So you want to start an online educational shop for other creatives? Good thinking! The average millionaire has 7 streams of income. So why shouldn’t we strive for the same? Creating the products that will go in your shop sometimes feels like the easiest part of setting up this passive income stream.
One of the most common questions I get about creating a profitable online educational shop in the wedding industry is: “how much should I charge for these products?” In this post, I’m showing you what you need to know about how to price your products in your online educational shop.
To be totally honest, it’s very likely that you are undercharging and undervaluing what you are putting in your shop. There’s a large range of what you can charge for shop products. So how do you decide what you should charge? Ask yourself these questions to come up with the answer:
- What is the product? What problem does it’s existence solve? The more painful/urgent the problem, the higher you can charge. Let’s say you’re a wedding photographer and you want to sell website templates for photographers in your shop. This is not a super urgent or painful problem to your consumer. But what if your template was a template for sales pages for educational courses. That is likely an urgent and painful problem that a consumer will want to solve quickly. So they will pay more for that sales page template than just a regular template.
- What is the customer’s reward for buying your product? Will the products you’re selling give your customer a skill that will allow them to charge higher prices in their own business? Will you be saving your customers massive amounts of time or money? What are the long term effects of buying your product?
- Is your product done for you or customized? Done for you templates, worksheets, timelines are items that you can charge more for. Because they are making your customer’s life that much easier.
You need to be confident in your product and pricing. Whatever price you pick, be confident in it. So what are you waiting for! Go start that educational shop I know you’re dreaming of!
Book a 1:1 business intensive with us. We can brainstorm shop ideas, help you price your items, and even get a launch plan in place.
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For details on booking mentoring, you can connect with us via our contact page.