Business advice please!: If something costs me £500 to make how much profit

[M J]

should I put on when I sell? My costs are covered at £500 to make each product and it takes a month to create each one. What would be a fair profit margin to sell at £600 800 1000 1500 per unit??

My costs are covered at £500, and I make them from home.

I have done my market research and it is the only thing of its kind around.

I just don't want to be greedy but have a sensible profit margin to work with, yet get the maximum yield.

As we are a small business I am not selling in bulk but just a small amount every month to a niche market .

Would be very greatful for any useful advice.

Thanks in advance.

[ascoile]

Would depend how long it takes to make each one.

If it took a week then you need to make a week's wage in profit. If it only takes an hour then less profit.

You then need to ask yourself would people pay £1500 for one unit? Would they pay £800?

You bracket the price range and work from there.

[firewolf20]

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