How To Price Your Candles FOR PROFIT (Retail + Wholesale Pricing)

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Опубликовано:

24 окт 2023

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Комментарии : 54

@MemoryBoxCandleCo 8 месяцев назад

Wholesale Profit Margin Calculator: www.shopify.com/tools/profit-margin-calculator/wholesale

@molindacraig2266 7 месяцев назад

Thank You for the simplicity of this information!

@Soulful_Spirit_Candle_Co 8 месяцев назад

Thank you! This was extremely helpful 🥰

@alexray7062 8 месяцев назад

Thank you for this! Very helpful as always ❤

@BreH.-sz6fm 8 месяцев назад

You are the best! Thank you so much for always sharing helpful tips and tricks! Hope your new little family is doing well 🤗

@MemoryBoxCandleCo 8 месяцев назад

Thank you! ☺️

@karenhernke281 8 месяцев назад

Very helpful! Thank you so much.❤

@RoyalBlueMoonRiviera 8 месяцев назад

Thank you for this! Blessings to you. 🌟✨✨✨🫰🏽🌹

@MemoryBoxCandleCo 8 месяцев назад

Thank you for watching! ❤️

@naciala1327 8 месяцев назад

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 😊

@MemoryBoxCandleCo 8 месяцев назад

Glad it was helpful!❤️

@life4lightscandle364 8 месяцев назад

Very nice of you . Helpful information thank you so much.

@toniboucher6931 8 месяцев назад

Great information, thank you

@christinast6346 8 месяцев назад

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

@frederickkgagane 2 месяца назад

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.

@lkwittmayer 8 месяцев назад

Great video.

@stephanietorres1570 15 дней назад

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?

@crishansen4248 3 месяца назад

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!

@JacquelineFalls54 Месяц назад

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.

@claudialucia7585 8 месяцев назад

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? ❤

@MemoryBoxCandleCo 8 месяцев назад

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

@claudialucia7585 8 месяцев назад

@@MemoryBoxCandleCo hiii... Thanks for taking the time yo answer My quesiton!!! 🩷

@indiaking3561 Месяц назад

Thanks

@sfakins5982 8 месяцев назад

What type of candle wax is good for newbies?

@brunabertolo7603 6 месяцев назад

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?

@riflemaster1 5 месяцев назад

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

@stacifrench9647 8 месяцев назад

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.

@MemoryBoxCandleCo 8 месяцев назад

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

@makissmith338 8 месяцев назад

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 🙏

@Rabeea09 7 месяцев назад

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.

@singlehandedbeauty3581 7 месяцев назад

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!

@lenaamartin36 5 месяцев назад

@@singlehandedbeauty3581 I tried this math here in the Netherlands and turned out to be very expensive as well

@stormadh721 5 месяцев назад

How do you calculate your labor?

@priscillajimenez9419 7 месяцев назад

Is this example from inventora? If not is there a way to make a video how to use that because it seems confusing

@user-bl9vu8ro8k 6 месяцев назад

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.

@sunitajsd 25 дней назад

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.)?

@MemoryBoxCandleCo 24 дня назад

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

@saltlight4005 6 месяцев назад

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!

@MemoryBoxCandleCo 6 месяцев назад

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 ❤️

@marciahunter Месяц назад

How many empty jars do you keep on hand?

@MemoryBoxCandleCo Месяц назад

Usually a few hundred!

@makissmith338 8 месяцев назад

Very interesting, thanks pls reply my questions when you have a chance 🙌

@this.is.me_Andrea 7 месяцев назад

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.

@StormJunkies 8 месяцев назад

price of goods x4 is INSANE!... thats literally a 400% profit margin... typically if u can get 50% profit margin your doing good.

@MemoryBoxCandleCo 8 месяцев назад

COG x 4 is a 50% profit margin, I show that in the video :)

@StormJunkies 8 месяцев назад

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

@godisreal9972 8 месяцев назад

10oz candle for $30 thats a little bit expensive right

@Queen_at_the_Crossroads 7 месяцев назад

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✨

@Queen_at_the_Crossroads 7 месяцев назад

@@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✨

@Queen_at_the_Crossroads 7 месяцев назад

No hate just trying to help. This candle math can be confusing 😊

@bmontero2006 6 месяцев назад

should probably think about being made up when filming a video

@catie1305 5 месяцев назад

Delete this. She looks fine...

@StormJunkies 8 месяцев назад

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...

@Queen_at_the_Crossroads 7 месяцев назад

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..