Under Consideration Price Discovery section

[ggmopa]

I am fairly new to IM for commercial services. I have a few ideas in the works, but I have absolutely no idea what kind of prices people would be willing to pay. I imagine lots of other people might have the same problem.

Would it be reasonable to have a small section to see what kind of prices buyers might be willing to pay for something buying trading lost spaces. Thought better IM research be done on a dedicated IM community than something generic like reddit

 

[t2van]

I am fairly new to IM for commercial services. I have a few ideas in the works, but I have absolutely no idea what kind of prices people would be willing to pay. I imagine lots of other people might have the same problem.

Would it be reasonable to have a small section to see what kind of prices buyers might be willing to pay for sonthingbefore buying marketplace spaces. Thought better IM research be done on a dedicated IM community than something generic like reddit

Is it for a service or product?

Edit

I know you said im commerical services I mean are you offering a product or your time?

 

[ggmopa]

Is it for a service or product?

Both, some mostly automated others bespoke and requiring manual adjustements

 

[t2van]

Both, some mostly automated others bespoke and requiring manual adjustements

Sorry mate see my edit or do you still mean both?

 

[Skyrocket]

So, what are you selling? Still a secret?

 

[t2van]

Sorry mate see my edit or do you still mean both?

If it's time.

This is basic formula.

Costs of the month + 20% profit + tax% = monthly wage.

Weekly is cost of month / 4 then add the same as mentioned.

Daily weekly / 5 as above.

Hourly daily / 8

Thars basic to give you an idea. You can adjust the % based on what profit you want.

But you also need to adjust it based on industry expectations and experience.

Product.

It's tough you need market guidance but you can use a similar formula as well.

Product base cost + running costs + profit = final price


Edit

Your monthly costs for time would be bills, rent etc, food etc I. E what you need to maintain your current level of lifestyle

 

[ggmopa]

Sorry mate see my edit or do you still mean both?

Still both i’d say

So, what are you selling? Still a secret?

Haha at this point yeah still secret.
Could probably do with a trading post graphic or two to explain anything.

I suppose a good thing about such a system is the potential seller is under no obligation to give away too much information and could answer any questions to the extent they’re comfortable (or to the level of confidence any product or service ideas couldn't easily be copied or sabotaged)

 

[ggmopa]

If it's time.

This is basic formula.

Costs of the month + 20% profit + tax% = monthly wage.

Weekly is cost of month / 4 then add the same as mentioned.

Daily weekly / 5 as above.

Hourly daily / 8

Thars basic to give you an idea. You can adjust the % based on what profit you want.

But you also need to adjust it based on industry expectations and experience.

Product.

It's tough you need market guidance but you can use a similar formula as well.

Product base cost + running costs + profit = final price


Edit

Your monthly costs for time would be bills, rent etc, food etc I. E what you need to maintain your current level of lifestyle

Thanks pal that’s very helpful

 

[t2van]

Thanks pal that’s very helpful

Welcome.

Just to add this where so many people go wrong and why they fail because they don't understand what they need.

So say your rent, food, bills and drinking money is 1000 for the month.

To maintain that life style you need 1000 minimum and that's not growing.

So weekly its 250. Daily 50, hourly 6.25

Where people go wrong is they start to undercharge because they dont get work. So if you take on a job for 800. GREAT you landed 800 but if you get no other work your 200 short for the month. The business is failing and you are ending up in debt.

It's such a hard thing to get right and people get scared, thats why its important to have funds behind you, or a job while you get established.

Its even harder when you have no experience.

BUT the fun side of that is if you have say 10 yers experience and your costs are the above.

You decide your hourly profit and with tax will be 120% (7.5) so that takes your hourly wage to 6.25 + 7.50 = 13.75

Now if your in an industry where people expect to pay 50+ your laughing.

It's such a hard thing to get right but you need to understand your costs first. And then NEVER go below them. Unless you want to work on scale BUT there's only so many hours in a day, this is where burnout happens because people are doing too much for tool little and then can't afford to scale or hire staff.

Business is a fucker to get right.

Good luck.

 

[Aristocratic]

As soon as i saw "Price discovery" i thought you were shilling a coin lol

 

[roydan]

A whole section seem like an overkill, but maybe just a post in the most related section would be appropriate.

 

[polecat]

Best way to find out guessing someone else is selling same or similar service to if do a similar price to them for example say it costs for most buy between $200 to $400. You could then say at $250 or if you are newer start selling at $200 so then you are cheapest price on the market meaning newer possible clients be more likely to buy of you over cheap price then after you sold to few clients put it up to more medium price.

 

[Zwielicht]

A whole section seem like an overkill, but maybe just a post in the most related section would be appropriate.

Yeah, we tend to use prefixes rather than create entire sections for something that specific

Anyway, I think there’s some potential in this idea. Even if we don’t add a new section in, this discussion might lead to something better.