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The Alpha M. Podcast

Borrowing Money From Parents To Start A Business?! $$$

Apr 16, 2021
Dive into the world of entrepreneurship as the host shares insights on launching a sunglasses brand, discussing pricing strategies and inventory woes. Explore personal growth through YouTube and the importance of authenticity in business. Hear about the challenges of starting a beverage company and the potential of a mobile coffee venture. Should you borrow money from wealthy parents to kickstart your dream? Discover valuable networking strategies and learn why valuing your expertise is essential for successful business relationships.
47:43
Creator website

Podcast summary created with Snipd AI

Quick takeaways

  • Understanding customer feedback is crucial for pricing strategies, as demonstrated by adjusting sunglasses prices to enhance sales volume.
  • Creating authentic content on platforms like YouTube fosters personal growth and a deeper sense of responsibility towards one’s audience.

Deep dives

Pricing Strategy and Lessons Learned

Initially set at $150, the price of the sunglasses was quickly dropped to just under $100 based on early sales feedback and performance, highlighting the importance of listening to customer sentiment. The creator aimed to produce high-quality sunglasses with premium materials like Italian acetate and Zeiss lenses, which typically retail for $300 to $400. Early sales showed $150,000 instead of the anticipated $300,000, prompting a price reassessment after receiving comments from customers regarding price sensitivity. By ordering more units and making slight adjustments to costs, the price was effectively lowered to $95, leading to greater sales volume despite reduced per-unit profit, exemplifying the relationship between pricing strategy and customer feedback.

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