FAQ About Pricing
How to set prices?
The first thing to do is to calculate the cost of the product or service to be produced. These can include many variables such as materials, labor, hourly rate.
Then the markup is determined and multiplied by the total cost, and thus the wholesale price is found.
The markup is usually between 2 and 2.5.
When it comes to calculating the retail price, it can be found from the result when the first calculated markup price is multiplied by the markup again.
Thus, an average price is determined. These prices may vary from product to product, depending on personal preferences.
