
What about if you are resourcing locally and you're driving to

569
00:22:14,160 --> 00:22:14,480
get it?

570
00:22:15,060 --> 00:22:17,800
Yes. Now that's something I don't take into Consideration.

571
00:22:17,800 --> 00:22:18,880
Okay. So you could,

572
00:22:18,880 --> 00:22:19,360
you know,

573
00:22:19,360 --> 00:22:21,360
depending on how much of that you do,

574
00:22:21,620 --> 00:22:23,440
you might have to consider that.

575
00:22:23,440 --> 00:22:24,440
And it might be,

576
00:22:24,660 --> 00:22:25,160
you know,

577
00:22:25,160 --> 00:22:30,360
you pick up 20 somewhere averaging all of that out.

578
00:22:30,360 --> 00:22:32,040
It might only be like a quarter,

579
00:22:32,420 --> 00:22:32,920
you know,

580
00:22:32,920 --> 00:22:34,480
like 25 cents.

581
00:22:34,480 --> 00:22:36,960
But you wanna make sure that you're thinking about that as

582
00:22:36,960 --> 00:22:38,480
a line item of how you build your pricing.

583
00:22:38,490 --> 00:22:41,800
Because if ever where you're getting the jackets decides we're not

584
00:22:41,800 --> 00:22:42,880
doing free shipping anymore,

585
00:22:43,270 --> 00:22:45,960
then you're gonna have to think about that as in relation

586
00:22:45,960 --> 00:22:46,480
to your price.

587
00:22:46,480 --> 00:22:47,920
Right. You're right.

588
00:22:48,370 --> 00:22:51,320
So I would do your jacket at 10 right now it

589
00:22:51,320 --> 00:22:53,840
sounds like acquisition cost isn't really that much.

590
00:22:54,250 --> 00:22:56,800
No. But consider it also,

591
00:22:57,190 --> 00:23:00,080
what about the cost of back to materials?

592
00:23:00,080 --> 00:23:01,240
Cuz we didn't finish up on that.

593
00:23:01,260 --> 00:23:02,440
The paint and the thread.

594
00:23:02,440 --> 00:23:04,280
Like you've got your jacket as 10,

595
00:23:04,430 --> 00:23:06,280
what's your other costs?

596
00:23:06,650 --> 00:23:08,120
My other expenses,

597
00:23:08,150 --> 00:23:09,400
what I paint,

598
00:23:09,880 --> 00:23:10,960
embroidery thread,

599
00:23:11,220 --> 00:23:15,360
the way I break it down is the cost of the

600
00:23:15,360 --> 00:23:16,760
jacket. Then the paint,

601
00:23:16,760 --> 00:23:17,920
which I have,

602
00:23:17,920 --> 00:23:18,520
like I said,

603
00:23:18,520 --> 00:23:21,080
it depends on what I'm doing,

604
00:23:21,180 --> 00:23:24,640
but paint I put at a dollar per jacket,

605
00:23:24,640 --> 00:23:26,040
which is again,

606
00:23:26,040 --> 00:23:27,280
it's really only,

607
00:23:27,870 --> 00:23:28,960
it's pennies.

608
00:23:29,530 --> 00:23:30,600
It couldn't be more Than,

609
00:23:30,600 --> 00:23:31,680
Yeah you wanna put it in,

610
00:23:31,860 --> 00:23:32,360
You know,

611
00:23:32,470 --> 00:23:32,960
I do.

612
00:23:32,960 --> 00:23:34,720
Okay. The embroidery thread,

613
00:23:34,800 --> 00:23:38,200
again, you get a lot of embroidery out of us full

614
00:23:38,200 --> 00:23:38,640
of thread.

615
00:23:40,050 --> 00:23:43,160
So I consider that a dollar.

616
00:23:43,190 --> 00:23:48,090
Also. Now if I do any heat transfer,

617
00:23:48,090 --> 00:23:49,890
which I do very few,

618
00:23:49,890 --> 00:23:51,530
I do it for a specific customer.

619
00:23:51,800 --> 00:23:55,170
When I make specialty jackets or specialty t-shirts,

620
00:23:55,320 --> 00:23:55,810
I can,

621
00:23:55,810 --> 00:23:58,050
that's, I added $3 because it's,

622
00:23:58,050 --> 00:23:58,890
it's a pretty Expensive,

623
00:23:58,890 --> 00:23:59,490
So that's a special,

624
00:23:59,490 --> 00:24:00,770
that's a custom price product.

625
00:24:00,820 --> 00:24:01,250
So we,

626
00:24:01,250 --> 00:24:03,490
that's, we won't worry about that for today.

627
00:24:03,690 --> 00:24:04,530
Yeah. Okay.

628
00:24:04,530 --> 00:24:09,170
And then your flowers And my flowers are probably 20 cents

629
00:24:09,230 --> 00:24:10,090
each and I put,

630
00:24:10,260 --> 00:24:13,370
so probably 60 cents to a dollar.

631
00:24:13,370 --> 00:24:14,730
Okay. So we'll just say a dollar,

632
00:24:14,730 --> 00:24:17,490
let's just round it all out to a dollar for that.

633
00:24:17,490 --> 00:24:19,730
Okay. Production time we've talked about.

634
00:24:19,840 --> 00:24:22,730
Then I want you to think about margin for you.

635
00:24:22,730 --> 00:24:27,810
Okay. And the margin portion is the money that you're gonna

636
00:24:27,810 --> 00:24:31,890
be able to use to reinvest in running your business.

637
00:24:31,220 --> 00:24:34,250
Exactly. You're talking about putting up a Shopify site,

638
00:24:35,350 --> 00:24:40,250
any an email program paying for entrance in craft shows,

639
00:24:41,250 --> 00:24:42,090
materials that you need,

640
00:24:42,090 --> 00:24:45,210
just like paper for your copier if you need that.

641
00:24:45,210 --> 00:24:48,290
Yeah. All of those things have to come from somewhere.

642
00:24:48,550 --> 00:24:51,290
And if you don't build them into the price of the

643
00:24:51,290 --> 00:24:52,250
selling of your product,

644
00:24:52,260 --> 00:24:53,570
where's it gonna come from?

645
00:24:53,850 --> 00:24:55,010
Right, exactly.

646
00:24:55,390 --> 00:24:58,170
Yes. And then money for you.

647
00:24:58,170 --> 00:25:01,690
Right? Which is partially production since you're making,

648
00:25:01,690 --> 00:25:04,050
cuz you're reimbursing yourself for your time in.

649
00:25:04,070 --> 00:25:07,370
But you also should have some upside on top of that

650
00:25:07,370 --> 00:25:09,090
because you're not just your time either.

651
00:25:09,350 --> 00:25:11,730
Yes. You wanna think about that as well.

652
00:25:11,730 --> 00:25:14,130
Just a little bit on the top side of every single

653
00:25:14,130 --> 00:25:15,170
product you sell,

654
00:25:15,420 --> 00:25:16,490
it might be $2,

655
00:25:16,500 --> 00:25:17,610
it might be $5.

656
00:25:17,960 --> 00:25:19,890
That's something we can get to in a second.

657
00:25:20,030 --> 00:25:22,050
But you should have that as a line item.

658
00:25:22,340 --> 00:25:23,250
So to review,

659
00:25:23,250 --> 00:25:24,650
when you build up a price,

660
00:25:24,800 --> 00:25:27,770
it's the cost of your materials for you,

661
00:25:27,770 --> 00:25:28,450
it's your jacket,

662
00:25:28,710 --> 00:25:30,730
the paint and thread and fabric,

663
00:25:31,150 --> 00:25:33,170
any other enhancements that you use,

664
00:25:33,640 --> 00:25:34,690
then that's one.

665
00:25:35,230 --> 00:25:36,930
Two is acquisition,

666
00:25:36,930 --> 00:25:39,450
which we're saying right now is kind of minimal for you,

667
00:25:39,450 --> 00:25:40,690
but you wanna keep that in there.

668
00:25:40,900 --> 00:25:44,730
Exactly. Third is production time per piece.

669
00:25:44,870 --> 00:25:47,450
And this is never gonna be exact obviously,

670
00:25:47,450 --> 00:25:48,890
but you can get it pretty close.

671
00:25:49,290 --> 00:25:51,970
Right. And then margin,

672
00:25:52,370 --> 00:25:56,890
which includes running the business and a salary for you.

673
00:25:57,910 --> 00:25:59,970
You could even break out margin ads,

674
00:26:00,370 --> 00:26:05,410
business expenses like overhead and then payroll or like however you

675
00:26:05,410 --> 00:26:08,330
want. But I'm just making it simple and saying margin is

676
00:26:08,330 --> 00:26:08,730
two things.

677
00:26:08,730 --> 00:26:09,570
It's number one,

678
00:26:09,610 --> 00:26:12,810
acquiring money to run the business and then also a salary

679
00:26:12,810 --> 00:26:13,290
for you,

680
00:26:13,290 --> 00:26:17,290
which is separate than paying yourself back for producing the product.

681
00:26:17,290 --> 00:26:20,170
It's in addition to that Now production time,

682
00:26:20,950 --> 00:26:23,530
how is that figured out cost-wise?

683
00:26:23,530 --> 00:26:25,810
Perfect. Cause you're leading right into what I was gonna talk

684
00:26:25,810 --> 00:26:26,890
about. Oh,

685
00:26:26,890 --> 00:26:31,250
okay. The way you wanna think of production time is how

686
00:26:31,250 --> 00:26:34,930
much would it cost you to hire somebody in to produce

687
00:26:34,930 --> 00:26:36,530
the product instead of you.

688
00:26:36,680 --> 00:26:39,650
Okay. Now obviously you are the designer,

689
00:26:39,790 --> 00:26:43,680
you are the creator to truly pay for your time.

690
00:26:43,860 --> 00:26:47,000
You would be more expensive than someone that you would be

691
00:26:47,000 --> 00:26:49,520
bringing in training them to do any of the production.

692
00:26:49,770 --> 00:26:53,840
Correct. But this is the way that to really zero in

693
00:26:53,840 --> 00:26:56,040
and decide a cost per production.

694
00:26:56,110 --> 00:26:56,480
I mean,

695
00:26:56,480 --> 00:26:57,320
Gail, seriously,

696
00:26:57,320 --> 00:26:57,800
you know,

697
00:26:57,800 --> 00:26:59,600
if you start growing too much,

698
00:27:00,140 --> 00:27:04,000
you doing them yourself are limited no matter what you do,

699
00:27:04,000 --> 00:27:06,360
there's only a certain number of jackets you'd ever be able

700
00:27:06,360 --> 00:27:06,680
to make.

701
00:27:07,190 --> 00:27:09,560
Yeah. There could come a time,

702
00:27:09,560 --> 00:27:12,200
and I know this is a business you're retiring into,

703
00:27:12,200 --> 00:27:14,320
so you can judge how people wanna grow It.

704
00:27:14,320 --> 00:27:18,920
Exactly. But you might make the flowers and let someone else

705
00:27:18,940 --> 00:27:22,440
run some of the embroidery machines or do some of the

706
00:27:22,560 --> 00:27:25,960
painting or do some of the packing and shipping or something

707
00:27:25,990 --> 00:27:26,680
like that.

708
00:27:26,680 --> 00:27:27,200
You know,

709
00:27:27,850 --> 00:27:29,920
At least Yeah.

710
00:27:29,920 --> 00:27:30,600
Portions of it.

711
00:27:30,600 --> 00:27:32,400
It's not like they'll start making the jackets.

712
00:27:32,400 --> 00:27:33,120
They might.

713
00:27:33,200 --> 00:27:37,320
Right. So this also helps set you up so that if

714
00:27:37,320 --> 00:27:38,280
you do want to grow,

715
00:27:38,280 --> 00:27:40,040
you've got the money to pay that employee.

716
00:27:40,260 --> 00:27:42,880
But because you've put money into the margin,

717
00:27:42,950 --> 00:27:44,560
you're also paying yourself.

718
00:27:44,700 --> 00:27:46,440
See how that all together.

719
00:27:47,650 --> 00:27:48,920
Ok, that makes sense.

720
00:27:49,060 --> 00:27:50,480
Yes. All right.

721
00:27:50,480 --> 00:27:51,600
So if we were,

722
00:27:51,820 --> 00:27:53,080
and you'll have to,

723
00:27:53,080 --> 00:27:54,520
after we're done talking here,

724
00:27:54,520 --> 00:27:57,200
go back and decide if you like these numbers and you

725
00:27:57,200 --> 00:27:58,160
might adjust these numbers,

726
00:27:58,520 --> 00:28:01,600
but this will help us get to a real true cost

727
00:28:01,600 --> 00:28:05,120
for you with business development and overhead and all of that.

728
00:28:05,120 --> 00:28:05,560
All right.

729
00:28:05,560 --> 00:28:09,000
So let's say your jacket is 10 cuz we've averaged it

730
00:28:09,000 --> 00:28:09,480
at 10.

731
00:28:10,760 --> 00:28:12,960
Let's say acquisition is,

732
00:28:13,450 --> 00:28:14,960
so I wanna put a number in there.

733
00:28:14,960 --> 00:28:17,080
So let's say 50 cents for each piece.

734
00:28:17,430 --> 00:28:18,560
Okay? Okay.

735
00:28:18,560 --> 00:28:20,800
And Then your time,

736
00:28:21,000 --> 00:28:24,120
again, this is a decision point if you want to break

737
00:28:24,120 --> 00:28:25,800
it into two prices or not.

738
00:28:25,960 --> 00:28:27,960
Right. But Your time,

739
00:28:28,310 --> 00:28:28,840
I don't know,

740
00:28:28,840 --> 00:28:31,480
I like to use a base of $15 an hour.

741
00:28:31,750 --> 00:28:34,280
Okay. It's way under pricing you,

742
00:28:34,500 --> 00:28:36,720
but if you price your time too high,

743
00:28:36,720 --> 00:28:38,680
you're gonna overprice your product for the market.

744
00:28:39,410 --> 00:28:40,920
Exactly. Yes.

745
00:28:41,650 --> 00:28:43,640
So how do you feel about saying 15?

746
00:28:43,980 --> 00:28:45,560
Yep. That that'll work.

747
00:28:45,560 --> 00:28:49,000
Okay. So remember if you decide to go with two prices,

748
00:28:49,350 --> 00:28:53,800
your embroidery only jackets would be at 15,

749
00:28:53,900 --> 00:28:57,920
but your other two would be at 22,

750
00:28:58,040 --> 00:28:59,920
right? Cause you're saying one and a half hours.

751
00:29:00,670 --> 00:29:01,640
Yeah. Okay.

752
00:29:01,640 --> 00:29:03,240
Now don't freak out as we build this up,

753
00:29:03,240 --> 00:29:04,400
but let's just put in,

754
00:29:04,610 --> 00:29:06,560
So let's back it up and let's say you're only gonna

755
00:29:06,560 --> 00:29:07,240
go with one price.

756
00:29:07,240 --> 00:29:10,120
So let's average it between the 15 and the 22,

757
00:29:10,120 --> 00:29:11,160
let's say 18.

758
00:29:11,310 --> 00:29:12,200
Okay. Okay.

759
00:29:12,200 --> 00:29:13,320
So that's 18.

760
00:29:13,620 --> 00:29:16,920
And then in terms of margin for you,

761
00:29:17,280 --> 00:29:18,680
let's put it at,

762
00:29:18,680 --> 00:29:19,560
for each jacket,

763
00:29:20,030 --> 00:29:20,560
I don't know,

764
00:29:20,860 --> 00:29:22,640
$2, two 50.

765
00:29:22,670 --> 00:29:26,040
Okay. But let's do two 50 cuz then we're gonna end

766
00:29:26,040 --> 00:29:27,200
up with a good even number.

767
00:29:27,230 --> 00:29:29,280
Okay. 11.

768
00:29:29,850 --> 00:29:30,520
So that's,

769
00:29:30,520 --> 00:29:31,160
is that right?

770
00:29:31,160 --> 00:29:31,640
Let's see.

771
00:29:31,670 --> 00:29:35,680
Okay, so we are at $31 if I did my math

772
00:29:35,680 --> 00:29:36,360
right. Yeah.

773
00:29:36,360 --> 00:29:40,000
$31 a jacket is your cost.

774
00:29:40,690 --> 00:29:41,760
Oh okay.

775
00:29:41,810 --> 00:29:42,760
To produce a jacket.

776
00:29:42,990 --> 00:29:45,360
This might be like a reality hit.

777
00:29:45,670 --> 00:29:48,920
Well when I'm selling them for 35 or 37,

778
00:29:48,920 --> 00:29:50,000
that Is okay,

779
00:29:50,000 --> 00:29:50,760
well hold on.

780
00:29:51,150 --> 00:29:52,880
Just this is just a number to know.

781
00:29:52,880 --> 00:29:54,160
Okay? Yes.

782
00:29:54,160 --> 00:29:55,760
Okay. And one way,

783
00:29:55,760 --> 00:29:56,400
and have you,

784
00:29:56,400 --> 00:29:58,280
have you heard of benchmark pricing before?

785
00:29:58,390 --> 00:30:01,760
It's been so long since I did anything with sales.

786
00:30:01,760 --> 00:30:02,760
It's been a long time.

787
00:30:02,760 --> 00:30:03,520
I know the word,

788
00:30:03,520 --> 00:30:04,360
but I don't Know.

789
00:30:04,590 --> 00:30:10,640
Okay, so what benchmark pricing is your cost to produce the

790
00:30:10,640 --> 00:30:14,480
product And then normally what you do is you double that

791
00:30:14,480 --> 00:30:18,960
when you go to wholesale and then you double That wholesale

792
00:30:18,960 --> 00:30:22,880
price again to get your retail price And you would pull

793
00:30:22,880 --> 00:30:23,600
out the two 50,

794
00:30:23,600 --> 00:30:26,280
let's say you don't include your margin in here because your

795
00:30:26,280 --> 00:30:28,440
margin comes in when you're doubling Or Right.

796
00:30:28,440 --> 00:30:32,840
Okay. But then that puts you at 15 or,

797
00:30:32,840 --> 00:30:33,360
or let's see,

798
00:30:33,910 --> 00:30:35,480
28, 30.

799
00:30:35,480 --> 00:30:37,720
So it's pretty much or 28 50.

800
00:30:38,130 --> 00:30:39,200
I'm sorry.

801
00:30:39,200 --> 00:30:41,600
So this is giving you kind of a look at really

802
00:30:41,600 --> 00:30:45,760
what your real costs are because probably you haven't been thinking

803
00:30:45,760 --> 00:30:48,760
about your production time before in terms of paying for it

804
00:30:48,760 --> 00:30:50,560
and charging for It.

805
00:30:50,560 --> 00:30:51,880
No, I haven't.

806
00:30:51,880 --> 00:30:56,560
That's exactly what over like that's 28 is the $15 that

807
00:30:56,560 --> 00:30:58,320
I have been thinking that it's about.

808
00:30:58,710 --> 00:31:01,200
Yeah. So hold on.

809
00:31:01,320 --> 00:31:02,440
If we were to run this,

810
00:31:02,570 --> 00:31:03,800
knowing these numbers,

811
00:31:04,800 --> 00:31:06,160
cause there's another step here.

812
00:31:06,290 --> 00:31:09,800
So it would be 28,

813
00:31:10,500 --> 00:31:12,960
50, 57 and one 14.

814
00:31:12,960 --> 00:31:18,080
And what these numbers are is 28,

815
00:31:18,080 --> 00:31:22,640
50 is your cost to produce.

816
00:31:22,640 --> 00:31:25,440
57 would be if you're gonna follow the benchmarking,

817
00:31:25,440 --> 00:31:29,770
what you would sell to wholesalers,

818
00:31:29,770 --> 00:31:33,010
they typically would double that.

819
00:31:33,010 --> 00:31:36,490
Exactly. And as would you to sell direct to consumer at

820
00:31:35,570 --> 00:31:37,170
114. Okay.

821
00:31:37,680 --> 00:31:40,130
I can't imagine someone being willing to pay that.

822
00:31:40,130 --> 00:31:41,290
And I like my work.

823
00:31:42,400 --> 00:31:43,290
That's a lot.

824
00:31:43,790 --> 00:31:44,570
Yes and no.

825
00:31:44,570 --> 00:31:45,410
I mean it depends.

826
00:31:45,410 --> 00:31:47,690
You're already talking upscale boutiques.

827
00:31:48,080 --> 00:31:48,570
I am.

828
00:31:48,570 --> 00:31:49,170
Okay. I am.

829
00:31:49,170 --> 00:31:51,730
So, So now there is other ways to work with these

830
00:31:51,730 --> 00:31:53,370
numbers. You're the business owner,

831
00:31:53,630 --> 00:31:55,690
you can decide what your numbers are,

832
00:31:55,710 --> 00:31:59,130
but these are reality numbers based on the conversation we've just

833
00:31:59,130 --> 00:32:00,010
had. Okay.

834
00:32:00,200 --> 00:32:03,610
Yeah. So here's where you can play with this a little

835
00:32:03,610 --> 00:32:06,730
bit. There are different ways to get these numbers down.

836
00:32:07,110 --> 00:32:09,130
Can you acquire jackets?

837
00:32:09,270 --> 00:32:10,250
Not at 10,

838
00:32:10,250 --> 00:32:11,810
but at nine or eight.

839
00:32:12,270 --> 00:32:14,170
And you said you used to be able to get them

840
00:32:14,170 --> 00:32:14,650
at five.

841
00:32:14,860 --> 00:32:16,490
So is 10 really the number,

842
00:32:16,490 --> 00:32:18,890
even if you really look at it in average at all

843
00:32:18,890 --> 00:32:21,770
in in today's day and age it might be At 10.

844
00:32:21,770 --> 00:32:25,650
Definitely. There's the odd one that I can get.

845
00:32:25,680 --> 00:32:26,450
I start,

846
00:32:26,450 --> 00:32:28,610
there are a few that I can get less,

847
00:32:28,610 --> 00:32:31,410
but in general there are a few that I have to

848
00:32:31,410 --> 00:32:31,970
get at 12.

849
00:32:32,100 --> 00:32:34,370
So This is another thing about pricing.

850
00:32:34,910 --> 00:32:36,050
You never ever,

851
00:32:36,050 --> 00:32:37,570
if you get a big deal like that,

852
00:32:37,570 --> 00:32:38,970
you've made your pricing and it's based,

853
00:32:39,000 --> 00:32:41,800
based on the $10 a jacket as that portion of your

854
00:32:41,800 --> 00:32:45,000
price. If you get a deal and you're able to get

855
00:32:45,000 --> 00:32:46,400
50 jackets at five,

856
00:32:46,410 --> 00:32:47,680
they'll lower your price.

857
00:32:48,190 --> 00:32:49,200
I don't lower mix,

858
00:32:49,480 --> 00:32:50,960
never. I don't,

859
00:32:51,030 --> 00:32:51,720
I don't ever,

860
00:32:52,110 --> 00:32:54,880
Yeah. Now if you wanna make us have a sale,

861
00:32:54,990 --> 00:32:56,520
a certain type of a sale,

862
00:32:56,520 --> 00:32:57,120
that's fine,

863
00:32:57,120 --> 00:32:59,560
but you stay with your higher level price.

864
00:32:59,560 --> 00:33:00,680
Right, Right,

865
00:33:00,680 --> 00:33:05,000
right. Well and I give the discount to wholesalers with if

866
00:33:05,000 --> 00:33:06,200
they buy five or more,

867
00:33:06,830 --> 00:33:08,760
then I will lower the price.

868
00:33:09,500 --> 00:33:11,240
And when I'm at a trade show,

869
00:33:11,250 --> 00:33:12,520
if they order that day,

870
00:33:13,110 --> 00:33:15,760
I will give them a deal for that day.

871
00:33:15,760 --> 00:33:16,760
Right, right.

872
00:33:18,550 --> 00:33:21,520
Well and well worth doing that because when people walk away

873
00:33:21,750 --> 00:33:25,560
your probability that they're gonna come back and actually buy drops

874
00:33:25,560 --> 00:33:26,600
at least by 50.

875
00:33:27,450 --> 00:33:28,920
Exactly. Exactly.

876
00:33:28,970 --> 00:33:30,440
Exactly. It works.

877
00:33:30,650 --> 00:33:32,840
So this is a realistic look Gail,

878
00:33:32,840 --> 00:33:36,360
at the pricing and from here you can make smart decisions

879
00:33:36,360 --> 00:33:38,320
of how you want to work your business.

880
00:33:38,600 --> 00:33:41,520
The other thing I wanna make mention of with you is

881
00:33:41,590 --> 00:33:44,680
I don't know how you feel about wanting to b bring

882
00:33:44,680 --> 00:33:45,520
in employees.

883
00:33:45,660 --> 00:33:46,160
You know,

884
00:33:46,160 --> 00:33:47,280
if you're retiring,

885
00:33:47,280 --> 00:33:50,160
you have a life too that you finally get to get

886
00:33:50,160 --> 00:33:50,960
to in addition,

887
00:33:50,960 --> 00:33:52,360
right? Like this is part of it,

888
00:33:52,380 --> 00:33:55,600
but you don't nec you don't necessarily want to now jump

889
00:33:55,600 --> 00:33:57,600
into a whole nother big career.

890
00:33:58,000 --> 00:33:58,840
Maybe you do,

891
00:33:59,080 --> 00:33:59,800
maybe you don't.

892
00:33:59,840 --> 00:34:02,040
Right. That's exactly where I am.

893
00:34:02,670 --> 00:34:05,440
I was a few weeks back at a trade show,

894
00:34:05,440 --> 00:34:09,040
it was called the Philadelphia Candy Show and some people were

895
00:34:09,040 --> 00:34:11,080
coming to the booth and we were talking about the product

896
00:34:11,080 --> 00:34:13,640
that I sell with my other business and we were talking

897
00:34:13,640 --> 00:34:17,440
and we got into this conversation a little bit and virtually

898
00:34:17,440 --> 00:34:21,840
she was growing out of loving her business because she also

899
00:34:21,840 --> 00:34:23,680
was doing this as a retirement.

900
00:34:23,680 --> 00:34:24,280
And I'm like,

901
00:34:24,280 --> 00:34:26,440
nobody says you need to grow bigger.

902
00:34:26,470 --> 00:34:30,720
Like if you are making enough money and you like where

903
00:34:30,720 --> 00:34:33,160
you're at and you're enjoying what you're doing,

904
00:34:33,790 --> 00:34:36,280
I give you permission just to stay where you are year

905
00:34:36,280 --> 00:34:37,920
over year and be successful with that.

906
00:34:37,980 --> 00:34:38,880
And she was like,

907
00:34:38,950 --> 00:34:40,360
I so needed to hear that.

908
00:34:40,450 --> 00:34:42,400
So I'm saying that to you Too.

909
00:34:42,730 --> 00:34:45,920
My sister's biggest concern for me is that it will take

910
00:34:45,920 --> 00:34:46,720
off crazy.

911
00:34:46,720 --> 00:34:47,520
And I said no,

912
00:34:47,520 --> 00:34:48,560
it's my option.

913
00:34:48,560 --> 00:34:49,440
Whether it does,

914
00:34:49,440 --> 00:34:50,160
if I'm,

915
00:34:50,430 --> 00:34:51,080
they know.

916
00:34:51,080 --> 00:34:53,640
Yeah. And I'm gonna give you something to consider here.

917
00:34:53,770 --> 00:34:57,520
If you run with the prices that are realistic prices,

918
00:34:57,520 --> 00:34:59,120
if you wanna go with benchmarking,

919
00:34:59,980 --> 00:35:03,520
you are upscaling your product.

920
00:35:03,520 --> 00:35:04,320
Yeah. Right?

921
00:35:04,350 --> 00:35:08,280
Yeah. And limiting some people who are going to buy,

922
00:35:08,900 --> 00:35:12,920
but that gives you correct margin on the products that you're

923
00:35:12,920 --> 00:35:13,840
selling. Right.

924
00:35:13,860 --> 00:35:16,480
And having less production that you need to make.

925
00:35:16,580 --> 00:35:17,520
See, Okay.

926
00:35:17,900 --> 00:35:18,840
Yes, I agree.

927
00:35:18,840 --> 00:35:19,200
You're right.

928
00:35:19,200 --> 00:35:19,680
You're right.

929
00:35:19,890 --> 00:35:21,880
So something to think about there.

930
00:35:22,100 --> 00:35:24,600
And I'm not saying to do that with your existing wholesale

931
00:35:24,600 --> 00:35:26,440
accounts. Like if you raise your prices,

932
00:35:26,440 --> 00:35:28,040
honor your prices to them,

933
00:35:28,040 --> 00:35:29,720
especially if they're already paid for shipping.

934
00:35:29,720 --> 00:35:30,320
Cuz that,

935
00:35:30,320 --> 00:35:30,600
you know,

936
00:35:30,600 --> 00:35:31,920
we all know that before enough.

937
00:35:32,330 --> 00:35:34,920
So since you have a handful and you've worked with them

938
00:35:34,920 --> 00:35:36,360
for quite a while now,

939
00:35:36,390 --> 00:35:37,000
like I,

940
00:35:37,040 --> 00:35:38,240
I would that to them.

941
00:35:38,260 --> 00:35:39,720
But as you're moving forward,

942
00:35:40,340 --> 00:35:40,840
you know,

943
00:35:40,840 --> 00:35:42,760
and this is again a judgment call for you,

944
00:35:42,980 --> 00:35:47,880
but it allows you to put less time into creating,

945
00:35:47,950 --> 00:35:50,360
even though I know that that's part of what you love,

946
00:35:50,470 --> 00:35:55,120
making more off of each piece and not slipping yourself into

947
00:35:55,440 --> 00:35:56,160
that frenzy.

948
00:35:56,430 --> 00:35:57,600
Really good idea.

949
00:35:58,340 --> 00:36:02,600
And is it OK to sell to different shops,

950
00:36:02,600 --> 00:36:03,480
different prices?

951
00:36:03,480 --> 00:36:04,320
It's ok,

952
00:36:04,320 --> 00:36:06,760
right? If you have an explanation for it,

953
00:36:06,780 --> 00:36:09,560
the wholesalers who have already been with you up to this

954
00:36:09,560 --> 00:36:12,920
point honoring the prices or maybe a slight increase cuz your

955
00:36:13,080 --> 00:36:14,040
materials have gone up,

956
00:36:14,700 --> 00:36:16,840
you have an explanation and a reason.

957
00:36:16,840 --> 00:36:17,320
You know,

958
00:36:17,320 --> 00:36:22,480
they've been with me for six years time in because sometimes

959
00:36:22,480 --> 00:36:24,080
people will talk with each other,

960
00:36:24,080 --> 00:36:24,560
you know,

961
00:36:24,560 --> 00:36:25,320
it kind of depends.

962
00:36:25,320 --> 00:36:27,840
Like if you open up to doing things in different states

963
00:36:27,840 --> 00:36:28,920
or something like that,

964
00:36:28,980 --> 00:36:30,360
you wouldn't have that issue.

965
00:36:30,380 --> 00:36:32,840
But you need to do what's right for your business yet

966
00:36:32,840 --> 00:36:34,120
have an answer for why,

967
00:36:34,780 --> 00:36:35,320
you know?

968
00:36:35,350 --> 00:36:37,240
Okay. So like that,

969
00:36:37,320 --> 00:36:39,920
again, I'll go back to my show because at the show

970
00:36:39,920 --> 00:36:42,000
we'll have a lot of customers come to the booth and

971
00:36:42,000 --> 00:36:42,480
say hi.

972
00:36:42,480 --> 00:36:43,160
And you know,

973
00:36:43,160 --> 00:36:44,560
we think we're pretty friendly,

974
00:36:44,920 --> 00:36:45,200
you know,

975
00:36:45,200 --> 00:36:45,720
they wanna,

976
00:36:45,720 --> 00:36:47,120
they have questions and they're talking.

977
00:36:47,130 --> 00:36:49,000
So customers will talk to each other.

978
00:36:49,220 --> 00:36:52,600
And I have a rule in that business that the only

979
00:36:52,600 --> 00:36:55,480
time we discount product is when we're at a show period.

980
00:36:55,850 --> 00:36:58,120
So when people are talking with each other,

981
00:36:58,750 --> 00:37:00,800
they, someone might say,

982
00:37:00,800 --> 00:37:02,080
Oh, I got it at this price.

983
00:37:02,080 --> 00:37:03,480
And another person might say,

984
00:37:03,480 --> 00:37:04,920
gosh, I got it at a different price.

985
00:37:04,920 --> 00:37:06,440
And if they come to me I can say,

986
00:37:06,440 --> 00:37:07,680
Cuz you purchased online,

987
00:37:07,680 --> 00:37:09,840
this person was actually face to face at a show,

988
00:37:09,840 --> 00:37:11,320
which is where we discount our,

989
00:37:11,320 --> 00:37:12,760
like it's an explanation,

990
00:37:12,760 --> 00:37:13,920
right? Yeah.

991
00:37:13,920 --> 00:37:16,760
So just to have the answer to that question and very

992
00:37:16,760 --> 00:37:20,640
easily it can be existing people before I reset my pricing

993
00:37:20,940 --> 00:37:25,040
and now is the perfect time to reset pricing because everything's

994
00:37:25,040 --> 00:37:25,560
going up,

995
00:37:25,700 --> 00:37:26,240
you know?

996
00:37:26,240 --> 00:37:30,800
Yes. So I'm feeling like we can leave the pricing conversation

997
00:37:30,970 --> 00:37:32,080
at that for now.

998
00:37:32,270 --> 00:37:33,720
Okay. How Does that sit with you?

999
00:37:33,720 --> 00:37:35,080
Does you have enough information?

1000
00:37:36,260 --> 00:37:37,080
Yes, Yes.

1001
00:37:37,090 --> 00:37:40,760
My only question is in person,

1002
00:37:40,940 --> 00:37:41,560
can I?

1003
00:37:42,230 --> 00:37:44,000
Yeah, so let's talk about that next.

1004
00:37:44,000 --> 00:37:47,360
Okay, So this would be the pricing based on benchmarking,

1005
00:37:47,360 --> 00:37:48,240
which I think now,

1006
00:37:48,240 --> 00:37:52,200
now you can always compare these numbers against what you feel

1007
00:37:52,210 --> 00:37:53,040
is reality,

1008
00:37:53,360 --> 00:37:57,000
right? Like if we got to a gene jacket being $150

1009
00:37:57,490 --> 00:37:59,240
in the markets that you sell in,

1010
00:37:59,420 --> 00:38:00,800
you would kick back and say,

1011
00:38:00,800 --> 00:38:01,960
Sue, that's unrealistic.

1012
00:38:01,960 --> 00:38:02,880
That's not gonna happen.

1013
00:38:03,000 --> 00:38:04,680
Right? So you Exactly.

1014
00:38:04,820 --> 00:38:08,960
You can look at these numbers and have faith that these

1015
00:38:08,960 --> 00:38:09,480
are the numbers,

1016
00:38:09,660 --> 00:38:13,240
but change how you actually do sell accordingly.

1017
00:38:13,240 --> 00:38:13,920
That's your choice.

1018
00:38:14,670 --> 00:38:16,240
Yeah. What the market will bear.

1019
00:38:16,240 --> 00:38:17,800
Yeah. What The market will bear.

1020
00:38:17,980 --> 00:38:20,440
But because of what your life goals are,

1021
00:38:20,470 --> 00:38:21,960
push the market a little bit.

1022
00:38:22,150 --> 00:38:26,440
Know you are reducing your overall sales and even if like,

1023
00:38:26,440 --> 00:38:31,080
listen, a company can sell a million dollars in revenue and

1024
00:38:31,080 --> 00:38:34,840
not make a penny and you could sell 50,000

1025
00:38:35,460 --> 00:38:37,040
and make 20,000.

1026
00:38:37,540 --> 00:38:38,400
Yes. Yes.

1027
00:38:38,400 --> 00:38:38,840
You know,

1028
00:38:38,840 --> 00:38:40,400
it all depends on how your prices are.

1029
00:38:40,400 --> 00:38:43,280
That's why it's so important to get realistic on these numbers

1030
00:38:43,340 --> 00:38:44,840
and then you can decide what to do.

1031
00:38:44,840 --> 00:38:47,640
But just then you have an informed choice of how you're

1032
00:38:47,640 --> 00:38:48,240
gonna set your pricing.

1033
00:38:48,850 --> 00:38:52,400
So I opened up an Etsy shop probably two months ago,

1034
00:38:52,660 --> 00:38:53,680
six weeks ago,

1035
00:38:54,110 --> 00:38:59,040
just a few items at the $70 price that the most

1036
00:38:59,040 --> 00:39:00,760
of my boutiques are selling at.

1037
00:39:02,110 --> 00:39:03,340
Nothing is moving.

1038
00:39:03,930 --> 00:39:05,020
I get lots of looks.

1039
00:39:05,430 --> 00:39:06,540
Is it okay?

1040
00:39:06,730 --> 00:39:07,700
That's what I mean.

1041
00:39:07,700 --> 00:39:08,500
Like is it okay,

1042
00:39:08,770 --> 00:39:12,620
I know my boutiques will be able to look at Etsy

1043
00:39:12,620 --> 00:39:16,460
and see Michael designs are less than what they are in

1044
00:39:16,460 --> 00:39:16,980
their boutique.

1045
00:39:17,520 --> 00:39:18,500
Any suggestions?

1046
00:39:19,520 --> 00:39:20,180
How do I,

1047
00:39:20,600 --> 00:39:21,740
Yes, suggestions.

1048
00:39:21,740 --> 00:39:22,500
Number one,

1049
00:39:22,500 --> 00:39:24,980
don't put your best stuff necessarily on Etsy.

1050
00:39:25,160 --> 00:39:25,820
Now, first off,

1051
00:39:25,820 --> 00:39:28,260
you have to make sure you're working the Etsy platform properly

1052
00:39:28,560 --> 00:39:32,300
and that's way more conversation than we're gonna do here today.

1053
00:39:32,450 --> 00:39:35,820
Just because you put it on Etsy doesn't mean it's gonna

1054
00:39:35,820 --> 00:39:36,540
necessarily sell.

1055
00:39:36,540 --> 00:39:38,740
It's kind of like when you start your Shopify,

1056
00:39:38,740 --> 00:39:40,940
like you've gotta be getting people in,

1057
00:39:41,070 --> 00:39:42,940
et cetera with that.

1058
00:39:43,050 --> 00:39:43,500
I agree.

1059
00:39:43,500 --> 00:39:46,060
But to answer your question a little more directly,

1060
00:39:46,250 --> 00:39:48,900
just put a couple of things there and that's it.

1061
00:39:48,900 --> 00:39:53,140
Okay. And maybe put only the embroidered ones that are less

1062
00:39:53,140 --> 00:39:53,780
expensive to make.

1063
00:39:54,250 --> 00:39:56,540
Okay. And similar designs,

1064
00:39:56,840 --> 00:39:57,340
You know?

1065
00:39:57,360 --> 00:39:58,020
Yes. Yeah.

1066
00:39:58,020 --> 00:40:01,100
And that might price it into what would sell on Etsy,

1067
00:40:01,280 --> 00:40:04,300
but so that kind of thing so you're not comparing apples

1068
00:40:04,300 --> 00:40:04,860
to apples.

1069
00:40:05,090 --> 00:40:08,660
Okay. Then the other thing I'll say is as you're walking

1070
00:40:08,810 --> 00:40:14,660
into craft shows Have Different levels of pricing of jackets based

1071
00:40:14,660 --> 00:40:16,100
on the embellishment.

1072
00:40:16,490 --> 00:40:17,020
I will,

1073
00:40:17,020 --> 00:40:18,380
that is a very Good idea.

1074
00:40:18,380 --> 00:40:22,460
Like you could make some jackets that have just the tiniest

1075
00:40:22,460 --> 00:40:24,660
bit of embellishment and sell 'em for less.

1076
00:40:24,660 --> 00:40:27,780
Cause your production time ends up only being half an hour.

1077
00:40:27,780 --> 00:40:28,700
Nothing. Yeah.

1078
00:40:28,700 --> 00:40:29,380
40 minutes,

1079
00:40:29,380 --> 00:40:30,700
Right? Something like that.

1080
00:40:30,750 --> 00:40:33,340
So that you could have a couple of different levels and

1081
00:40:33,340 --> 00:40:35,860
then of course talk about customization,

1082
00:40:36,020 --> 00:40:39,700
adding people's names and all of that then could either be,

1083
00:40:39,700 --> 00:40:41,220
depending on the shows that you go to,

1084
00:40:41,220 --> 00:40:43,420
like let's say you go to a show where there it's

1085
00:40:43,420 --> 00:40:45,900
once a month or you could say,

1086
00:40:46,210 --> 00:40:48,620
I'll have it for you at the show next month.

1087
00:40:49,030 --> 00:40:51,220
Or they can pay shipping for you to send it to

1088
00:40:51,220 --> 00:40:52,980
them. So thinking through,

1089
00:40:52,980 --> 00:40:55,980
you can think through shows a little bit differently than wholesale

1090
00:40:56,760 --> 00:41:00,100
and make things that are only available at shows,

1091
00:41:00,100 --> 00:41:01,460
which also then okay.

1092
00:41:01,460 --> 00:41:04,140
Helps you with that comparison with your wholesale accounts.

1093
00:41:04,730 --> 00:41:05,780
Okay. Okay.

1094
00:41:05,780 --> 00:41:06,380
Makes sense.

1095
00:41:06,480 --> 00:41:07,340
Yes. That's a,

1096
00:41:07,340 --> 00:41:08,460
Yeah, that's a great idea.

1097
00:41:08,680 --> 00:41:10,100
And adult jackets too,

1098
00:41:10,100 --> 00:41:14,820
there. I do have adult jackets that I haven't been doing

1099
00:41:14,820 --> 00:41:15,260
that long,

1100
00:41:15,260 --> 00:41:16,740
but I do more custom.

1101
00:41:17,210 --> 00:41:19,300
Most of them are at as a request.

1102
00:41:19,570 --> 00:41:22,460
I have quite a few Christian jackets that are asked that

1103
00:41:22,460 --> 00:41:25,020
I get asked to make with crosses that are embroidered and

1104
00:41:25,020 --> 00:41:25,900
whatnot on the backs.

1105
00:41:25,900 --> 00:41:29,980
So, so far I haven't really pushed my adult jackets.

1106
00:41:30,330 --> 00:41:32,020
I would have those on display,

1107
00:41:32,020 --> 00:41:34,760
maybe even two or three of them on display.

1108
00:41:34,760 --> 00:41:36,280
Okay. That could be sold.

1109
00:41:36,540 --> 00:41:38,920
And I see no reason why you don't price those at

1110
00:41:38,920 --> 00:41:40,240
like $127.

1111
00:41:40,850 --> 00:41:41,640
Oh, okay.

1112
00:41:41,670 --> 00:41:42,480
Okay. Right.

1113
00:41:42,480 --> 00:41:43,080
See what happens.

1114
00:41:43,270 --> 00:41:44,080
Test the Market.

1115
00:41:44,080 --> 00:41:47,560
Yes. Worst case you put 'em back in the car on

1116
00:41:47,560 --> 00:41:47,920
the way home.

1117
00:41:49,820 --> 00:41:50,840
Yes, exactly.

1118
00:41:50,840 --> 00:41:52,000
Right. I mean,

1119
00:41:52,000 --> 00:41:53,040
you might be surprised.

1120
00:41:53,160 --> 00:41:54,120
Think about it.

1121
00:41:54,320 --> 00:41:57,800
Women will spend that kind of money and I don't think

1122
00:41:57,800 --> 00:42:00,040
that that's overpriced for the market at all.

1123
00:42:00,040 --> 00:42:02,480
Depends on what the markets are that the craft shows are

1124
00:42:02,480 --> 00:42:02,920
in. Yes.

1125
00:42:02,920 --> 00:42:06,840
So I have a client who sells her handmade shawls.

1126
00:42:07,020 --> 00:42:11,640
She hand dies and makes the yarn and her go for

1127
00:42:12,340 --> 00:42:16,320
230 to $500 at shows.

1128
00:42:16,420 --> 00:42:18,160
Wow. More artisan shows,

1129
00:42:18,280 --> 00:42:19,240
right? Yeah.

1130
00:42:19,240 --> 00:42:22,640
She selects the right shows and she's in a similar situation

1131
00:42:22,650 --> 00:42:23,200
as you,

1132
00:42:23,200 --> 00:42:25,120
like she can do this,

1133
00:42:25,120 --> 00:42:26,640
but not as her full time right now.

1134
00:42:26,860 --> 00:42:28,640
And so she's got to limit,

1135
00:42:28,640 --> 00:42:29,560
and quite honestly,

1136
00:42:29,560 --> 00:42:32,520
the quality and the style and what she's doing is worth

1137
00:42:32,760 --> 00:42:33,440
every penny,

1138
00:42:33,740 --> 00:42:34,240
you know,

1139
00:42:34,240 --> 00:42:34,960
of her Shas.

1140
00:42:34,960 --> 00:42:36,240
Right, Right.

1141
00:42:36,490 --> 00:42:38,440
So, And that's the other thing.

1142
00:42:38,440 --> 00:42:40,480
You have to have the mindset that you're worth it.

1143
00:42:40,480 --> 00:42:43,200
Yep. Sometimes that is a difficult mindset,

1144
00:42:43,340 --> 00:42:43,960
but Yes.

1145
00:42:44,140 --> 00:42:45,840
But look at how you built up the pricing.

1146
00:42:45,840 --> 00:42:46,480
You're like,

1147
00:42:46,480 --> 00:42:47,520
what we just talked about.

1148
00:42:47,520 --> 00:42:49,320
You're not pulling the numbers out of thin air,

1149
00:42:49,500 --> 00:42:50,000
you know?

1150
00:42:50,050 --> 00:42:52,760
No. These are real numbers and it's,

1151
00:42:53,720 --> 00:42:55,680
and they're supporting a local artisan.

1152
00:42:55,680 --> 00:42:57,680
And we could go on and on with some of that.

1153
00:42:58,000 --> 00:42:59,080
Yes, yes,

1154
00:42:59,080 --> 00:42:59,600
you're Right.

1155
00:42:59,690 --> 00:43:00,600
Ok. So any,

1156
00:43:00,600 --> 00:43:03,480
just to finalize this whole conversation on pricing,

1157
00:43:03,660 --> 00:43:06,440
any other questions that are coming to mind for you right

1158
00:43:06,440 --> 00:43:07,800
now? None.

1159
00:43:07,820 --> 00:43:08,520
Not really.

1160
00:43:08,520 --> 00:43:09,760
You've hit everything.

1161
00:43:09,760 --> 00:43:10,560
Thank you so much.

1162
00:43:10,560 --> 00:43:12,160
Okay. You are so welcome.

1163
00:43:12,620 --> 00:43:14,240
And what are your next steps now?

1164
00:43:14,240 --> 00:43:14,920
What are you gonna do?

1165
00:43:15,750 --> 00:43:17,400
I actually,

1166
00:43:17,750 --> 00:43:19,480
I, the next step is,

1167
00:43:19,480 --> 00:43:22,800
what I had already had in mind was to go into

1168
00:43:22,800 --> 00:43:23,440
a fall show,

1169
00:43:23,510 --> 00:43:24,640
fall custom show,

1170
00:43:24,860 --> 00:43:28,920
and figuring out the pricing was my biggest concern on what

1171
00:43:28,920 --> 00:43:30,760
I would do with the fall art fair.

1172
00:43:31,650 --> 00:43:33,040
So that's what I'm gonna do.

1173
00:43:33,040 --> 00:43:34,400
And I'm gonna do some adult check.

1174
00:43:34,400 --> 00:43:37,920
It's more adult check and Have a lower priced one too

1175
00:43:37,920 --> 00:43:38,800
there, you know?

1176
00:43:38,800 --> 00:43:41,400
Yes. A show only one that you can whip out.

1177
00:43:41,400 --> 00:43:42,480
Yes, yes,

1178
00:43:42,620 --> 00:43:43,280
yes. So,

1179
00:43:43,280 --> 00:43:43,600
You know,

1180
00:43:43,600 --> 00:43:44,640
and some of that is a test,

1181
00:43:44,640 --> 00:43:46,200
right? Seeing what the market will bear,

1182
00:43:46,200 --> 00:43:47,600
what people are attracted to.

1183
00:43:48,030 --> 00:43:49,560
Bear in mind that it's Christmas,

1184
00:43:49,930 --> 00:43:52,520
so there are going to be more people who will pay

1185
00:43:52,520 --> 00:43:54,640
more because it's a gift ver,

1186
00:43:54,800 --> 00:43:55,200
you know,

1187
00:43:55,290 --> 00:43:56,080
or for themselves.

1188
00:43:56,230 --> 00:43:56,600
I mean,

1189
00:43:56,600 --> 00:43:57,200
I shouldn't say that.

1190
00:43:57,200 --> 00:43:59,160
They'll pay pay more as a gift and not for themselves.

1191
00:44:00,130 --> 00:44:02,040
We Yes,

1192
00:44:02,040 --> 00:44:03,080
the buying.

1193
00:44:03,190 --> 00:44:04,200
Buying in general.

1194
00:44:04,200 --> 00:44:04,960
Yeah. But,

1195
00:44:05,170 --> 00:44:07,160
so there's a great opportunity there.

1196
00:44:07,160 --> 00:44:07,880
I would also,

1197
00:44:08,220 --> 00:44:10,520
and let's not get into that for this for the sake

1198
00:44:10,520 --> 00:44:10,960
of time,

1199
00:44:10,960 --> 00:44:13,680
but as much of your website as you can have up

1200
00:44:13,680 --> 00:44:15,080
with the things that you want,

1201
00:44:15,110 --> 00:44:17,360
have them there because Okay,

1202
00:44:17,360 --> 00:44:17,680
you know,

1203
00:44:17,680 --> 00:44:19,320
people might like what you have,

1204
00:44:19,320 --> 00:44:21,880
but it's just not the style that they're wanting.

1205
00:44:22,020 --> 00:44:24,760
But then they would be able and collect emails at your

1206
00:44:24,760 --> 00:44:25,360
shows, right?

1207
00:44:25,750 --> 00:44:26,360
I, yes,

1208
00:44:26,360 --> 00:44:26,800
I Do that.

1209
00:44:26,800 --> 00:44:27,480
Okay. And then,

1210
00:44:27,480 --> 00:44:29,560
then you'll be able to send them somewhere online where they

1211
00:44:29,560 --> 00:44:32,480
can see things similar to what you have for wholesalers,

1212
00:44:32,500 --> 00:44:33,760
but then you'll be able to,

1213
00:44:33,760 --> 00:44:36,360
to drive people over there for direct to consumer.

1214
00:44:36,950 --> 00:44:38,040
Okay. Okay.

1215
00:44:38,400 --> 00:44:39,120
Thank you.

1216
00:44:39,120 --> 00:44:40,160
So you're wonderful.

1217
00:44:40,580 --> 00:44:41,440
You really are.

1218
00:44:41,440 --> 00:44:42,440
Thank you so much.

1219
00:44:42,610 --> 00:44:43,960
It is my pleasure.

1220
00:44:44,160 --> 00:44:47,680
Where can people who are listening look for your products?

1221
00:44:47,720 --> 00:44:48,400
Thank You,

1222
00:44:48,620 --> 00:44:49,640
Eve Michael,

1223
00:44:51,310 --> 00:44:55,080
Custom designs Eve Michael,

1224
00:44:56,830 --> 00:44:57,600
what did you say?

1225
00:44:57,600 --> 00:45:02,040
Custom-design.com. Okay,

1226
00:45:02,040 --> 00:45:04,040
perfect. And what is your shop on Etsy?

1227
00:45:04,490 --> 00:45:08,040
My shop on Etsy is Eve Michael Designs.

1228
00:45:08,470 --> 00:45:10,240
Okay. Best way to find them.

1229
00:45:10,240 --> 00:45:10,720
Find it,

1230
00:45:10,720 --> 00:45:15,000
because Etsy is so difficult is to search for fairy jackets.

1231
00:45:15,640 --> 00:45:16,720
Wonderful. Perfect.

1232
00:45:17,310 --> 00:45:19,880
Okay, well this has been such a great conversation.

1233
00:45:20,060 --> 00:45:21,040
And honestly,

1234
00:45:21,040 --> 00:45:23,680
Gail, like I think that we're gonna help a lot of

1235
00:45:23,680 --> 00:45:26,840
people who are listening because this whole pricing thing can be

1236
00:45:26,840 --> 00:45:27,200
a struggle.

1237
00:45:27,300 --> 00:45:28,120
But yes,

1238
00:45:28,120 --> 00:45:28,520
you know,

1239
00:45:28,520 --> 00:45:29,160
like I said,

1240
00:45:29,160 --> 00:45:33,240
if you drive down to get your best estimate of what

1241
00:45:33,240 --> 00:45:34,640
these different elements are,

1242
00:45:34,710 --> 00:45:37,080
then you still get to decide in the end what you're

1243
00:45:37,080 --> 00:45:37,800
gonna price it for.

1244
00:45:37,800 --> 00:45:42,000
But you're coming from a much stronger position to understand and

1245
00:45:42,000 --> 00:45:42,600
to speak better,

1246
00:45:42,600 --> 00:45:44,000
right? Like knowing these numbers,

1247
00:45:44,000 --> 00:45:46,920
you're gonna be able to talk much more confidently when you're

1248
00:45:46,920 --> 00:45:47,600
presenting the product.

1249
00:45:47,600 --> 00:45:49,080
You know truly how much it costs.

1250
00:45:49,350 --> 00:45:50,080
You're right.

1251
00:45:50,080 --> 00:45:50,600
You're right.

1252
00:45:50,760 --> 00:45:51,840
So wonderful.

1253
00:45:52,310 --> 00:45:53,360
Well, thank you,

1254
00:45:53,360 --> 00:45:56,320
Gail. It's been a pleasure talking with you,

1255
00:45:56,540 --> 00:45:59,080
and I look forward to seeing where you take this.

1256
00:45:59,800 --> 00:46:00,480
Thanks so much.

1257
00:46:00,480 --> 00:46:01,440
I'll keep you informed.

1258
00:46:01,440 --> 00:46:02,360
Okay, wonderful.

1259
00:46:02,540 --> 00:46:03,320
Bye for now.

1260
00:46:03,320 --> 00:46:04,320
Thanks. Bye bye.

1261
00:46:07,450 --> 00:46:10,640
If you haven't already reviewed your pricing to the detail that

1262
00:46:10,640 --> 00:46:11,720
we've covered here,

1263
00:46:12,400 --> 00:46:14,280
now's the time to do it.

1264
00:46:15,010 --> 00:46:16,440
Or if it's been a while,

1265
00:46:16,950 --> 00:46:18,680
please revisit it.

1266
00:46:18,990 --> 00:46:20,960
Especially with our rising costs.

1267
00:46:21,060 --> 00:46:24,560
You wanna make sure your prices for both wholesale and retail

1268
00:46:24,820 --> 00:46:28,280
are in line and you're not spinning your wheels at break

1269
00:46:28,280 --> 00:46:32,720
even. It's very easy to let this slip leaving you without

1270
00:46:32,720 --> 00:46:35,160
dollars to invest to grow your business.

1271
00:46:35,830 --> 00:46:40,150
Re-listen to this podcast if necessary and apply our discussion to

1272
00:46:40,150 --> 00:46:44,590
your unique situation or sign up for a boost.

1273
00:46:45,360 --> 00:46:47,630
Do you have questions about how to get your business started?

1274
00:46:48,200 --> 00:46:50,510
Do you need ideas on how to increase sales?

1275
00:46:50,940 --> 00:46:54,030
What about e-commerce or online marketing?

1276
00:46:54,390 --> 00:46:56,550
These are all topics we can chat about.

1277
00:46:56,920 --> 00:46:59,790
If you'd like to sign up for your own gift biz

1278
00:46:59,790 --> 00:47:04,630
boost, head over to gift biz unwrapped.com/boost.

1279
00:47:05,140 --> 00:47:08,190
This is a chance to get coaching at no cost to

1280
00:47:08,190 --> 00:47:10,270
you except for some of your time.

1281
00:47:10,930 --> 00:47:12,230
And as you've just seen,

1282
00:47:12,420 --> 00:47:16,350
you'll walk away with actionable steps to move you forward in

1283
00:47:16,350 --> 00:47:18,270
a single area of your business.

1284
00:47:18,620 --> 00:47:19,310
That link,

1285
00:47:19,310 --> 00:47:23,230
again is gift biz unwrap.com/boost.

1286
00:47:23,920 --> 00:47:26,910
If you're enjoying the podcast and would like to show support,

1287
00:47:27,420 --> 00:47:31,120
a rating and review is always fabulous because it helps get

1288
00:47:31,120 --> 00:47:32,880
the show seen by more makers.

1289
00:47:33,310 --> 00:47:34,840
It's a great way to pay it forward.

1290
00:47:35,580 --> 00:47:39,120
And there's another way where you can get something tangible in

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00:47:39,120 --> 00:47:40,600
return for your support too.

1292
00:47:41,150 --> 00:47:45,030
Visit my merch shop for a wide variety of inspirational items

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like mugs,

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00:47:48,650 --> 00:47:50,590
and more featuring logos,

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00:47:50,700 --> 00:47:54,270
images, and quotes to inspire you throughout your day.

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00:47:54,630 --> 00:47:56,190
Makes a great gift too.

1298
00:47:56,930 --> 00:48:00,430
And we've just added some new products for the season to

1299
00:48:00,430 --> 00:48:00,750
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00:48:01,140 --> 00:48:04,630
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1301
00:48:04,880 --> 00:48:06,630
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1302
00:48:07,820 --> 00:48:11,990
Take a look at all the options@giftbizunwrapped.com

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00:48:12,470 --> 00:48:13,550
slash shop.

1304
00:48:14,010 --> 00:48:18,190
All proceeds from these purchases helps go to offset the cost

1305
00:48:18,190 --> 00:48:19,310
of producing the show.

1306
00:48:19,850 --> 00:48:21,910
And now be safe and well,

1307
00:48:21,910 --> 00:48:24,470
and I'll see you again next time on the Gift Biz

1308
00:48:24,470 --> 00:48:25,310
Unwrapped podcast.

1309
00:48:26,380 --> 00:48:29,590
I wanna make sure you're familiar with my free Facebook group

1310
00:48:29,590 --> 00:48:31,510
called Gift Miss Bre.

1311
00:48:32,060 --> 00:48:35,750
It's a place where we all gather and are a community

1312
00:48:35,840 --> 00:48:37,070
to support each other.

1313
00:48:37,420 --> 00:48:40,630
I've got a really fun post in there that's my favorite

1314
00:48:40,630 --> 00:48:41,190
of the week,

1315
00:48:41,190 --> 00:48:42,030
I have to say,

1316
00:48:42,070 --> 00:48:45,270
where I invite all of you to share what you're doing

1317
00:48:45,360 --> 00:48:46,790
to show pictures of your product,

1318
00:48:47,000 --> 00:48:49,390
to show what you're working on for the week,

1319
00:48:49,880 --> 00:48:51,790
to get reaction from other people.

1320
00:48:52,130 --> 00:48:53,550
And just for fun,

1321
00:48:53,550 --> 00:48:57,150
because we all get to see the wonderful products that everybody

1322
00:48:57,150 --> 00:48:58,750
in the community is making.

1323
00:48:59,280 --> 00:49:01,590
My favorite post every single week.

1324
00:49:01,840 --> 00:49:02,950
Without doubt.

1325
00:49:03,620 --> 00:49:04,630
Wait, what?

1326
00:49:05,420 --> 00:49:07,110
Aren't you part of the group already?

1327
00:49:07,840 --> 00:49:08,430
If not,

1328
00:49:08,540 --> 00:49:11,790
make sure to jump over to Facebook and search for the

1329
00:49:11,790 --> 00:49:12,510
group gift.

1330
00:49:13,090 --> 00:49:14,910
Bre don't delay.

1331
00:49:15,260 --> 00:49:18,590
Come join us in Gift Bree today.