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b'In This Episode:\\n\\n\\n\\n* Fire + Mineral founder Tiffany Whipps shares how she\\u2019s gone from willy nilly pricing to pricing for the future of her company* What her \\u201cfeather money\\u201d phase taught her about the value of her products* The future expenses she\\u2019s factoring into her pricing today* What product-based businesses need to consider when they\\u2019re thinking about their pricing & business model\\n\\n\\n\\n\\n\\nPricing your products or services can feel like a game of pin the tail on the moving donkey.\\n\\n\\n\\nThere are so many factors to take into account. The price you choose needs to consider the market, your cost of goods sold, the positioning of your brand, the value of what you\\u2019re offering, and the cost of doing business.\\n\\n\\n\\nEach of these pricing factors have their own challenges and potential pitfalls.\\n\\n\\n\\nAnd just because you figure out the equation once\\u2026\\n\\n\\n\\n\\u2026doesn\\u2019t mean you\\u2019ve solved it for all time.\\n\\n\\n\\nThe factors that influence price change over time.\\n\\n\\n\\nOver time, the market changes, your cost of goods change, your brand positioning might change, the value of what you\\u2019re offering can change, and almost without a doubt the cost of doing business will change. And that all means that what you price your products or services at in the beginning will likely need to adapt to future circumstances.\\n\\n\\n\\nBut what if you could start to anticipate those changes? Could you build future changes into your pricing strategy?\\n\\n\\n\\nYes, I absolutely believe that you can.\\n\\n\\n\\nAs you grow as a business owner, you can start to anticipate market changes and plan for the way your cost of goods increases. You can set a goal to position your brand in a certain way and you can become smarter about your target market so you understand the value of what you\\u2019re offering more fully.\\n\\n\\n\\nAnd perhaps most importantly\\u2026\\n\\n\\n\\nYou can plan for the ways your cost of doing business will evolve.\\n\\n\\n\\nYou can anticipate the team members you\\u2019ll hire. You can plan for the software upgrades you\\u2019ll need. You can build in margin to cover unforeseen circumstances or changes in the market that impact your bottom line.\\n\\n\\n\\nVery, very few business owners do this from the start. But over time, you can get better and better at your pricing strategy\\u2014and even your overall financial strategy\\u2014so that you\\u2019re planning for the future instead of reacting to it.\\n\\n\\n\\nAnd that\\u2019s exactly what I\\u2019m talking about with today\\u2019s guest, Tiffany Whipps. Tiffany is the founder and designer behind Fire + Mineral Jewelry. Tiffany has been designing jewelry full-time since 2012 and she\\u2019d be the first to admit that her pricing strategy has become a lot more sophisticated since she put together her first line sheet on a whim.\\n\\n\\n\\nI originally invited Tiffany onto the show to showcase how money flows through product-based businesses. And we absolutely talk about that. But we also talk about how Tiffany\\u2019s approach to money has grown more sophisticated over time, as well as how she\\u2019s now pricing for the business she wants to have instead of the business she has right now.\\n\\n\\n\\nTiffany and I talk about how her pricing strategy has evolved over the years, why she\\u2019s focused on products that have more long-term value as opposed to what\\u2019s trendy right now, and how she\\u2019s using her goals to set prices for her new work.'