How To Price Your Candles FOR PROFIT (Retail + Wholesale Pricing)
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- Опубліковано 24 жов 2023
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DISCLAIMER: Everything shared in my videos is my own personal experience and is for educational and informational purposes only. If you are wanting to start a business, always seek legal guidance from a local business attorney and certified public accountant to make sure that you are running your business legally. Everyone is responsible for their own product testing and business structure and I will not be held accountable.
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Wholesale Profit Margin Calculator: www.shopify.com/tools/profit-margin-calculator/wholesale
Thank You for the simplicity of this information!
Thank you! This was extremely helpful 🥰
Thank you for this! Very helpful as always ❤
You are the best! Thank you so much for always sharing helpful tips and tricks! Hope your new little family is doing well 🤗
Thank you! ☺️
Very helpful! Thank you so much.❤
Thank you for this video . This helps me so much right now as I'm currently trying to figure out my pricing. It just confirmed my prices for me now 😊
Glad it was helpful!❤️
Great information, thank you
Very nice of you . Helpful information thank you so much.
Thank you for this! Blessings to you. 🌟✨✨✨🫰🏽🌹
Thank you for watching! ❤️
Great video.
Thank you! I am about ready for the next step and getting a website. Would love a video on the difference with Shopify or Square. What do you use and why did you choose to go with it? Does Shopify offer the card readers? Do I even need the card reader? I really need to get educated haha
This video has helped me understand how retail pricing is different from wholesale pricing. I would like to know how the pricing changes if you're selling candles in a pack of four. Thank you.
Thanks
Great information as usual! You are so great for sharing this.
I have a question about wholesale selling: when you sell to another company for them to sell your candles you sell them with your logo and information as well or they have be blank or label less for that company to brand it and price it on their own! 💭 wondering!
What type of candle wax is good for newbies?
Hi! Thank you for this. Very helpful. But, what quantities are considered wholesale? Is there a general rule for this? Or is this up to the individual business owner?
Great video! Quick question about the formula. Wouldn’t you want to calculate the time it takes to make the product? Say one product takes 5 min but then another takes an hour. That could make a big difference in the profit you want for you time. Unless that is included in the 10-25% additional markup, which I’m guessing also includes overhead?
Hi, did you know Erika where's can upgrave my wick trimmer by any chance . My other question is, did you pay for the shopify website , or did it? Im about to pay, but I need your advice fist will appreciate 🙏
Great video questions what is the name of the phone app that you put your cost of supplies and thrn will give you what to sell your candles for
Hi Erika.... Thanks for everything you share with us. Do you hace any video about the temperature of the room or the environment where you make the candles? ❤
Hmm I do have a video on proper ventilation when making candles! But I usually like to keep the room between 72-78 degrees Fahrenheit when pouring! Sometimes it can get a little cooler or warmer depending on the time of year
The most important thing is to try not to have the room really cold because this will cool down the candles too quickly and causing shrinkage which will pull the wax from the sides of the jar. Minor pulling isn’t a cause for concern but if it’s bad enough the wax could potentially detached from the bottom of the jar
@@MemoryBoxCandleCo hiii... Thanks for taking the time yo answer My quesiton!!! 🩷
Hi!! Wonderful information! Thank you! ❤ How do you factor in shipping when you're figuring out how much you have into each candle? I'm struggling with that.
So there’s a few different ways I recommend to charge for shipping. One is the flat fee across all orders, the other is to incorporate all of the shipping cost into the product price, and the other is the do sort of a combination of both! (You incorporate some of the price into the product + flat shipping fee)
I have a playlist on my channel talking about shipping, and I also have an entire course dedicated to shipping which includes how to charge your customer for shipping and how to figure out what is the cheapest method ❤️ www.ericamariemorris.com/MasteringShipping
So...I used Candle Science pricing sheet. I am not charging enough for my candles according the calculations. But it's hard to get people to pay $20 for a 6 ounce candle when other people are charging $9 for a 8 oz candles. There is a lady in my area who has a candle shop. She has been selling her candles for $9 for twenty years. She has added a few more expensive candles to her candle line but her 8 oz Jelly Jars have been selling for that amount and she is very successful. I don't think I can compete with that.
How do you calculate your labor?
Hey Erica (I hope I'm pronouncing that right) . I'm a longtime subscriber , and your channel helped me and my wife alot with starting our small scented candle business, so thanks alot and keep it up . Regarding the pricing ,we live in the middle east , and the prices for raw materials are way expensive than at the US, so costs you to make a candle in the US about 5$ , here it costs us about 8$.. so there is no way I can multiply the cost by 4 ... It would be about 32$ per candle and no one would buy it lol . So actually the best that we can do .. and we are doing is multiplying the cost only by 2 .. so our 290g candle would be around 15$ and unfortunately our profit out of that is only around half, so it pretty much depends on the cost of materials.
I have the same issue here in Italy. I still recommend multiplying your cost times four, but offering discounts/free shipping on multiple item purchases. This has really helped me move inventory because people feel like they are getting a deal. Best of luck!
@@singlehandedbeauty3581 I tried this math here in the Netherlands and turned out to be very expensive as well
Is this example from inventora? If not is there a way to make a video how to use that because it seems confusing
I am in the process of getting ready to launch my own candle business. I am worried about offering free shipping. I am worried that it will cut too far into my profits.
Do you mean how much it cost to purely make the candle (wax, FO, wick, jar, lid & label) or the whole package for one candle (packing peanuts, paper tissue, wax, wick, labels, care card, packaging etc.)?
How much it costs to purely make the candle!
I don’t include the rest as COGS, they are either marketing costs or just regular business expense
Very interesting, thanks pls reply my questions when you have a chance 🙌
So, if you mark it up 100% for wholesale, the wholesaler then marks it up another 200% to achieve that total mark up percent of 300 (for retail)? This is where I get lost. I understand (somewhat, apparently) that wholesale markup simplified is times 2, and retail is times 4. What I’m noticing is that according to this model the wholesaler is making a much slimmer profit margin than the retailer. Is this correct? Thanks for you time!
Well think about it this way:
If it cost the wholesaler $5 to make the product and they sell it for $10 to a retailer, they will make $5 on each sale (50% profit margin)
The retailer purchases at $10 to sell for $20 to make $10 on each sale (50% profit margin)
So both the wholesaler and retailer are making a 50% gross profit margin, the difference is the amount invested to earn that 50% GPM
I hope this makes sense ❤️
How many empty jars do you keep on hand?
Usually a few hundred!
I sell my 5 oz candle for $8 it costs me about $3.26 to make. If I did your method that would be one expensive small candle.. I don't feel like that method would work for me.
price of goods x4 is INSANE!... thats literally a 400% profit margin... typically if u can get 50% profit margin your doing good.
COG x 4 is a 50% profit margin, I show that in the video :)
MARK up 300%?!?!? LMFAO wtf... there is NO WAY you sell these at this price.. ur 10 oz soy candle for $30.. i can get a 22 oz yankee soy candle for $16.... cmon now
10oz candle for $30 thats a little bit expensive right
I think she's talking about the cost to MAKE the candle not the OUNCES of the candle. That 10oz candle probably cost 4-5$ to make if you have good suppliers. So 5 × 300% is 1500 so 15$ candle✨
@@godisreal9972I think she's talking about the cost to MAKE the candle not the ounces of the candle. That 10oz candle probably cost 4-5$ to make if you have good suppliers. So 5 × 300% is 1500 so 15$ candle✨
No hate just trying to help. This candle math can be confusing 😊
should probably think about being made up when filming a video
Delete this. She looks fine...
does this women understand simple business...? how cna u make a 5$ candle and sell it for 20$ thats an $9 candle at most and 7$ wholesale...
Depends on the size of the candle. If it cost me 5$ to make a candle the size of a bath and body works Lrg 3 wick candle then you damn right I'm charging 20$. That's cheaper than bath and body works. Same size. Better quality ✨ Now I'm talking that size idk what size she's talking about..