Pricing Your Gift Baskets

                            Typically in the gift basket industry, 100% percent markup of your product is typical. You may be tempted to go higher, but remember, you want to keep your prices competitive. The one thing that is determining your price is your customers.  You want them to buy your gift baskets, but you do not want to set your price so low that you sell your baskets at a loss. It is truly a balancing act.

                            Make sure to keep a detailed account of your expenses.  Do not short change yourself by not having the exact duration of your labor.  It is very important to keep a list of everything that it takes to build these baskets.  This will be the basis of your pricing structure.

                            Timing is key however.  You want to buy low and sell high – just like the stock market.  Try to buy your products during the off-season and also try to get products on discount and through wholesalers.  This will be tricky at first, but you will gain more insight through the years and it will be easier to figure out the best time to buy and sell for your niche markets.

                            A great place to test our your business and pricing strategy is on eBay.  On eBay you can experiment quickly and easily with different pricing levels.  Make sure to  monitor how other eBay sellers price and how well they do with eBay’s versatile market reporting services.

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