Writing a Business Model? Here Are Pro Tips on Knowing Your Worth
Selfmade, Brit + Co's interactive business course, takes you from business idea to business launch in just 10 weeks with the help of career coaches, successful entrepreneurs, and 1:1 sessions with our very own CEO Brit Morin and Chief Creative Officer Anjelika Temple. Curious about what we learned this week? In collaboration with Office Depot, we're sharing snippets from each week with all y'all. Get ready to get a sneak peek about all things business models and metrics.
Pricing is branding. "Branding is a mindset and your mindset, not the market, determines how much money you make or don't make," says Brit. That means don't underestimate your value: consider how much time you put into your work, the quality of it, your office expenses, all the hard costs and then a good rule of thumb is to double that number to come up with the price of your product or service.
Don't play it safe. "There's this myth that to do something you love means to financially struggle and that's insane," says Anjelika. Creative entrepreneurs often have the misconception that because they are lucky enough to do what they love -- something they would do for free and still love -- that they don't have to think big. Instead, tell yourself, "I am no longer available for playing a small game when I know that I am capable of so much more," says coach Naomi Powell. "Money facilitates us to usher in the change that we want to do."
Get over your money fears. Many of us, women especially, are raised to think conservatively about money: a savings mindset vs. a growth mindset. Coach Emily Merrell says she visits her P&L numbers daily to inform her choices. "It gets me energized and motivates me," she says. Coach Jacqueline Twillie also suggests reading Secrets of Six-Figure Women: Surprising Strategies to Up Your Earnings and Change Your Life by Barbara Stanny to get over any negative mindset about money to price your product for what it's worth.
Break your own glass ceiling. "We often attach our self worth to what we're doing too much and it's not beneficial to entrepreneurs." says coach Tiffany Tolliver. "I am priceless. My services, however, have a minimum and a max based on the industry and that has to do with my experience." Whatever business model you choose — subscription, advertising, commerce etc. — consider what *you* are putting into your product, not just what your competitors or the market is doing. Tell yourself "I'm no longer operating under my potential," adds Naomi.
Keeping track of your ever-changing business model is a full-time job -- from managing incoming and outgoing funds to accounting for unexpected twists and turns (both good and bad!), CFO Is one of the many hats you'll be wearing as you set out on your journey. No matter what challenge you may face on your business journey, Office Depot OfficeMax offer a full suite of business services & solutions to help you succeed. With print & copy services to help build your brand to products to help you work from anywhere & organize & save time, accomplish more with Office Depot OfficeMax by your side.Head to Office Depot's Selfmade page to check out even more amazing business resources (and discounts!) to help you accomplish more on your entrepreneurial journey. These offers are available for a limited time only, so be sure to take advantage of all this goodness while supplies last.
Theresa Gonzalez is a content creator based in San Francisco and the author of Sunday Sews. She's a lover of all things design and spends most of her days momming her little one Matilda.