Hi, brand new to site, loving what I see! Excitedly designing
new product for market, my question is...how do I set the
Retail price for my product? Is there a formula? Thanks!:D
BizResearcher has given some good advice, and will keep you from making the mistake that many businesses make of not charging enough to cover their costs. Even making a little extra on what you sell will not always be enough to keep you in business.
Price will depend a lot on what it is you are manufacturing and selling. Is it a multi-million dollar product, or something that will sell for a dollar? What will the market bear and what is the competition for your product?
Is your product a one-of-a-kind product, or is it one of many similar ones? Is your product a better one than the rest? All of those things matter in pricing.
You can make 1000% profit (or more) if you have a product that is the best in it's field... and in a field where your product is hard to find.
One huge mistake people make is to charge just enough to cover costs, plus a little extra. That leaves no room for marketing, improvement, and inventory and functioning. If you are just getting by, then you will always be scraping by and will not succeed for very long.
Create the best product in your field and charge more for it than others (again, it depends on what you are selling).
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