HOW DO I PRICE MY PRODUCTS? | breaking down costs of goods using excel

HOW DO I PRICE MY PRODUCTS? | breaking down costs of goods using excel | soap business

Рет қаралды 122,480

Күн бұрын

Time Stamps:
0:00 - Intro
1:03 - Cost of Goods
2:04 - How to Calculate Cost of Goods
2:40 - What Needs to Be on the Main Label
3:02 - How to Keep Track of COGs
4:23 - How I Use Excel to Keep Track of COGs
5:12 - How to Create COGs Tracker Using Excel
5:17 - Creating Main Materials Sheet
9:53 - Creating Recipe Sheet
11:46 - How To Track COGs of Different Soap Varieties
13:43 - How to Get Cost Per Bar
14:08 - How I Price My Soap
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Пікірлер: 440

@clover.soapworks 3 жыл бұрын

Thank you for the video! As an accountant, it was fun to watch this. One thing you might consider adding into your cost is “waste”. Factoring in even 5-10% in material waste is actually more accurate. There’s oils that get left in bottles, fragrances that spill. Also, the failed soaps that happen due to various reasons can be captured in this. I didn’t see it listed somewhere but it may be something to consider! Great content!

@Raquel-jg6wt 3 жыл бұрын

Great advice ;)

@JerikaZimmerman 3 жыл бұрын

Great point!

@b.l.a.c.k-shiva Жыл бұрын

💎

@b.l.a.c.k-shiva Жыл бұрын

Yes and tax, insurance, packaging, bagging or shipping materials, market fees, website fees, reoccurring equipment costs, millage on the car etc. Advertisement if you pay for that kind of thing lol. Peace and Health

@alkemysoaps8433 3 жыл бұрын

Good info, and for us the general rule is "You should probably price a little higher than you're comfortable pricing." Creative people tend to undervalue their own creations, but you should price your soap at what it's worth, not what you THINK it's worth. It took us a while to understand the difference between those two.

@thedollstudio 3 жыл бұрын

Never been excited about Exel until today. Thanks for the info.

@JerikaZimmerman 3 жыл бұрын

Happy to help!

@None2Lose 3 жыл бұрын

My thought exactly.

@kathyh9678 3 жыл бұрын

where do we put shipping costs

@mistymasters3148 3 жыл бұрын

So I’m a bookkeeper and this is my everyday job haha and you explained it beautifully!

@JerikaZimmerman 3 жыл бұрын

Yay! Thank you!

@b.l.a.c.k-shiva Жыл бұрын

Girl, that's not the cost of each soap. What about your insurance, taxes, labeling, packaging/bagging, and reoccurring equipment fees, farmers market fees, gasoline etc? Saying that each soap costs a little more than $1 is encouraging the wrong crowd into soaping-- those who are in it for the short haul and to get rich quick and markets are saturated with them-- we know that getting rich quick is not your success story. It costs me $3 per small soap and I sell it for $5.25. What are your real total costs please? And is it my imagination or did you not include the costs of essential oils?? Peace and Health

@heymelissa123 11 ай бұрын

@@b.l.a.c.k-shiva so right, but she does give a disclaimer at 1:39 saying what the video will actually cover.

@b.l.a.c.k-shiva 11 ай бұрын

@@heymelissa123 And hoards of short term, get rich kind of people will throw their lot into the saturated soap making market because they really think the costs of the ingredients are all the costs. That's not responsible to let ppl think those are the only ongoing costs. I'm seeing the bigger picture. Peace and Health

@b.l.a.c.k-shiva 11 ай бұрын

@@heymelissa123 *Not to say that she even included all of the ingredients!* She didn't

@sherryzimmerman9220 3 жыл бұрын

The addition of the word ‘artisan’ is a reminder .... especially in a video like this ....where you are having to work out ‘cost analysis’.... put on the ‘business-women hat’.... it is a nudge to Yourself and others of what the desires of your heart is to create a product and put it out there and let others judge your work.... such fun to watch the growth

@melaniemorfitt2686 3 жыл бұрын

If you add into your spreadsheet the time how long it takes to make a batch, clean it up, shrink wrap, label etc, (never mind purchasing and marketing),...you start to see how that x4 is probably on the slim side. This 'artisan' will start valueing herself much more. (especially the skill finally acquired through a lot of 'failed' and then perfected creations!)

@melaniemorfitt2686 3 жыл бұрын

Can't wait to update my excel COG spreadsheet with these multiple pages pointing to the single locations. Your right, setting things up properly, sooner than later will help not get overwhelmed. As always, YOU ROCK!

@JerikaZimmerman 3 жыл бұрын

Fantastic!

@shalenef.5143 3 жыл бұрын

Thank you Jerica, I'm learning so much!⚘

@julianfarquhar 27 күн бұрын

This is so helpful. I have already watched it ten times.

@gammayin3245 3 жыл бұрын

The Apple spreadsheet equivalent to Excel is called "Numbers"

@SuccessfulShay 3 жыл бұрын

thank you!

@karlacolon5789 3 жыл бұрын

Thanks again Jerika for always being helpful and positive! I look forward to your positivity during these concerning times.

@amberskarmapgh 9 ай бұрын

Oh wow your story is Absolutely amazing! I'm a one man show cause I'm small time rn but I've felt that "calling" turn into a passion. I'd I didn't have to work and was richer I'd Absolutely make soap ALL DAY. God Bless you and the Soaping business

@lisadorazio7857 3 жыл бұрын

Great video! Thank you for being so informative!!! love it!

@dmalcolm2929 3 жыл бұрын

Hi Jerika, I'm back with another thank you!

@Ginasgirls2 Жыл бұрын

Thank you so much for this, Jerika! You are so helpful and selfless!!!

@indynikaj5365 2 жыл бұрын

Thank you so much, Jerika!

@angelalute1172 2 жыл бұрын

It is so kind of you to share this information, Thank you!

@teehlfx5238 3 жыл бұрын

This was a great video. Thanks for taking the time to talk everything out and demonstrate it.

@44DHernandez 3 жыл бұрын

VERY informative!! Thank you!

@joro7392 3 жыл бұрын

Thank you!!! I found this so informative 🙏🏼

@DLUXETV 3 жыл бұрын

Amazing video. Very helpful to new soap makers!

@katherinerubio5997 3 жыл бұрын

Jerika, thank you so so so much for this video! I’ve been stuck trying to calculate my cost of goods! I’d love to see more behind the scenes business videos from you! Definitely an inspiration!!!

@kellyneiderer6305 3 жыл бұрын

Thank you so much for sharing!! I am so glad I found you on KZfaq!!

@JerikaZimmerman 3 жыл бұрын

You are so welcome!

@musicartandplay5549 2 жыл бұрын

Thank you!!! You just don't know how much I need this!

@Nala_Tube Жыл бұрын

Fantastic video Jerika! Subscribed!Thank you 😊

@brigidatruman6978 3 жыл бұрын

i love your videos. thank you so much for being so kind and generous spreading free knowledge.

@KathyCollier-Mehl 2 жыл бұрын

This was so helpful. Thank you, Jerika for taking the time to do these videos. You are awesome.

@emilycook9847 3 жыл бұрын

My husband and I are trying to get our business started and going. I've been watching a lot of videos and now I'm actually trying to keep our costs organized so we can price everything correctly and this is perfect and you make it so easy to follow along with.

@acrylicavenue6056 2 жыл бұрын

Wow, wow, wow. I cannot believe how giving you are of your time and knowledge. I am in awe of your attention to detail and your generosity. Thank you so much Jerika xxx

@joulenesilvera9731 3 жыл бұрын

Thank you Jerika! You always provide such valuable information 🙏🏾❤️

@JerikaZimmerman 3 жыл бұрын

Happy to help!

@frocksandscrubsadvanceecoc3533 2 жыл бұрын

Fantastic tutorial. Love your channel.

@nomadicnana2730 3 жыл бұрын

I appreciate you!! I have been struggling getting my soap out there and on a good road to success and I've been discouraged for years. My daughter wanted to expand her streams of income and joined me in this journey. I'm so excited and looking forward to learning more from you. You're awesome!

@denisehaley9271 Жыл бұрын

Thank you for taking the time to share this necessary business essential Jerika. Great video as always 😘

@AtorieChiko Жыл бұрын

Thank you for this. Super helpful. 👌

@victoriahill5157 3 жыл бұрын

Thank you so much for this. So informative!

@katarzynaderkacz39 3 жыл бұрын

You are doing amazing job here! I absolutely love what you do, a big help for us starting soap dream!

@TheZenBeePgh Жыл бұрын

This is such a fantastic breakdown of how you keep track of your costs. Thank you for this information!

@katherinemagmore9157 3 жыл бұрын

this is going to change my life!!! i’ve been doing it all by hand every single time i need to product cost

@mstrinika 3 жыл бұрын

THIS VIDEO WAS EVERYTHING THANK YOU SO MUCH

@zolymarcreationsllc1137 2 жыл бұрын

Thank you this video was extremely helpful

@ahlamrous 3 жыл бұрын

Thank you so much! You are MARVELOUS

@karleyison2844 2 жыл бұрын

I’ve been binging your channel because I’m an esthetician wanting to make homemade skin care and wasn’t sure where to even start. Love all of your tips and tricks/advice 💕

@muckskincare Жыл бұрын

Great information for small business!

@katerinamik8736 6 ай бұрын

Excellent 🎉 you are a professional !

@evitacastor1593 Жыл бұрын

Wow! Thank you so much for this detailed video. Thank you

@marviav3071 3 ай бұрын

This is a very important aspect to know. Thank you!

@normaadams3413 2 жыл бұрын

THIS WAS SUPER HELPFUL!

@tamaslakometz 2 жыл бұрын

Thank you ! You are the best ! Helped me alot !

@soomysoomy8842 3 жыл бұрын

Wow, so informative! I'll definitely be updating my spreadsheets! Thanks

@Iamsophiagibson Жыл бұрын

Thank you Jerika!

@seanmcquillan3390 3 жыл бұрын

Thank you for this. I hate maths, I can do it but I hate it. I have just gone through the process of pricing my items and getting my son to double check everything. I hate having to recalculate my products based on different suppliers and different quantities, I also am ordering in larger quantities than when I began. I am only starting out, I am definitely going to use your method, thank you❤️

@nattymctatty84 3 жыл бұрын

Thank you so much for this, Jerika! Super helpful and informative! I'm loving all your videos and watching your channel grow :-)

@happymeee1 2 жыл бұрын

Jerika! Thank you so much for this awesome teaching video to help out greenies like myself. You are a fantastic teacher! These comments are so beneficial as well. May the small business gods bless you as you continue to grow and may you have great success. Happy soaping!

@tamarajohnson4051 2 жыл бұрын

Thank you!! Your videos are invaluable

@Tinga85614 2 жыл бұрын

Thank you for this excellent information.

@mamaafrika87 3 жыл бұрын

I just love you! You just wiped away years of stress. This is one thing I dreaded until now, thanks & much abundance to you!

@mitchellfarmandapiary 3 жыл бұрын

Thank you so much for this! I have always struggled trying to calculate prices for my products. Now that I will be getting into soap making as a business your videos will help me tremendously! - Thank you, Christina

@khalidahtaylor 2 жыл бұрын

Thank you so much for this!!! I'm LITERALLY just getting started and this part of it really overwhelms me! I've just printed out all of my invoices and am going to start creating my COG spreadsheet so that when I solidify my recipes, this part will already be done.

@michelecartagena8237 3 жыл бұрын

Thank you so much for this, I am in the beginning process of starting my business and I was so overwhealmed but this is amazingly helpful. I am very excited and can't wait to start my business. I am starting my supplies collection and getting my licenses and name together.

@juliahelland6488 2 жыл бұрын

Very helpful! Thanks for sharing ❣

@Nursealinamac 10 ай бұрын

Super helpful video !! Ty 😊

@historywalker86 3 жыл бұрын

This video was super helpful, thank you so much for taking the time to break excel functionality down and provide clarity on a subject that can be rather overwhelming. 👍🏻

@BarkinBetty 3 жыл бұрын

Jerika this is great! I've been trying to do this on just a sheet of notebook paper because Excel seemed so daunting. Thanks so much for breaking it down. This really helps!! Thank you!

@pattyschulz8892 2 жыл бұрын

You are absolutely wonderful! Thank you for being such a wonderful "virtual mentor". This was just exactly what I needed to understand how to accomplish!

@jadelynmartinez3369 2 жыл бұрын

A year later, and I always come back to this video for reference when I'm adding new products to my brand! This video is very informative.

@ednabotello8158 3 жыл бұрын

This is great information for any beginner! Thank you for sharing your knowledge

@MissThompson 3 жыл бұрын

I don’t make soap, but i do create handmade pieces from resin. I’ve been trying to figure out how to calculate the COGs properly to set my prices forever! Thank you so much!! We’re in completely different niches but your videos are always so very helpful 😊💕

@jeannettmadsen8856 2 жыл бұрын

Thank you, I needed this video

@BeautyQueen-6 2 жыл бұрын

I needed this so much !!

@amberknight8555 2 жыл бұрын

Thank you for the refresher course on excel. And I learned a lot at this point for a premeditated soaping business.

@JournalArtPaperie Жыл бұрын

so very helpful - thank you for sharing your expertise - you ROCK!!!

@kaylaraymond4865 2 жыл бұрын

Definitely need more videos like this!!!

@maribelduncan7764 2 жыл бұрын

Jerika, thank you for all the info

@thedenimredhead 3 жыл бұрын

Formulas save so much time. Love how you explained this. I am a candle maker and am considering dabbling in some soap. They can really be works of art! Thanks for the info!

@vanessamaistry7757 Жыл бұрын

This was soooo helpful... Thank you sooo much Jerika 😘😘

@yelenamalinovskaya8552 2 жыл бұрын

You’re amazing! I am considering to start my own hand crafted soap business. I am totally new to small home business, but good with hands and numbers. You’re teaching so many great points. Very valuable. I would love to have you as my mentor!

@corey6297 3 жыл бұрын

Thank you for the info and the excel tutorial, one of the best videos I've seen on pricing goods.

@charlenec.4457 3 жыл бұрын

Thank you so much, I’m going to give excel another chance. I love how you explained how to work the program as well as why.

@younganimals2948 3 жыл бұрын

I’m really excited for this video I really sometimes have trouble trying to plan a price for my soaps and products and it sometimes can be really hard really excited😁😁😁

@reetarbo8840 Жыл бұрын

Very helpful and so kind of you to share your expertise. You are very pleasant to listen to and a thorough teacher. Thank you! 🇨🇦

@amygrizzle9828 3 жыл бұрын

Thank you! I've been putting this off and now it's, exactly as you said, much harder than if I'd started earlier. But this is super helpful. Thanks for sharing!

@stoviinkcreatives6602 2 жыл бұрын

This was so so amazing! I literally used this as a tutorial to walk through it and help me build it. Thank you! :)

@chick-a-bee-farm 3 жыл бұрын

Great explanation! I despise math, but love excel and the bliss of functioning formulas. Thank you for such a clear explanation of setting up the COGS. :-)

@antlilypad 3 жыл бұрын

Thank you so much for this video! I've been making my excel costs sheet and I knew what information I wanted to put in and how to calculate it but I wasn't sure of how I wanted to present it. I'm pretty good with calculations but not that good with making something look pretty or easy to look at, lol. So this really helped with that!

@jeanetteangeh2564 3 жыл бұрын

Thanks for sharing your knowledge. You are awesome Jerika.

@JerikaZimmerman 3 жыл бұрын

Thanks for watching!

@kristab6981 3 жыл бұрын

We’re not worthy 🤍 such great informative information! Love from Winnipeg ! 🇨🇦

@karincusick187 3 жыл бұрын

Thank you so much for sharing. I have learned something new.

@lanirai27 2 жыл бұрын

This is great and a nice Excel refresher.

@kernitabutler 3 жыл бұрын

I really appreciate this video. I've just rebranded and need to focus more on my numbers and this has been the most informative video - thank you!!

@kendraharer5753 3 жыл бұрын

You absolutely deserve all of your subscribers plus many more. Again, thank you for all that you share 🤗

@JerikaZimmerman 3 жыл бұрын

Wow, thank you!

@christinicolet2476 3 жыл бұрын

Perfect! Thanks so much for this, I just love your videos, so helpful!

@JerikaZimmerman 3 жыл бұрын

Glad you like them!

@UFOCrochet 2 жыл бұрын

Thank you so much for your videos on the business side of things. I really appreciative all the info you have taken the time to share with us.

@southernsunset_farm 2 жыл бұрын

This was fabulous! Thank you so much!

@Claire-fq3lq 2 жыл бұрын

✨thank you so much for sharing!! That’s really useful 🙏🏼

@tassiegirl1991 2 жыл бұрын

This was such a clear explanation on using the excel spreadsheet for costing making soap. I am so pleased you popped up on my iPhone this morning. I just started making soap for myself, family and close friends but would like to know it isn’t going to be too expensive to do. I know After trying several different recipes using a variety of oils that I need to decide on what my preferred base will be, and seeing your session makes that a valid decision to make sooner than planned. I look forward to following you from today. A Big Thank you from Australia