How to Determine The Price For Your Business/Service:
Our price calculator is designed to be simple and easy to use. It covers everything you need to price your pet store
We hope this calculator helps you make more money for your business.
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How To Price Your Pet Products
One of the most challenging aspects to starting a pet store is determining how much to charge for your pet products.
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 pet products, it's critical that you first identify all of your costs and consequently mark up your pet products so you can factor in a profit.
The actual cost of your pet products 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 pet products, you'll want to create goals for revenue + how much profit you want your pet store 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 pet products 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 pet products fits best in the marketplace.
All of these factors play an equal part in pricing your pet products, 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.
Learn more about starting a pet store:
Where to start?
-> Other pet store success stories
-> Examples of established pet store
-> Marketing ideas for a pet store
-> Pet store slogans
-> Pet store names
-> Pet store Instagram bios
-> Pet store Instagram captions
More Tips On Pricing Your Pet Products
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.
Thanks for reading. We wish you success in your business endeavors.
Examples of a successful pet store
9. iHeartDogs ($22M/year)
Justin Palmer (from Anaheim, California, USA) started iHeartDogs over 10 years ago.
My name is Justin Palmer and together with my co-founder Marshall Morris, we started iHeartDogs, a lifestyle store and blog for passionate dog parents. We’re fortunate to have grown one of the largest online communities for dog lovers, with over 25 million members in our Facebook groups, pages, and email newsletters.
Every month our customers receive a “Hero Report” showing them the exact impact of their purchases. For example, the report shows how many meals for shelters they’ve personally funded. We’re incredibly blessed to have served over 1.5 million customers, or as we call them, “heroes”.
10. Bike Tow Leash ($240K/year)
Mike Leon (from Orlando, Florida, USA) started Bike Tow Leash over 20 years ago.
I am Mike Leon, mechanical engineer, an avid bike rider, service dog trainer and inventor of the 1-Running-Dog Bike Tow LeashⓇ for safe bike, trike, scooter, and wheelchair dog-rides.
I am the owner of LEON Engineering, Inc. We design, build and sell the 1-Running-Dog Bike Tow Leash® to dog owners, walkers, trainers, military and law enforcement, search and rescue and those with special needs. Having sold less than 200 BTLs prior, My on-the-side hobby turned into a true business in 2009 with the launch of our first website. We went from shipping hundreds/year to thousands/year. Now, our business allows me to work comfortably from home, making 6 figures, while caring for my wife and enriching the lives of tens of thousands of dogs and their humans.
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