The Tricky Business of Calculating Profit

Posted by PChip | Published in: Tools | (2) Comments-Add Yours!

Most digi-art designers will tell you that selling products through PayPal is rather easy to set up. But it can be a little challenging to determine what your take home pay will be. The variables to consider are of course the PayPal fees, but also the commission amounts being paid through consignments shop sales as well. That’s where it gets a little tricky.

I’ve created a trio of calculators that will tell you in a snap the profit information you desire. I put the required formulas into an Excel Spreadsheet and have made it available for download through our business network. If you haven’t already joined, here’s another great reason to come aboard. Handy little tools like this can be such a time saver! If however you prefer to calculate the info yourself, here’s three different scenarios for you to consider:

Solo-Preneur Selling From Your Own Store

You’ve taken the time to set up your own shop and it’s time to set product prices. But how much will you make when selling through PayPal? Since you aren’t paying commissions to anyone, let’s just say your only expense is your PayPal account fees. The most-often used PayPal account level are the standard and pro account levels. Both have the same fee structure of 2.9% + 30-cent fee for a single sale.

To figure out your PayPal fees for a particular sale, you multiply your retail price by 2.9%, then add 30-cents to that amount. Then to determine your profit you deduct your PayPal fees from the retail price. For example the calculations for a $2 sale would be: (2.-(2.00 *.029)+.30). Telling you that $1.64 will be your profit after the sale.

…continue reading the rest of the story

This article was posted by PChip published in: Tools
Subscribe to our site RSS or the comment RSS feed
Use this button to Share This at your favorite social networks or Email it to a friend!
(2) Comments-Add Yours because we love hearing from you and we DO Follow!

Select Your Advisors with Great Care

Posted by PChip | Published in: Business Coaching | (3) Comments-Add Yours!

Many books offer you information about mentor/protege relationships. I’ve recently finished a book titled, The Power of Focus by Jack Canfield, Mark Victor Hansen, and Les Hewitt, which offers several section in it on this very subject.

By reading this book you can find out why some of the world’s greatest achievers believe one of the best ways to improve your business is to enlist the aid of people who have experience in areas where you need help the most. The authors tell you that one person you want to have on your team is a trusted mentor. I have to agree wholeheartedly, as would my mentors.

A mentor is a personal tutor to help guide you in your life. Some people have several mentors, each one assisting them in a different area of interest. Whether you are talking about a life-coach, a religious counselor, or a financial advisor, choosing your mentors is an important task and not one easily accomplished for many new business owners.

Tips for Building the Right Mentoring Relationship

Identify the right person: When identifying who you’d like to develop this special business relationship with - it’s best if you align yourself with a person who has experience in the same career field as you and one who’s willing to share their knowledge and experience with you on a regular basis. So look specifically for a professional working in the digital scrapbooking industry or someone in a related industry (digital photography, etc.)

…continue reading the rest of the story

This article was posted by PChip published in: Business Coaching
Subscribe to our site RSS or the comment RSS feed
Use this button to Share This at your favorite social networks or Email it to a friend!
(3) Comments-Add Yours because we love hearing from you and we DO Follow!

Use B-2-B Kits to Grow Your Business

Posted by PChip | Published in: Designing | (1) Comment-Add Yours!

There are so many digi-scrap designers in the marketplace now. Some even say the market has too many. I don’t agree with them. When it comes to artists, I’m not so sure you can ever really over-saturate. However, I do agree that the competition for selling products to digital scrapbooking hobbyists is very strong.

Also on the rise are the number of designers creating for other digi-scrap professionals. If you already create for hobbyists, you may also find that there’s a market for selling those same products to your peers. Digi-scrap professionals are looking to maximize their time more now than ever before.  Products created to help them out, are of interest these days!

If you are handy with creating shapes, actions, brushes, textures, and other such things - you may want to consider a marketing campaign directed at attracting other designers. If you want to stick to papers, elements, and other finished products - then keep in mind the wave of professionals now freelance scrapping for others.

…continue reading the rest of the story

This article was posted by PChip published in: Designing
Subscribe to our site RSS or the comment RSS feed
Use this button to Share This at your favorite social networks or Email it to a friend!
(1) Comment-Add Yours! because we love hearing from you and we DO Follow!