Hi guys
I am setting myself up as a designer and producer of contemporary furniture, and i have a number of retail stores looking to stock my pieces. My problem is that I don’t know much about the business side of things. I was wondering if you guys could offer me some advice or point me in the right direction.
1/ How do a price my products. Is there a standard figure you multiply you manufacturing costs by? I have heard 4.5 mentioned. I Don’t actually make the products myself, the components are outsourced and then assembled and packaged, would this mean I shouldn’t expect to make as much of a margin
2/How will the retail store mark up my prices? again I have been told that most add 50%, is this your experience?
any other advice or suggestions will be really gratefully received
thanks
freddie