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How do I determine retail price?

minimegeologyminimegeology subscriber Posts: 26
edited February 2008 in Sales
Hello Everyone,
 
I have developed a line of rock and mineral kits for kids.  They are targeted toward elementary-aged children so I`ve gone to great lengths to find and use USA-made boxes, foam, etc. in the kits.  So far, they have been well received on our website.  My problem is that we are hoping to start selling these wholesale and if I sell the kits wholesale at 50% of my website cost, I`ll go broke.  They are expensive to produce but we have had so many inquiries from parents who are concerned with foreign items that we want to stick with our current suppliers. 
 
How do I determine a wholesale price that will work for me and for the market place? 
 
Thanks!

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    cdbartworkcdbartwork subscriber Posts: 11
    Tracy:
     
    I tried viewing your website but I got a message that said it did not exist?? Can you send the link?
     
    Colleen
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    minimegeologyminimegeology subscriber Posts: 26
    Thank you for your comments.  Your ideas are very helpful.  Our site is www.MiniMeGeology.com.  The kits and individual samples are the items we plan to wholesale.
     
    Determining a price seems to be quite an artform!
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    scoutscout subscriber Posts: 0
    Hello,
    I have another idea for you; cut your overhead cost to help improve your wholesale pricing.
    I`m with a handicap workshop, we have 75 clients that excell in repacking and mailing.
    Plus we also have 6,000 sq. ft. for storage.
    We may help you cut cost.
    Dan

    dfowler@concernedinc.com
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    ProfessionalListsProfessionalLists subscriber Posts: 1
    You know... the above post makes a good point; can you cut overhead in your operations?  Do you have any sales goals or projections that would help you to calculate projected sales volume?  If so, use that along with your operating costs and overhead figures to project annual profit. 
     
    Further, do some research, find if there is interest wholesale from vendors at the pricing you foresee.  When working with projections above you could offer further (deeper) bulk pricing to encourage higher orders from retailers. 
     
    I hope this helps!
     
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