SUNDAY LIVESTREAM REPLAY! 3-05-23, Custom Coaster Boxes & Coffee Gift Card Files!

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[@lasermakersrealm]

Thank you all so much for joining us!

[@lightspeedlaserengraving6048]

Information overload. You gotta love it. Thanks guys.

[@TheLouisianaHobbyGuy]

Ah... the Replay! 🤪 You can watch anytime you want!

[@armydoggscreations8195]

You guys are killing it, keep up the good work

[@TheLouisianaHobbyGuy]

Thank you!

[@davidelder5399]

Great livestream 👍

[@TheLouisianaHobbyGuy]

Thanks David!

[@MakrTheory]

Great show. Thanks for letting me join. I enjoyed hanging out and helping answer questions.

[@TheLouisianaHobbyGuy]

Glad to have you! Drop in anytime; you'll be on the invite list!

[@kensutton174]

Rich do a video on turning a pen then laser engrave it. That’s why I got into lasering 🎉

[@TheLouisianaHobbyGuy]

It's been a lot of years since I turned anything Ken! The lathe is in storage.

[@kensutton174]

Good to see you all!!🖐🏽

[@TheLouisianaHobbyGuy]

Glad you could join us Ken!

[@rugger742]

Great live! When are the files gonna be available? Looking for Rich's coaster boxes.

[@lasermakersrealm]

Friday Mike, tomorrow. They'll be on lasermakersrealm.com

[@michaelmcdonough1989]

Rich do you use a USB hub win running multi lasers?

[@TheLouisianaHobbyGuy]

No Sir... I don't want to drop any packets and loose the job.

[@TheJmllr112]

Steve question you said multiply the price of your material times 1.62 is that like the whole sheet or you breaking the sheet down into your individual part to price your work

[@MakrTheory]

If the sheet is unusable after you cut your parts, then I would use the whole sheet price. If you can get two sets of parts out, then divide it accordingly.

[@TheJmllr112]

So I can get 15 pairs of earrings in a $5 board That's saying I should charge 54 cents per set of earrings

[@MakrTheory]

@@TheJmllr112 You will want to factor in all the costs associated. The studs, backers and any packaging you use. Also you really want to keep in mind the market you are working in and what it will bare.

[@HoboWithWood]

I've been in some form of retail my entire life. This is talking about the cost of materials ONLY. Your time and labor has a value of its own. On AVERAGE you hope to have around a 40% gross profit. I found early on if I take the cost of my costs and multiply it by 1.67 it would yield me around a 40% gross profit. When I was educated about the Golden Ratio and learned it's value is 1.618033988749894..., I recognized how close it was to the value I have been using all my life as a benchmark. With that said. You want to have an average of a 40% gross profit. Some things are entirely to hard to make that kind of gross on. While others you can actually triple you money on. Example: items under $10 COG would be marked up 2.5 times, items less than $20, but more than $10 COG I would double my money, above $20 COG would get the multiplier of 1.67. This would hold true until it was competing with a similar product on the market of equal or greater value, then a market price would be determined. If that market price fail below an acceptable gross profit, it would no longer be a product I would try to sell. There are always exceptions to any rule. And these have been based on my personal experience. I've managed one of the top 10 Mitsubishi Motors Parts Dept in the US for years and they tried to hire me to work my Mitsubishi Corporate. Then went on to operate the most successful and profitable retail tire stores in my region for a decade. So I know a little of which I speak. But the most impressive thing to me when I learn of the Golden Ratio and it's value. I was truly surprised to see how many places it exists in nature, designing and for me, (unknowingly), price mark-ups. Hopefully that was a little clearer than the livestream. Thanks for watching,