Calculating the Retail Price based on Wholesale Costs

If you’re going to offer a product or a service, then one of the things that you have to pay attention to is the end retail price.  For how much will you sell your product or for how much will you offer your service?  Don’t just guess.

Product pricing is a very important aspect of a business.  The product or the service’s retail price should be low enough to be reasonable and high enough to give you profits.

You should be able to maintain your business without difficulty and, of course, you should earn something extra too.  So, what you should really do to find the right price would be calculating the price based on wholesale costs.  There are many costs involved in a business.  There are overhead costs, wholesale product costs and direct costs.  For example, if you’re planning to sell dresses, then you must take note of the costs.  How much do you pay for the wholesale raw materials, for the labor, and for advertising?  Does the process of making clothes add to your electricity bill?  Do you need to rent a space for your business? 

Finally, when you’re done finding out how much the cost of running your business is, start calculating the price based on costs.  Calculating the price based on costs will ensure that you get the right price.

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