Kitchen Supply Price Calculator

How to Calculate The Price For Your Kitchen Supplies

Our calculator is designed to be simple and easy to use. It covers:

• your base costs of time
• salary
• materials

It also allows you to input a desired profit margin on top.

We hope this calculator helps you make more money for your kitchen supplies store.

Please input below:

Learn more about starting a kitchen supplies store:

Where to start?

-> How much does it cost to start a kitchen supplies store?
-> Pros and cons of a kitchen supplies store

Need inspiration?

-> Other kitchen supplies store success stories
-> Examples of established kitchen supplies store
-> Marketing ideas for a kitchen supplies store
-> Kitchen supplies store names

Other resources

-> Kitchen supplies store tips

More Tips On Pricing Your Kitchen Supplies

How To Price Your Kitchen Supplies

One of the most challenging aspects to starting a kitchen supplies store is determining how much to charge for your kitchen supplies.

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 kitchen supplies, it's critical that you first identify all of your costs and consequently mark up your kitchen supplies so you can factor in a profit.

The actual cost of your kitchen supplies may include things like:

• The actual cost to make the product (ie. raw materials, supplies, manufacturer).
• Shipping + overhead fees
• Rent
• 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 kitchen supplies, you'll want to create goals for revenue + how much profit you want your kitchen supplies store to make.

This process is simpler than you may think:

1. Think about your breakeven cost (by completing the above step).
2. Create a revenue goal based on your break-even cost
3. Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
4. 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 kitchen supplies 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 kitchen supplies fits best in the marketplace.

All of these factors play an equal part in pricing your kitchen supplies, 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.

Examples of a successful kitchen supplies store:

. Concrete Countertop Solutions ($13.2M/year)

Ed Baldoni (from Scott Township, PA, USA) started Concrete Countertop Solutions almost 14 years ago.

. Magnus Home Products ($6M/year)

Howard Law (from Erlanger, KY, USA) started Magnus Home Products almost 6 years ago.

. Cave Tools ($4M/year)

Michael “Medium Rare” O’Donnell (from Philadelphia, Pennsylvania, USA) started Cave Tools about 10 years ago.

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