Lesson 7 – The Catalog (The Master Product List)

The Following are the Transcripts of this video:

00:00:00:00 – 00:00:28:04
Unknown
Welcome back to module three. Lesson seven. The final lesson in this module. In this lesson we’ll explore the master product list or your actual catalog. This serves as your complete product catalog and a bird’s eye view of your entire business in one place. This sheet automatically pulls the total cost for each individual product sheet and displays the extended price.

00:00:28:06 – 00:01:04:01
Unknown
A suggested sale price, and it’s hardwired with a 1.5 markup. From there, you can enter your Etsy sale price and test different pricing strategies to see how these numbers impact your bottom line, based on the actual costs and the anticipated fees. Let’s get started. And here we are again. When last you and I spoke, we were working on our new product template and creating our recipes for products.

00:01:04:04 – 00:01:46:05
Unknown
This is the Daisy welcome DIY. And this is the Daisy welcome. Also, the new product template is still blank. All of that pulls from the Master Materials list. So as we determine that we need new items to build new things, we just add them to the materials list and in our product pages we can pull them from the list that automatically updates the cost, keeps everything nice and order keeps everything consistent.

00:01:46:07 – 00:02:32:10
Unknown
The master product list. This is underwhelming at best, I know. But wait until you see the magic. Okay, this is going to be your product list, your pricing catalog, your everything. Watch how I type in the tab with the for the Daisy welcome. And magic. That’s right. It automatically pulled in the material list, pulled in the labor cost, the packaging, the shipping for our total cost.

00:02:32:11 – 00:03:09:12
Unknown
Now, many people would say that that should be your sale price. I disagree because this total cost does take into consideration paying me $25 to make that product. But is that really your sale price? Are you really going to say that you don’t want to make something on top of just simply paying yourself to work? So the way that this sheet is set up is it takes this amount and then it multiplies it by 1.5.

00:03:09:15 – 00:03:41:14
Unknown
And that way you’ll get, a profit. So essentially we’re saying that if you were able to sell that Daisy welcome for $82.50 roughly, you would make you would earn 2750. And that is paying for shipping. That is paying yourself $25 for an hour’s worth of work. Right? That’s pretty good. Now, let’s say you want to try and sell that on Etsy.

00:03:41:15 – 00:04:15:21
Unknown
I’m going to put in 80 to 50 as my sale price for with 82, 50 as my sale price. My profit after sales is no longer 2750. My profit after fees is now 1922. That’s right, because Etsy takes its fees on the total amount that you get paid, and then takes the shipping out and pays the shipping and then pays you.

00:04:15:24 – 00:04:53:06
Unknown
Let’s add the next one. Daisy underscore welcome underscore DIY. There we go now. All right so there’s my shipping. So my profit is $32 actually making more profit. But interesting enough it’s telling me that my cost is more. And I wonder why that is. Oh that’s right. Remember I changed my hourly rate to $85. I also, put 25 minutes, I didn’t I it’s it’s all different.

00:04:53:06 – 00:05:34:09
Unknown
It’s all different now. So, Yeah, but let’s just take a look at if I sold this for $62 on Etsy. Why is this -62? My math. So my. Oh, I see because my total cost is coming up as oh because my labor cost because my labor cost is so high. But actually if we’re really going to be honest about this is much lower of a labor cost because, I don’t have to do much of this stuff.

00:05:34:11 – 00:06:03:14
Unknown
So I’m just going to adjust the labor on the tag. Now, my labor cost is literally $6. I could sell this for so much less and make a profit if I sell it for $62. I’m making $20, but I’m also paying myself, right? Even though it says I’m only paying myself $6.25, I’m spending a lot less time. I’m not painting.

00:06:03:14 – 00:06:09:22
Unknown
I’m not gluing, I’m cutting, and I’m putting it in a bag.

00:06:09:25 – 00:06:32:15
Unknown
In the next lesson, we’re going to go over how you can possibly list anything on Etsy using these numbers, using these three examples. I’m going to show you how you can look for opportunities and how you can look for ways to list your products on Etsy so that you can make these profit numbers.