How to price your boutique ( or physical products) inventory so that you make a profit automatically

[@LoveGigi99]

Amazing info! Just wanted to let you know that it’s not 1% it’s 25%. 25% of $4 = $1. 25% + 25% + 25% + 25% = 100%. I knew what you meant, but just clarifying it for others here. Going to use your advice in budget meeting this weekend! 🙏🏾

[@sonjathompkins5201]

Thank you so much H A ! Glad you knew what I meant. :)

[@cameemichelle5619]

I love this suggestion!! thanks

[@Glow4everboutique]

Thank you 🥰

[@ardestali6634]

Wow I’ve never heard of a 4x mark up, most people I’ve watched only do 2x or 2.5 mark up which doesn’t seem profitable. I was thinking of starting with 3x mark up but you have me thinking otherwise. Thanks so much

[@sonjathompkins5201]

Hi Ardesta you are so right which is why I made the video lol. So many people are struggling to make a consistent profit margin, and paying themselves is usually last on their list, but is the most important priority. If you need more help with this process I have a recorded masterclass and workbook here: gum.co/UOXCY

[@maryanne9320]

You look so beautiful. Thanks for this video.

[@sonjathompkins5201]

You are so welcome! and thank you 😊

[@Beautywithapurpose4]

Thanks for this information.

[@sonjathompkins5201]

Tina Delgado you're so welcome thanks for watching

[@cairabae2766]

Thanks 🙏🏻

[@sonjathompkins5201]

You're welcome and sorry for the late response.

[@gabrielleveray1]

Does this include accounting for taxes you have to pay quarterly?

[@sonjathompkins5201]

Hi Gabrielle ! It’s not an accounting guide, but it does include information to help you manage and track those amounts as part of your process. 😊

[@gabrielleveray1]

Is there a way to put aside a percentage of your taxes using that method? Or are you including that in the 25% to keep your business going on a consistent basis?

[@sonjathompkins5201]

Gabrielle Veray are you talking about sales taxes, payroll taxes, or personal income taxes? Sales taxes YES, payroll & personal income NO.

[@Itsqueendom]

Great video, only thing is if the product cost you $25 (a party dress , purse,jacket etc ) to mark that up 4x will be a lot 😭 then you won’t be selling anything because customers will complain it’s too exspensive , how do we work around that ?

[@sonjathompkins5201]

ItsQueendom That’s a common worry. The formula is a basic structure. Somethings you can price more or less based on the QUALITY of the item. But also, everyone who’s shopping isn’t looking for the cheapest cost. It depends on who decided to target as a customer. I teach how to do that effectively here: gumroad.com/l/claritytocustomer If you are targeting people with a smaller shopping budget, than you may want to only buy products that will allow you to mark up appropriately and still stay at a retail cost they will pay for. You really have to make your business profitable so you can eventually pay yourself consistently. A major reason why so many boutiques shut down within the first 3 years.

[@marygrandy3338]

I need help

[@sonjathompkins5201]

Hi Mary. Sorry for the late response. All these notifications don't come through the phone app. If you need more help and a step by step walk through you can find a recorded masterclass with workbook here gum.co/UOXCY

[@cameemichelle5619]

I love this suggestion!! thanks

[@sonjathompkins5201]

camee michelle Hi Camee! Your very welcome. Let me know how it changes things for you

[@cameemichelle5619]

I am launching for the first time in Memorial Day, I like this system. I had already just did a mark up, the mark up was a little over what you suggest with the 4xs, and some of the inventory (with its quality) I felt the mark up was too high. what do you think? Are you including shipping in the 4xs? thanks!!

[@sonjathompkins5201]

camee michelle first off congratulations 🎉 I’m wishing you all the success 😊 And yes, the suggestion is four times so your business is covered, but everything should be examined for quality ect. and priced accordingly. I go into more detail in my masterclass and workbook. If you need it, the link is above in the description.

[@cameemichelle5619]

thanks, I will Check it out.

[@gabrielleveray1]

Does this include accounting for taxes you have to pay quarterly?

[@sonjathompkins5201]

I’m literally seeing this a whole year later 😫 I apologize. It depends on the taxes you’re talking about. Quarterly sales taxes ..yes ( in a sense) because you collect it on every sales transaction when you do weekly admin tasks that money should be placed in a separate bank account so that when it time to put you already have it, because it was never “yours” as the business owners to begin with. if you mean quarterly payroll and other taxes, no. it wouldn’t include that. I’d love to connect with you. I have two IG accounts www.Instagram.com/productstoprosperity and @sonjathompkins If you have other questions we DM me