It can be a struggle determining how to price your products/services.
Knowing your target market plays a huge role in pricing your products.
There’s also a ton of psychological factors that go into pricing. For example, studies have shown that prices that end in “9” tend to sell better. So, $39 is more appealing that $40 or even $35!
It’s also proven that one of the main reasons for abandoned carts is shipping costs. So, upping your prices and including free shipping on all orders might be something to consider.
Then, of course, there is the value you place on your product/brand. Don’t exclude your time/effort/passion from your product when you setting your prices.
You also need to take in consideration the fact that you might want to have sales. You should still be able to profit from your product when offering a discount. I strongly encourage you to strategically plan out your sales so that you aren’t just giving out a discount code when you’re having a slow sales day/week. Make sure to bust out a calendar and take a look at holidays that you will most likely want to offer a sale. If you bring in seasonal items, you might want to plan clearance sales to clear out old inventory before bringing in new inventory. If you constantly offer sales you will find that your customers will only purchase from you when they get a discount code. Some companies offer sales almost DAILY, and that is part of their pricing strategy. (Example: Old Navy.)
Other things to take into consideration:
Marketing supplies (ex: business cards)
With all that said, here is a simple formula for determining a base price for your product.
In the end, the price is up to YOU! Just make sure you are making money at the end of the day!