How to Calculate The Price For Your Journal
Our calculator is designed to be simple and easy to use. It covers:
- your base costs of time
It also allows you to input a desired profit margin on top.
We hope this calculator helps you make more money for your journal business.
Please input below:
More Tips On Pricing Your Journal
How To Price Your Journal
One of the most challenging aspects to starting a journal business is determining how much to charge for your journal.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your journal, it's critical that you first identify all of your costs and consequently mark up your journal so you can factor in a profit.
The actual cost of your journal may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your journal, you'll want to create goals for revenue + how much profit you want your journal business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your journal is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your journal fits best in the marketplace.
All of these factors play an equal part in pricing your journal, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Examples of a successful journal business:
Ollie Aplin from London, UK started MindJournal over 5 years ago, a journal business.
- Revenue: $150,000/ month
- Founders: 2
- Employees: 3
- Location: London, UK
Hey! My name is Ollie and I’m the co-founder of MindJournal – a journaling brand for guys.
MindJournal is a groundbreaking journal to help you navigate the challenges of everyday life. It’s more than just a book — it’s your secret tool to help build a more resilient you. Using 30 powerful questions, based on scientific research — MindJournal will help you feel calmer and more motivated than ever to handle anything that life throws at you.
At the moment I’m working on designing the 3rd edition of our core journal that’s helped over 3,000 guys from all over the world. We’ve helped guys at rock bottom, to entrepreneurs at the top of their game all achieve one thing — feel more in control of their emotions and significantly improve their life satisfaction and self-worth.
Stefan Johnson from London, England, United Kingdom started Stone over 3 years ago, a journal business.
- Revenue: $40,000/ month
- Founders: 3
- Employees: 5
- Location: London, England, United Kingdom
Hello, my name is Stefan Johnson and I am the co-founder of STONE.
STONE began at the beginning of 2018 when we launched our first product - the STONE Classic, a notebook designed for chefs. In April of that year, we launched our Kickstarter, hitting our target in 24hrs and eventually becoming one of the most backed food projects in Kickstarter history.
Fast forward to 2019 and we have launched 6 new products with a further 12 in development, are launching an editorial side of the business and are now average around $40,000 USD per month in revenue with over 45,000 products sold.
The Food Diary ($9K/year)
Laura Mulkerne from Yorkshire, Virginia, USA started The Food Diary almost 4 years ago, a journal business.
- Revenue: $750/ month
- Founders: 1
- Employees: 0
- Location: Yorkshire, Virginia, USA
Hi, I’m Laura, and I’m the founder of The Food Diary Co. We currently sell one key product: a food diary for people who want to track their food, symptoms, and wellness. Our diary was originally created for people with digestive and/or chronic illnesses such as Irritable Bowel Syndrome, IBD, Coeliac and more, to better understand their trigger foods and digestive upsets, but it can help anyone better understand the effects of their diet on their overall health.
The diary is a gorgeous, leather-look journal encompassing three months’ worth of tracking, with a special design to help you discover what food and non-food triggers have the most impact on your health. The Daily Page is set up for you to track not just your diet and symptoms, but also key non-food triggers such as sleep quality, exercise, stress levels, and medicines.
Then comes the important part: the Monthly Page prompts you to sit down and take the time to analyse the previous 30 days, and asks specific questions to help you spot patterns and the things that are having a negative (or positive!) effect on your health. It’s a bag-friendly A5 size for carrying around with you, and the pages are undated so you can get tracking straight away. Best of all, the design is discreet and stylish - so no-one will know what you’re tracking (unless you want to tell them!).
Jared Gold from Washington D.C., Washington, D.C., USA started PurposeCards about 2 years ago, a journal business.
- Revenue: $300/ month
- Founders: 2
- Employees: 0
- Location: Washington D.C., Washington, D.C., USA
Hey there, I’m Jared Gold, and I’m a founder of PurposeCards: daily micro-journaling cards that help you make every day successful. Simply fill out the sun side in the morning, the moon side in the evening, and then store your card in the box behind the “Completed” tab for easy reference later on. They’re the size of a credit card so they’re easy to take anywhere and intentionally minimalist so they’re easy to commit to.
We launched our Kickstarter on March 24th, and as of April 6th, we’ve raised $1,565. We decided to launch right as COVID-19 infections started to accelerate because we figured this product could be very timely (and we wanted to get this out the door ASAP). Therefore, we didn’t have time to build a list or other pre-launch things ahead of time, but we have multiple other marketing initiatives actively going right now, where if a single connection works, it could really make the campaign a massive success (more on that below).
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