You’re probably making at least one of these five handmade product pricing mistakes that can cost you sales, attract the wrong customers to you and maybe even cause you to go out of business. Watch this video now so you can fix your product pricing and avoid all of that from happening.
The first mistake is when you don’t use a pricing formula. I believe every product price needs to follow a two step process. The first step is you need to use a formula. My formula is taking your materials cost, add your time spent making your products, then multiple by two. That gives you your wholesale price. Then take your wholesale price and multiple by two again to get to your retail price. Now, even if you never sell wholesale, it’s healthy to include it anyway, and what that does is adds an extra layer of profit for your business that keeps you sustainable.
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