Over the past few years, I have been approached by moms and dads with great business ideas. They just don’t know where or how to start. When I first started Robeez in 1994, I was in the same boat. Along the way, I asked lots of questions, guessed at a few of the answers, and learned a lot from my mistakes. Now, I want to help others in similar situations. That’s why I have started this blog. Many of the questions I am asked overlap so a blog is the perfect forum to post answers for all to see. Send me your questions and I’ll see if I can help!
I think it’s safe to assume that if you’re reading this blog, you are familiar with the Robeez story. But just in case, you can learn more about me here.
Look for my first advice post in the next few days.
Sandra
Wednesday, May 30, 2007
My reason for blogging
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Pricing Question
I am trying to figure out how to price a product for retail. Is there a formula?
I am getting my product produced in China and with the Canadian dollar being strong right now, it's great, but what happens when the dollar gets weak again and the cost goes up to produce?
Right now, I have the actual cost for a small run to test the market. I've taken the amount ($6), doubled it ($12 = $6 to produce & $6 profit) and when it goes to retail, do I suggest $24 to stores?
Also, how do I handle cost of Point of Purchase displays? Does the retail store purchase that from me separately or add that to the total cost of manufacturing to determine the unit cost?
Let me know your thoughts. Thanks!
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