How to Price Vinyl Hoodies
Hoodies are an extremely popular clothing item during the fall and winter, but they also have great financial potential during the summer. If you want to know how to price your hoodies so that you can maximize profits, then keep reading!
The Copycat Pricing
As Makers, we may get caught relying only on the prices other people charge for Hoodies. The common $20, $25, $30, or even $35 is a standard pricing point that many individuals seem to adhere to only realizing they made about $5 per Hoodie. So how do you price your items so you make the most?
Hoodie Cost to Make
Here are the elements to consider when pricing Vinyl Hoodies.
1. Determine how much you want to be paid per hour.
2. Hoodie price (Price you paid for Hoodies)
3. Cost of material (Material cost, design size costs, and any other associated fees should be included.)
4. Material cutting time
5. Material weeding time
6. Material pressing time
7. Product packaging
Determine How Much you Want to Get Paid
Many people overlook this and fail to compensate themselves for labor costs. You must establish a value for your labor. This is something you’ll need to figure out, but a good place to start is with the minimum wage in your state. Remember, the amount of time you spend on material cutting, weeding, and pressing is limited by this wage.
This is rather straightforward! This is the cost of your Hoodies. If you receive locally, you must include sales tax; if you buy online, you must pay for shipping and or other fees. At the end of the day, we need to know the total price.
Cost of Material
At times, calculating the cost of materials might be difficult. You must keep in mind that you must account for both the material’s cost and the design’s price. As a result, you will receive your cost per design based on the size and square inch price of raw material.
Example. You pay $2.50 for a 12 in x 12 in sheet of vinyl. Your design is 8 in x 10 in. So take the area of your vinyl sheet which is 12 x 12=114 in squared and divide it by the cost of $2.50. So 114/2.50 = $0.0219 per square inch. You then multiply that number by the area of the design which is 80. This gives you a price of $1.75 for that design.
Material Cutting Time
This is the amount of time it takes you to weed through your designs. This time is multiplied by the amount you pay for labor.
Material Pressing Time
This is the time it takes you to press your design on the Hoodie when using a heat press. You should also include the time it takes to place on the press, the actual press, and the time it takes to remove.
Product Packaging and Time
Stickers to plastic bags, all the way down to your shipping labels. Whatever you use to brand your product should be considered. Keep track of how much it costs per item and how long it takes you to package them all up. This is also part of your final cost calculation.
You’ll need to know how much it costs to make your product before you can calculate a selling price. Because each project is unique, don’t assume this will be the case for all projects. Now that we’ve discussed the fundamental components of your manufacturing cost, you may use this information to determine your selling price.
Calculating Your Selling Price
You’ll need to add up all of the above costs to get your total cost of production. After you’ve obtained this figure, you must understand how to markup your Hoodie. Markup is a personal choice for everyone and varies based on your company demands.
Use our Wholesale & Retail Calculator to figure out your selling price quickly.