When it comes to quoting jobs the hardest thing for a small business is working out what to charge!
You have your product or service ready to go and your market is indicating that they are interested in what you have to offer, so now what?
We have included our tips below for what to consider when you are quoting for a job.
Firstly, consider how much does it cost you to produce your physical product, or how much time will it take you to complete the job?
Think about what monetary value do you put on your own time. It’s all well and good to say you don’t want to charge for your time whilst you are growing, but we strongly urge you to consider this from the beginning. It will help your customers and clients understand where you are trying to position yourself in the market. Remember, you are creating a business and your time matters!
What about postage? Yes, postage is a cost that is involved for a number of businesses that are shipping a physical product. In the beginning (like us), you may need to charge for postage as this is a cost that your business may not be in a position to absorb just yet. If you are not planning to charge for postage, consider ensuring your costs are covered in your quote or product some way, otherwise this will start to eat into your overall profits.
Every business will have its base operating expenses and your product sales and jobs that you get will allow you to cover these, plus help you build and grow your business. When it comes to quoting or selling your product you will need to add a markup to ensure that you will be in a position to maintain growth and pay any ongoing expenses. Naturally, the obvious aim within any business is to bring in more jobs or increase sales and keep your expenses as low as possible to progress your growth.
When it comes to quoting jobs or pricing a physical product there is so much information available and it can be somewhat overwhelming. We also understand that you may have a unique business and standard ways of quoting or pricing may not apply. We are here to help you work through creating a structure that is going to work effectively for your business. By setting strong foundations from the beginning you will ensure you are giving yourself the best opportunity for growth.
If you are a new or existing business that is needing assistance in learning more about quoting or establishing a process for how to quote jobs or price your products we would love to hear from you. Send an email to firstname.lastname@example.org and we will be in touch.
Ash + Lauren