To come up with a profitable retail price. We started by calculating the cost price using a three step process. Step One was to list out materials. Step two was to attach quantities to each material. Step three was to add cost to the quantity of each material used. We then went on to identify some additional costs that can be directly or indirectly attributed to each product.

Before we started calculating the retail price, we conducted a bit of market research to see how much competitors charged for their products. And then we learned three different methods to calculate a profitable retail price. These tasks were all done before we got to the heart of the class, which was calculating the retail price. Here, we calculated potential retail prices. is for the fabric crossbody bag and the fabric cosmetic pouch. Using each of the three methods from the ways to calculate retail price lesson, we also showed the profit margin in both dollars and as a percentage rate.

When we got to the wholesale price, we calculated a profitable wholesale price, which would become the cost price for retailers. We also checked that retailers would still be in a position to make a profit based on a suggested retail price. Now it's over to you. Go through each lesson in this class and come up with a profitable retail price and wholesale price for your handmade creation. Use the attached spreadsheet to enter your findings and upload to the projects section once completed. If you have any questions or additional ideas you would like to share with myself or others Students, please use the discussion board.

If there is anyone you think that would benefit from this class, feel free to share the class link with them. I know this can seem a bit overwhelming. So I'll advise you to watch the class a few times. As I find watching something multiple times helps me understand it better. Thank you for watching my class. Please don't forget to leave a review and a thumbs up and follow my channel for more retail concepts explained simply