How to Calculate The Price For Your Sign
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 sign business.
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More Tips On Pricing Your Sign
How To Price Your Sign
One of the most challenging aspects to starting a sign business is determining how much to charge for your sign.
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 sign, it's critical that you first identify all of your costs and consequently mark up your sign so you can factor in a profit.
The actual cost of your sign 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 sign, you'll want to create goals for revenue + how much profit you want your sign 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 sign 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 sign fits best in the marketplace.
All of these factors play an equal part in pricing your sign, 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 sign business:
. Front Signs ($9.6M/year)
Gevorg Hambardzumyan (from Burbank, CA, USA) started Front Signs almost 7 years ago.
Hello, my name is Gevorg Hambardzumyan and I’m the CEO and co-founder of Front Signs. I started the company along with three of my friends back in 2016. Now it’s one of the lead sign-making companies in Los Angeles and the largest in Burbank, CA.
We’ve built our business from the ground up with our own funds. At first, we were alone, just four of us. Now we have 42 employees and our team continues to grow with our company bringing in average monthly revenue of $800,000.
. Sign Spot ($2.64M/year)
Lerno Esmaeilian (from ) started Sign Spot over 7 years ago.
My name is Lerno Esmaeilian, I am the CEO of Sign Spot, a full-service custom sign business based in Los Angeles, California. Sign Spot was started by my father and me in 2016. My father has over three decades of experience building signs. His career began in 1986 with a focus on building three-dimensional marketing materials. In 2016, we decided to officially start Sign Spot, and in 2020 I took over all operations. I’ve always been inspired by my father; his ambition, skill, and tenacity are unmatched. With Sign Spot, I am driven to continue my father’s legacy and ensure that our business is built to withstand the test of time.
By leveraging technology, we have been able to achieve a steady runway of growth and we don’t plan on stopping anytime soon. To say that I am incredibly proud of the work we have done is an understatement. I can’t wait to see what the future holds for Sign Spot and all our clients.
. CocoSign ($240K/year)
Caroline (from Singapore) started CocoSign over 3 years ago.
I am Caroline, Co-founder, and CEO of CocoSign. Our venture, CocoSign, is a platform that offers a tech-based solution for users to digitally sign legally valid documents.
Founded in 2020, CocoSign has come a long way, currently generating monthly revenue of 67.3K from 2000 sales, CocoSign has a 5% increase in customers every month.
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