How To Price Your Products
You are first and foremost a creative person! When it comes to business related matters, perhaps you feel that you should just put your product up for sale, stick a price on it and see how it goes? This is often how many people start and as time goes on you are in full swing; making, packaging, selling. Money is coming in and money is going out. You’re in business!
However, one mega important aspect of your business could be completely missing…are you making any money? Even worse, are you losing money?! This is a hard question to address and it all comes down to how you are pricing your products. Below is a guide to help with all the costs that need to be considered before pricing your product:
Don’t be afraid of this formula, it is a must for you to be able to survive! If you feel your final cost is far too high for your product then think of ways to make your product more premium. Can you slightly increase your material costs and packaging to something a little more luxury or perhaps offer your product with personalisation? If that isn’t possible, why not try find ways of making your product cheaper, look at any of the four points above and find out what you could do to bring that cost down, bulk buy your materials, or create multiple orders at once to bring down your labour time.
Whatever you do, make sure you stick to the formula; value your skills, your time and your product, if you do then please be assured that others will too!