The most popular questions we get all the time revolve around how to price inventory or services, and we’re here to tell you that we get it. It’s tough! We’ve had years and years of struggles getting to the point where we are 40-60% profitable on all of our products and services.
But I want to share something with you, do you have a minute? I used to be embarrassed by this and never told anyone, but I am sharing it with you because, perhaps, you may be in the same place or have been before.
I remember the day like it was yesterday. It was October of 2017, and I was sitting at my desk in the corner of our tiny office that three of us shared. I remember pulling a simple report from my inventory software. It showed me that what we were charging for delivery services and what we were spending was wildly different, and not in a good way.
Until that point in the business, I was just charging what seemed like a reasonable amount. Meaning, we would take the order and add between 10-50% of that cost as a delivery fee, and just guess if it was enough or too much. Now, I know you are probably thinking one of two things. Either “So am I! Whew, I’m not the only one!” or you are thinking, “I’m not doing that, but I am doing something similar, and it’s not working.”
At this time in my business, I decided to KNOW what my costs were before I charged for a single thing! Since then, we have stuck to this mantra, and it was a game-changer.
Does any of this resonate with you?
If you join me, I’ll tell you what got ME out of that place. I’m teaching a class about learning principles that will help you create a firm foundation for your business to guide you to profitability and sustainability.
Want to join the class? SIGN UP HERE!
P.S. Did you know we have an e-course? It’s called Rental Biz Academy. I have been creating this course with my team for the last year and to be honest, really my entire career. I have filmed, written scripts, created the worksheets, formatted the spreadsheet, and so much more multiple times. In fact, I filmed the entire course before COVID-19 hit and then we refilmed the course a second time just a few months ago to give a new perspective on the businesses to be better prepared for not only a rainy day but a rainy season or year! Want to learn more?
Join our FREE webinar on how we have built a profitable rental business where I teach you the 5 fundamentals of starting or scaling your rental business! Sign up HERE!
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