Episode 151: How to set and get the best pricing on your homestead products

Are you trying to earn an income on your homestead? Many homesteaders look to make extra money by selling products from their homestead. In this video, we talk about how to set the prices of your products and how to insure you can get the those prices regardless of competition. I list practical examples and include detailed examples from our homestead.
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[@antonhuman8446]

One can lie to anyone else. But not yourself. I'm addicted to these presentations. And with excellent reason. Thank you!

[@jimcameron6297]

good job

[@jgonzz10028]

Your comments on product differentiation reminded me of Bernie Sanders' comment of America having "too many" deodorant brands and varieties.

[@RedToolHouse]

Because more competition is always a bad thing, right?

[@jbaker4900]

I have ran the numbers on the most common critter raising for profit. By far the most profitable is bees. This is accounting for time, money invested, and ROI. Something to consider if you're not allergic.

[@RedToolHouse]

What do you typically see in margins? I imagined the startup costs for bees was significant.

[@robertdoell4321]

HIGH VALUE INFORMATION in your videos. People are wise to use your information. Free COntribution is to Look to the best products you like and look at their Labels and Branding and try to use the same techniques in your product labels which subconsciously tell people you product is associated with Royalty or luxury or the words you use imply those feelings. Like Budweiser the King of Beers and Beautiful Majestic Clydsedales.

[@bendigr]

this was very interesting. thank you.

[@FlutyLickHomestead]

Great advise

[@MTNurse]

Another REALLY,REALLY, REALLY informative video! Thanks!

[@robertdoell4321]

Free advice is to look around and see what high prices quality items use for Labels and advertising to attract customers like BUdweiser King of Beers Majestic Horses Beautiful Clydsdales and Royalty of colors and Godl and Silver on Labels all work on the subconscious of consumers minds as they purchase products. If you can distract the buyer with information that tittles the imagination for asecond they forget about the price and will pay more.

[@johngrasso1137]

How many people actually return the cartons? I love your channel!

[@Mavrck-it2kq]

I love your marketing videos. I cringe at what this would cost me if I called your firm to get this information. I really appreciate you taking your time to comp us a little marketing wisdom.

[@RedToolHouse]

I could talk about marketing for hours or until I am asked to shut up. You should hear my 2 hour lecture on google analytics and data tracking...riveting!

[@Mavrck-it2kq]

You say that but understanding seo is important and honestly there are so many seo rip offs out there its hard to find good straight forward info on it.

[@RedToolHouse]

Oh, man, don't get me started about SEO rip offs. I had a client that was spending $10K per month for SEO and was getting very little results. I have a client now that is spending $5K a month and doesn't even show up on the first 5 pages on a SERP test.

[@Mavrck-it2kq]

On a serious note is that something you do? My non homestead business could use a good service for appearing higher in search results.

[@RedToolHouse]

Yes, we do consult and provide SEO services. You have to treat SEO like water. Follow the path of least resistance. If you are in a heavily competitive market, you are going to spend a lot of time/money to rank high. There many be other keywords (long tail options) that can allow you to find your audience from a different perspective.

[@rickyfink9891]

I'm curious as to how you have chickens running around? My cousin raises chickens for eggs, but has to have fencing above them because all of these massive chicken hawks that have tried getting his chickens before.

[@RedToolHouse]

We have discovered the black chickens help keep the hawks away as they are mistaken for crows.

[@jeanettewaverly2590]

I am loving the heck out of this series, Troy! As I contemplate becoming the miniature meat goat maven of eastern Kern County, California, I'm thinking I'll be relying on the information you're presenting. Many thanks!

[@RedToolHouse]

Awesome! Sounds like you could rule the miniature meat goat world! Good luck with your efforts.

[@workingclasshero7239]

Another great video Troy very well put together and educational.

[@guyranting]

If you were to receive $850k from a business sale, what type of homesteading could set you up for life?

[@RedToolHouse]

guyranting depending on where you were willing to live and what you would consider comfortable living, you could have a VERY nice setup for that kind of cash. Don’t know your age but you could probably retire

[@travisjones7516]

Could not find any info on Google about juicing butterflies 🙁

[@RedToolHouse]

That could be our niche market!

[@bootmender]

Very good video, keep up the good work!

[@derekbraswell8313]

Great video! A lot of good information.

[@RedToolHouse]

Thanks!

[@KaleidoscopeJunkie]

Good points ! And the steamer for your Mother is awesome. Considering the prankster in you..... 20:00 - Did you leave the letter "r" off the word "you" just see if anyone noticed.?

[@RedToolHouse]

I am not that clever. Totally a typo on my part. Rushing too much. Thanks for you attention to the matter.

[@bevlower6793]

Another! very good marketing show! Only... I would move #3 to #1...first, is there a market for my product? & is anyone else in my area selling this & if so for how much? that might affect how much I want to spend on overhead or innovation or if I even want to try & compete in this area at all. analyzing your market first might save you a lot of time & money.

[@RedToolHouse]

I agree. Market analysis is important. I think when homesteaders go with the usual items they could be ok as long as they aren't trying to live solely off that products income. When you start "inventing" new products that is when I would be extra concerned about feasibility.

[@ravenrealestateservices9519]

Best

[@sniperal77]

Im just a small town country guy and went to Aspen Colorado A guy was selling pasture raised beef at a flea Market / craft show he was getting 15 Dollars a lb for Hamburger and 35 dollars per lb for steaks. He had a market ...... RICH STUPID PEOPLE>>>>>>>>>> Note the local water districk was giving out free bottles of water but across from them a guy was getting 3 dollars a bottle for his colorado springs water........ He was busier then the free ones ..MUST be something in the water in Colorado ????

[@RedToolHouse]

Packaging and retail marketing can sometimes blur the lines of practical and common sense. Remember, many people spend $250K for sports cars.

[@MrAk907pride]

Hmmm, notice you didn't get into the realm of loss leaders and support products. Best examples of this are electronics and batteries (when I worked at Sears in the 70s our markup on electronic devices on sale at between -5% and 10% markup and our markup on batteries was 1500%). Another example is inkjet printers where the printer is definitely sold at a loss but the ink....

[@jeanettewaverly2590]

Good point!

[@RedToolHouse]

No doubt. Good points. Some farms use eggs as their loss leader. Gets you buying the bigger ticket items.

[@grantmeyer6097]

Comment

[@mailaloomy4219]

I started with Woodglut plans.

[@kenjett2434]

Very informative video i may have to contact you about a product issue i have. My problem is more of the good kind of problem. Not so much marketing as my products sell themselves. Its more of a position where i need to up the game in order to be able to have production meet demands.

[@RedToolHouse]

Send me some details via our website contact form redtoolhouse.com and we will see if we can offer any useful advice.

[@kenjett2434]

@@RedToolHouse thanks will try and get some particulars together and get in touch sometime soon.

[@henrymiller3654]

it would not matter to me, as long egg were clean and not broken . lol

[@sniperal77]

Troy Why Send your subscribers to amazon when you can could take the orders and get paid thru paypal or similiar Its not hard to ship out a shirt. Ive sold over 15000 items on ebay . You could sell at much lower price and make the same profit............. I would think most people who buy your shirits are subscribers.......................................Make them affordable.

[@RedToolHouse]

Alan w we are testing the amazon merch. I have a web store that has all of our apparel and other items at redtoolhouse.com

[@tylerkimble715]

Really good information, I never really considered eggs viable around here because of some of the things you described i.e. signs in people's yards selling them for $2 a dozen. Do you have someone local produce your labels? And does a large part of ypur customer base come from more populated areas or do you find they come from your local more rural area?

[@RedToolHouse]

Very good questions. We produce our labels through my marketing company's print wholesaler. 95% of our customers are from an urban setting. We live 30 minutes from our state's capitol city and that is where most of our customers live.

[@tylerkimble715]

Red Tool House - Homestead thats how i figure it would be around here. Most people dont put much emphasis on quality. They gripe about price and compare everything to walmart. But there are some areas about an hour off that might be worth the extra travel

[@RedToolHouse]

I highly suggest factoring that into your business model. Transport will cost more but it could pay off in the long run.

[@Northmanson1066]

Tears from virgin unicorns? lol 😂 😆

[@MrVailtown]

How did you come up with your company name ? ✌️👌👍

[@RedToolHouse]

It is the name of our road. The old road used to come through our valley and the Gas company's old red tool house use to sit on the back corner.

[@18Rhapsody]

Well that made the naming easier 😅

[@Steven-rn2bu]

What a great backstory to your name.

[@paullmitchell6400]

Great information. From all these great tips, i am convinced I could become the richest person on earth if only I could create freshly squeezed organic butterfly juice infused bacon made by non-GMO virgin unicorns... mmmm fantasy bacon. :) Just that one knucklehead who won't buy it... so the market seems pretty strong.

[@jeanettewaverly2590]

I'd buy it! Sign me up!

[@RedToolHouse]

Yes, I would be first in line for unicorn bacon!

[@tykeeney615]

First