Shortly following the networking professional practice we had a lecture on costings which again was extremely helpful if I was to think about setting up my own business, these are all things that perhaps as a designer you forget about because of course it is no where near as fun the designing process. However it is equally important to make sure you have a successful working business and to make sure you create a profit.
What I took most from this lecture was how you apply a cost to your product/designs to either stand out from the crowd or have a place within the market. The general rule applied is..
Materials/units + hours worked
Total fixed overheads/feasible units
As well as this rule, there are a long list of things I would need to keep track of such as keeping receipts and monthly supply costs etc.
Everything from this lecture is was completely new to me and found I was taking notes an everything, as well as the costing and number sides of things I was taking notes on how you increase pricing throughout the development of your business. This defiantly was something I did not think of but I left the lecture with examples of how you can develop and enhance your business to ensure you continue to make profit. A few of these examples were branding/packaging to adding stories about your growth in your business.
Most importantly I found it is always good to value yourself and designs!