Floral Business Pricing Foundations.
Okay, do this with me. Shut your eyes….. Tighter.
The tighter they are shut, the better your wish will come true.
Okay, now say this with me, “I wish, I wish, I wish, I could just make pretty things and create memories and the money part will just… work out.”
(pause…. did it work? ya, me neither.)
Aw crap, well, so much for money magic. I guess we’ll just have to do some real work to make sure we are making a profit and covering our butts.
Raise your hand if you’ve searched for pricing formulas and financial advice with dismal to so-so results? (woosh) Whoa, I need to reposition my eyebrow hairs from that breeze you created. Ya, me too.
And I get it. PRICING IS PERSONAL. It’s based on so many tangible and intangible things. It’s in some ways math, in some ways marketing and positioning.
The only real thing your pricing and financial plan has to do is cover YOUR needs and your businesses needs.
For the first 7 years of my business, I searched and searched for the golden nugget of a pricing plan for a business as weird as wedding floral and event design.
And then it occurred to me… I have 7 years of details expenses and price data and can directly relay those into what they yielded in money to my pockets. I can figure this out.
Hindsight is 20/20, right? so I literally can go back, see if there were any “purty deeds done dirt cheap”, revise to my preferred scenario, and apply that data to what is going on now.
So I did. And, well, I like it.
Everything I’ve found is oversimplified, incomplete, or just irrelevant.
“Just multiply your materials by 4.5X” they say…. Ya well, what do I charge for that botanical armature thing that is made from what’s in my recycling bin that will take forever to not look like trash?
What about the linens and vintage furniture I am renting for my client? That’s a lot of money that looks like my revenue but just flows through my business?
What about the hours I am spending figuring out what this is even going to look like.
What about the people that I am going to hire last minute but didn’t charge for because I am so freaked out that I don’t have enough setup time and would rather pay more people than allow more eyeball twitching stress than is absolutely necessary?!
Ya, I get this pricing formula is set up to reap massive profit but that doesn’t help me determine sales goals and whether or not I can experiment with that new high end wedding show.
Where’s THAT pricing plan?
Well, there isn’t one. But now I see that there is YOUR pricing plan.
Because what’s success looks like for you is different from the other gal who has three kids under school age.
Success for the farmer-florist isn’t going to look like the success of an event designer and producer.
And success for you now isn’t going to look like what success will be for you later.
But there are some shared foundation principles that we can all agree upon. AND surely for all of us. Success is NOT being in survival mode.
And HOLY FLAMING FIELDS OF FRUITFUL FREEDOM FLORAL FRIEND, when you know YOUR pricing, so much of the mental gunk that causes uncertainty and doubt just goes away. And your hustle has direction.
Your beginning of the year looks like this…