Business Course: Pricing & Record Keeping
1 Day: Saturday, November 9th, 2024, 10AM-1PM
Tuition: $85
Free for SBWI Members, Wood Design Students & Alumni
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Ages: 16 & Up
Instructor: Luke Barnett & Thomas Harris, Small Business Financial Wellness Specialist, American 1 Credit Union
Instructional Delivery Method(s): In person
Prerequisites: None
Program Level: Beginner, Intermediate, Advanced
Program Description:
Figuring out your pricing can be overwhelming and emotionally charged. Before you set prices on your products, ask yourself what you want to earn from your artistic business. Regardless of your income target, it’s important to your business planning to know how much you’re spending. Knowing what it costs to produce your work can give you a foundation for setting prices. Learn how to calculate your costs using indirect and direct costs to determine overhead. Make your own equation to meet your goals taking into account consistency, competitiveness and profitability. Learn about the psychological aspects of pricing, and how that affects perceived value.
Learn how to track revenues and expenses, make informed projections, and gain a clearer understanding of your artistic business finances. Choose an artwork registry that works best for your system. Learn what records to keep and why, and for how long. Use a budget to determine where and how you spend money, get more out of the money you have, and achieve your goals. Learn about financial reports like income statements, balance sheets, and monthly cash flow.
Learning Objectives:
Learn how to determine your income goals and calculate business costs
Learn about the psychological aspects of pricing
Learn how to track revenues and expenses, make informed projections, and gain a clearer understanding of your artistic business finances.
Learn what records to keep and why, and for how long
Learn how to make a budget and financial reports
More About Your Instructor: Thomas Harris is the Small Business Financial Wellness Specialist at American 1 Credit Union. He’s been in his current role for about a year, and has been with American 1 for nearly three years. Thomas began his journey as a teller and has since built on his knowledge and experience. He is passionate about helping small businesses and individuals enhance their financial understanding and achieve their goals. Learn more about Luke Barnett by clicking here.
Attendance Requirements: Students must attend all days
Location: Sam Beauford Woodshop, 1375 N. Main St, Building 41, Adrian, Michigan 49221
Class Size: Maximum 30
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If you have any questions, please contact Dena Koehn at dena@sambeaufordwoodshop.com or 517-759-3070.