How to Calculate The Price For Your Custom Prints Services
Our calculator is designed to be simple and easy to use. It covers:
- your base costs of time
It also allows you to input a desired profit margin on top.
We hope this calculator helps you make more money for your custom prints business.
Please input below:
More Tips On Pricing Your Custom Prints Services
How To Price Your Custom Prints Services
One of the most challenging aspects to starting a custom prints business is determining how much to charge for your custom prints services.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your custom prints services, it's critical that you first identify all of your costs and consequently mark up your custom prints services so you can factor in a profit.
The actual cost of your custom prints services may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your custom prints services, you'll want to create goals for revenue + how much profit you want your custom prints business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your custom prints services is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your custom prints services fits best in the marketplace.
All of these factors play an equal part in pricing your custom prints services, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Examples of a successful custom prints business:
Underground Printing ($36M/year)
Rishi Narayan from Ann Arbor, Michigan, USA started Underground Printing over 20 years ago, a custom prints business.
- Revenue: $3,000,000/ month
- Founders: 2
- Employees: 250
- Location: Ann Arbor, Michigan, USA
I am Rishi Narayan, co-founder of Underground Printing (UGP), a national custom printing apparel and promotional products provider, headquartered in Ann Arbor, MI. UGP offers screenprinting, digital printing, and embroidery on a wide variety of apparel and promotional products. We have stores throughout the nation in the heart of communities we serve. At UGP, it’s our goal to make your order process as convenient and hands-on as possible.
Since launching the company in 2001 while sophomores in college, UGP has 35+ locations across the country. All of our garment print production is done in our state-of-the-art 55,000 sq. ft. production facility and warehouse, located in southeast Michigan. Our technology and infrastructure allow us to provide the best quality, the lowest prices, and with the shortest turnarounds in the industry. It is these traits that have propelled our growth, allowing us to be ranked among Inc. Magazine’s 5000 fastest-growing companies for 3 years running.
Sarim Nadeem from Lahore, Punjab, Pakistan started Dexpel about 12 years ago, a custom prints business.
- Revenue: $120,000/ month
- Founders: 1
- Employees: 10
- Location: Lahore, Punjab, Pakistan
Hi, My name is Sarim and I am the founder of Dexpel. Dexpel is a custom print store with the ability to customize them as per your style and printing. From a wide variety of apparel to all the possible merchandise, we do it all.
Dexpel’s niche is in the online store that we have which houses one of the finest toolsets to help the customer place orders online. Our ops team then gets the orders and manufactures on demand.
We started back in 2009 and back then we only used to have 2-3 products, mainly the vinyl and their customization, today we are catering to over 200+ unique products and complete manufacturing is in house.
Framed Tweets ($300K/year)
Zach Katz from New York, New York, USA started Framed Tweets over 4 years ago, a custom prints business.
- Revenue: $25,000/ month
- Founders: 1
- Employees: 0
- Location: New York, New York, USA
Hi! I’m Zach Katz, and I started Framed Tweets to give people a simple way to beautifully frame their favorite tweets as art, to remember and enjoy forever.
You can frame any tweet you want, or pick one from our gallery of tweets from Twitter icons like Kanye West, Donald Trump, or Elon Musk. They come in three styles: Ornate Gold, Sleek Black, and Giant Canvases (which fill an entire wall)!
We launched in May of 2017, grossing about $20k in our first year, followed by $110k in 2018. We’re on track to double that in 2019 as we continue to scale our advertising.
OLAWALE AWANI from Palmgrove started Ryteprint over 4 years ago, a custom prints business.
- Revenue: $25,000/ month
- Founders: 1
- Employees: 9
- Location: Palmgrove
My name is Olawale Awani, I started an online printing business to help small businesses have access to professional design and print services using a technology platform (website and social media accounts). The primary products and services are customized printed products, marketing materials, and promotional items.
Our flagship products are business cards and lanyards. We currently work for individuals, small, medium businesses, and corporate organizations.
We currently service about 5,000 active customers with an average $25,000 monthly revenue and a net profit of 20% margin. We have a monthly order fulfillment of about 500 orders monthly with 10 employees and about two dedicated to phone support.
Erika Holm from Malmo, Skåne County, Sweden started PinAround over 5 years ago, a custom prints business.
- Revenue: $3,700/ month
- Founders: 3
- Employees: 0
- Location: Malmo, Skåne County, Sweden
Hello, my name is Erika Holm. I am 23 years old and I'm from Sweden. Since I was a kid, I dreamt about being a business owner. In February 2016, my dream came true and I launched PinAround.
We produce wall maps with pins in different designs and dimensions. This year we are going from only selling maps to adding a heap of new products to our assortment.
In 2017, we made $44,000 USD, with approximate 35% increase in every quarter.
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