How to price your products to make a profit
One of the most important things in business is pricing your products so that you make a profit. It is also one of the most difficult parts for
new business owners. Just how do you go about pricing your products so that you can get a profit? The answer is simpler than you think. When you
are first starting out, the best thing to do is take all your supplies and double the cost to arrive at a price. The most important thing to do is keep very
good records of all your supplies, including shipping cost and any fees for selling your products.
The best way to keep track of your supplies is to use a price calculator to keep track of all your supplies and create a product recipe for products that
you create often.
One important thing to keep in mind when setting your prices is not to price your items based on emotion. Do not allow your emotion to factor into
your price. Use a price calculator to determine what you should charge and stick with that amount. Most entrepreneurs find it difficult to set a price
and stick to that price. They often feel guilty or feel that they will not be able to charge what they should charge. That is emotion talking and you need
to learn to tune that out. If you listen to your emotion and price your product too low, you will cause buyers to questions why your price is too low.
There is a perceived notion in most buyers mind that quality costs more. You need to remember this when pricing your products.
Once you have determined your price, it is advisable to do an internet search to make sure your price is in line with similar products. You can do a
google search and also look on Etsy. This will help you feel more comfortable with your price. Remember to stick to your guns and do not lower your
price.
Remember that you are pricing your time, passion and creativity when you are pricing your products. Be proud of your products and remember
people are buying your unique product because it speaks to them. It requires trust for a person to purchase from you and setting your price too low
can cause that trust to be questioned. Buyers expect to pay more for quality and if the price is too low they will associate that with lower quality.
If you need help with a price calculator make sure to signup for our newsletter to get our price calculator for free. It is very detailed and can be used to keep track of product recipes as well. Click HERE to get the price calculator. Have questions please leave a comment and we will be happy to help.
Just found your web and love your stuff
Thank you Janis
Hi Lori, my name is Nancy, and I’m new to the wreath business world. My husband and I have this on going battle of me wasting money buying supplies! I’m just now starting this I told him to make money you have to spend money. Please advise me on how to do this without putting us in a hole financially. Some people say it’s good to just buy as I get orders, but I want to kind of stock on supplies.
When you first start a business you will spend money because you have to have supplies to make items to sell. It is good to start with about 5 wreaths then sell before you buy more supplies. The thing to remember is that you can write the items off on your taxes and you need to reinvest your sales back into your supplies. It takes time to build a business. My husband was like that at first as well.
Saved as a favorite, I really like your blog!
Hello! I love your YouTube !
Thank you I am so glad
Thank you for the helpful videos. I just made a beautiful wreath for my friend that she wanted for her beach house. I watched hours of your videos on puffs and ruffles which is what I did for her with ribbons and embellishments. She LOVED it. I did not know how much to charge as this was really just a hobby but i think it could be something a little bit more. She said she would pay me $80 which i thought was awesome as she is my friend and i didn’t want to over charge. She said later that i need to never doubt my worth and she thought $80 was a bargain. I’m trying to get on etsy but haven’t done it yet. Just started really and so far have made for friends but they have bought. I’m do deco and tulle. Thank you for all your help in your videos. Love Bella she is so sweet. I have a boxer and a snoodle.