how do I set a wholesale pricw to a retail store?

[whitney123]

I am in the hair and beauty industry, if my product cost £8 and recommended retail price is £24.99 how much should my wholesale price be? do I give the retailer 30% off the retail price?

[Ankelz]

Greetings whitney123,

WARNING: I am speaking purely from experience.

Usually wholesale is done in bulk, meaning large quantities at a time, companies will have a wholesale book and you simply pick out the items that you want, but I am sure that this isn't what you are planning to do correct? Quite possibly you aren't at this point in wholesale yet. Well none the less, if it cost 8 to make and the retail price 24.99, minus the cost from the retail price and what you have is 16.99, what I like to label this as your "Profit Price". So assuming that this other retailer is retailing it for 24.99 as well, 8 of that of which they are retelling it for should no questions asked be returning back to you. A lot of people that do not have any history in business (definitely not talking about you) look at the retail price as the profit price, which surely isnt the case. So when ever you sit down and have that meeting about wholesale, it is in your best interest to negotiate under your profit price, and not retail price, if they are trying to buy it for 7-9, that means that they are taking half of your profits or more. But just never forget that the other retailer is out to make money just like you are.

You see I did all the math for the retail & whole sale price before making the retail price official, so it is possible that you may not be satisfied. I really hope that I was able to help you opposed to confusing you and making no sense.

Off topic question, does your keyboard have £ as a key?