rebeccajo99 Posted July 8, 2010 Share Posted July 8, 2010 Last question of the day for me (I hope )How often do you change the price on your products. It seems like everytime I buy a new supply, the price has gone up. I was thinking every 6 months (if needed), but don't know if that is too often.Also, how much do you change your price by each time? Do you always keep them without change (for craft shows) or do you do quarters? Thanks Quote Link to comment Share on other sites More sharing options...
candles4ever Posted July 8, 2010 Share Posted July 8, 2010 I buy enough at one time that it covers me for at least a year or more. I have raised prices but in a years time not over a short period of time or per season, lol.. I think if you keep changing your prices customers wont take you seriously.. Unless your having a Sale to move Stock.. My prices are the same at Craft Shows and Online.. You never know who your selling to online because it could of been someone from a craft show.. With my products I figure out the cost to make it then times that by 3 or more depending on what it is.. But I at least make my money on it if not then I don't sell it.. I'm in the business to make money not lose it.. Quote Link to comment Share on other sites More sharing options...
Judy, USMC Posted July 8, 2010 Share Posted July 8, 2010 I buy in bulk also and did have to raise my prices when we had the soy & paraffin wax prices jumped in 2008. And when the restock price decreased I did not adjust down. Now I have a little more padding in my prices so if the cost of the wax increases again I won't have to raise my prices. Quote Link to comment Share on other sites More sharing options...
rebeccajo99 Posted July 9, 2010 Author Share Posted July 9, 2010 Thanks guys. I have not had to raise them yet and I'm not below 3 times cost... so I should be good until at least a year. Whan I was thinking 6 months, it was only if the price was under 3 times cost.I've been doing this business completly debt free, so I'm limited on how much I can buy at a time. Hopefully now that I'm starting to get repeat customers, I can start buying in larger bulk and lower my cost again. Quote Link to comment Share on other sites More sharing options...
felixncharlie Posted July 9, 2010 Share Posted July 9, 2010 Ahhhh, someone else on the Dave Ramsey plan?????? Good for you! Quote Link to comment Share on other sites More sharing options...
tmarcusen Posted July 9, 2010 Share Posted July 9, 2010 Ahhhh, someone else on the Dave Ramsey plan?????? Good for you!I second that! Quote Link to comment Share on other sites More sharing options...
rebeccajo99 Posted July 9, 2010 Author Share Posted July 9, 2010 Ahhhh, someone else on the Dave Ramsey plan?????? Good for you!yup. We have been doing it for a few years now. Only debts left are the mortgage and student loan!!!! It feels great I tell everybody about it. Quote Link to comment Share on other sites More sharing options...
islandgirl Posted July 9, 2010 Share Posted July 9, 2010 I raised my prices up about 2-3 years ago when soywax and oils skyrocketed.Wax prices and some oils eventually went down in price again, but I left my prices at the higher rate. That way if supplies went way up again, I wouldn't have to have another price increase. So what I do is...I run sales all the time. I will do 10-25% off at my stores, online, and at shows. I post the sales on my FB Fan Page, send out emails and notify my customers of all my sales. It brings in lots of biz and people like the feeling of getting a good sale.Customers still buy at the retail price also. That's what works for me. Quote Link to comment Share on other sites More sharing options...
Lorrie Posted July 14, 2010 Share Posted July 14, 2010 I haven't raised prices in about 1-2 years on the candle/soap side. I did have to raise prices a little on the supply side last fall but I don't see any price increases coming anytime soon either. Quote Link to comment Share on other sites More sharing options...
IwantItgreen Posted July 14, 2010 Share Posted July 14, 2010 Ahhhh, someone else on the Dave Ramsey plan?????? Good for you!Yahh! Everyone should know about his plan. We've been debt free including the house for a few years. In this economy it is a relief. Quote Link to comment Share on other sites More sharing options...
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