EP155 Business Pricing 101: How to Price your Product or Service
Young Money with Tracey Bissett
Release Date: 08/18/2020
EP334 Farewell to Young Money … For Now
Young Money with Tracey Bissett
Today we're celebrating Young Money’s incredible journey. Together, we’ve created 334 episodes, reached listeners in over 40 countries, and surpassed 360,000 downloads! It’s been a privilege to inspire financial fitness through fun, educational content and host amazing guests who’ve shared their insights to help you navigate your financial journey. As I reflect on this milestone, I’m sharing the lessons I’ve learned, the hurdles I’ve overcome (like losing access to Apple Podcasts!), and the community that made it all possible. From loyal listeners to supportive colleagues and...
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EP333 Financial Fitness Lessons Learned in Nashville
Young Money with Tracey Bissett
In this episode I’m wrapping up Financial Literacy Month with a musical twist, drawing inspiration from a recent trip to Nashville, Tennessee. Known as a prime bachelorette destination and the heart of country music, Nashville also provided valuable financial fitness lessons applicable to everyone, especially young entrepreneurs and those at the start of their financial journey. Listen in as I share personal stories and insights from my travels, exploring the parallels between the vibrant life of Nashville's music scene and practical financial strategies. You'll learn about the importance of...
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EP332 What Finfluencers Overlook with Co-operators
Young Money with Tracey Bissett
As Financial Literacy Month continues, we're diving into the crucial but often overlooked role of insurance for young Canadians. Today we're joined by Jessica Baker, Executive Vice President of Retail Wealth at Co-operators, a trusted, Canadian-owned company providing insurance and financial services since 1945. Listen in as Jessica explains how insurance isn't just about protecting possessions—it's about safeguarding your financial future. She busts common myths, like the idea that insurance is too expensive or unnecessary for healthy young people, and offers valuable insight that could...
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EP331 Financial Literacy Month with FCAC
Young Money with Tracey Bissett
In this Financial Literacy Month special of Young Money, we're joined by Rana Abu-Naameh, Director General of Supervision at the Financial Consumer Agency of Canada (FCAC). With her extensive background in public service and financial oversight, Rana sheds light on how FCAC protects consumer rights and enhances financial literacy across Canada. Listen in as Rana dives into the critical aspects of FCAC’s mandate, focusing particularly on the streamlined consumer complaint handling process. She explains the steps consumers should take if they have grievances with financial products or...
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EP330 Small Business Path to Impact with Pouya Zangeneh, Scotiabank
Young Money with Tracey Bissett
As we celebrate Small Business Month in Canada, I'm delighted to speak with Pouya Zangeneh, the Senior Vice President of Small Business Banking at Scotiabank. With over a decade of experience in the financial services industry, Pouya shares his insights from Scotiabank's recent report, "Path to Impact 2024: Navigating the Future Succession and Success in the Digital Era." Listen in as Pouya discusses the trends impacting small businesses, including the imminent 'succession tsunami' where many business owners plan to transition their businesses in the next decade. He explores the importance of...
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EP329 Canadian Holiday Spending Outlook with PwC
Young Money with Tracey Bissett
In this episode, I’m joined by Elisa Swern, a national retail and consumer leader and partner at PwC Canada. With over 25 years of experience in the retail and consumer goods sectors, Elisa brings her extensive expertise to discuss the findings of PwC's Canadian Holiday Outlook Survey for 2024. Listen in as Elisa dives into the expected increase in consumer spending this holiday season, despite economic challenges. She also highlights the spending behaviors across different generations and provinces and shares insights into the growing importance of sustainability in consumer choices. You'll...
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EP328 More Than A Number with Meridian Credit Union
Young Money with Tracey Bissett
Are you feeling overwhelmed by rising living costs and seeking better financial guidance? In this episode, we sit down with Shawn Kauth, Vice President of Wealth at Meridian Credit Union, who brings nearly three decades of experience in the financial industry. Shawn discusses the results of Meridian's 'More Than a Number' survey, revealing critical perspectives on financial insecurity among Canadians. Listen in as Shawn addresses the concerns different demographics face, including the anxiety experienced by Gen Z and the challenges women face regarding long-term financial futures. You will...
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EP327 Student Loan Repayment Explored with NerdWallet Canada
Young Money with Tracey Bissett
Are you or someone you know dealing with student loans or getting ready to navigate the world of repayment? In this episode, I sit down with Clay Jarvis, NerdWallet Canada’s mortgage and real estate expert, to discuss essential strategies for managing student loans and making smart financial decisions. We'll dive into practical advice for students just starting their loan repayments, adjusting payments to fit your financial situation, and what to do if you’re struggling to make payments. Clay also highlights the importance of budgeting and why parents should have financial conversations...
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EP326 NerdWallet's Guide to the Costs of Fertility Treatments
Young Money with Tracey Bissett
Have you ever wondered about the true costs of fertility treatment in Canada? In today's episode, we sit down with Shannon Terrell, a lead writer and spokesperson for NerdWallet, to explore the financial realities many Canadians face when seeking fertility treatments. With one in six Canadian couples experiencing infertility, understanding the costs and financial options available is crucial. Shannon shares insights from a guide she developed, offering a comprehensive look at the various methods of fertility treatments and their associated costs. Listen in as we discuss where Canadians can...
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EP325 Spotlight on V.I.L. Landscaping founder Charlie Kerrigan
Young Money with Tracey Bissett
In this episode, I’m joined by Charlie Kerrigan, the founder of V.I.L Landscaping and host of The Hard Lessons Podcast. Starting his business in 2016 with just a push mower, Charlie has grown V.I.L Landscaping into a thriving enterprise and aims to become one of the top landscaping companies in Canada. Listen in as Charlie shares his journey, from being a young entrepreneur knocking on doors to running a company with multiple locations and a dedicated team. He emphasizes the importance of surrounding yourself with mentors, the necessity of cash flow management, and building a strong team...
info_outlineToday I’m discussing what is hands down one of the things I get asked about the most: how to price your product or service. 80-85% of the clients I work with are not pricing their offering in a profitable way, which leads to losses in their company and is one of the major reasons the owners are not paying themselves consistently.
Interestingly enough, while I talk about this all the time, I haven’t yet done a show on pricing. So today’s episode comes to you courtesy of my 11 year old niece. We have spent the last few weeks together as she has also been at my parent's place in Nova Scotia so she can attend a figure skating camp. In her downtime from skating she has been making all of us beaded bracelets – some on spec and some custom.
Any business with cash flow issues is at risk of closing within 90 days, and getting your pricing right is critical to avoiding this potential catastrophe. Listen in as I share the three steps to pricing your offering in a way that not only makes sense to your business, but to your customers as well. You'll also discover why planning is so important to any business and the one crucial cost that many business owners fail to include in their pricing.
“Of the clients I work with, I would say that 80-85% of them are not pricing their offering in a profitable way.” - Tracey Bissett
This Week on Young Money:
- What variable costs are and why they’re important to not only profit but company viability.
- Why it’s critical to include the cost of your time in your pricing.
- Examples of the fixed costs you need to include in your pricing and how to allocate these across your offerings.
- The crucial step to pricing your offering once costs are calculated.
- How to price your product in comparison to other products on the market already.
- How to plan for start-up costs in a new business.
- Why planning is so important to any business start-up.
Key takeaways:
- Follow the formula to accurately price your offering.
- Know your variable costs.
- Always include the cost of your time in your pricing.
- Don't jump into a business without a solid business plan that validates your idea first.
Resources Mentioned:
The Young Money Scholarship Fund
Education has the power to help you achieve your life goals and create a financial fortress. It takes money from many different sources to pay for it.
The Young Money Scholarship Fund has been established to help post secondary students achieve their goals by removing some of the financial strain from the equation. This fund is powered by Bissett Financial Fitness Inc. Scholarship awards start at $250 per student.
Who can apply?
- Post secondary students studying in Canada, excluding Quebec residents
- Students who have helped others achieve their goals
- Students who have a plan for what they will do when they graduate
Apply today or share with a post secondary student who should apply, here!
This episode is powered by the Cash Control Bootcamp:
Has this episode inspired you about your business? To start a new venture or take yours to next level requires you to understand the cash flow cycle and how to manage the cash flow in your business. To help you learn those critical skills I have developed the Cash Control Bootcamp. The Cash Control Bootcamp is an introductory live, online group program that empowers entrepreneurs just like you to demystify your business finances and get control of your money so you can sleep better and provide the lifestyle you want for you and your family. The Cash Control Bootcamp - Know Your Numbers, Protect your Business and Grow for the Future, is for you. Register today here.
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