Pricing Your Products To Make A Profit
There are multiple ways you can go about pricing your products, but as a startup business, I recommend to double your costs.
It’s important to keep track of all expenses for your products and shipping costs. This includes the mesh, ribbon, shipping box, tape, business cards if you include them in your package, etc.
(Tip: If you got one of your items on sale, do not use the sales price in calculating your item. If you price your product too low, customers will perceive your items as low quality.)
It may help to do a little research on what similar items are selling for to get a good idea of a starting price.
In terms of charging for labor you can do it in terms of hours or percentage. The best way to go about this would be to use a price calculator, or essentially using a recipe to calculate the price of the item. It may help to entice buyers with free shipping. This may be the selling point for most buyers! The pricing calculator will help configure this.
Also, keep in mind the shipping fees. Whether or not you are using a credit card processor that charges a percentage of the item total and the fee to weigh and mail the products. Add these fees into your price.
Remember not to sell yourself short. Charge the fees and price your items accordingly because we are not in business to give things away. This is your business, your time and talent and you’re worth it!
For more info on pricing and a complete guide are starting a shop, check out the Hard Working Mom Ebook here!