HOW DO I PRICE MY PRODUCTS? | breaking down costs of goods using excel | soap business
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- เผยแพร่เมื่อ 24 ก.ค. 2024
- Time Stamps:
0:00 - Intro
1:03 - Cost of Goods
2:04 - How to Calculate Cost of Goods
2:40 - What Needs to Be on the Main Label
3:02 - How to Keep Track of COGs
4:23 - How I Use Excel to Keep Track of COGs
5:12 - How to Create COGs Tracker Using Excel
5:17 - Creating Main Materials Sheet
9:53 - Creating Recipe Sheet
11:46 - How To Track COGs of Different Soap Varieties
13:43 - How to Get Cost Per Bar
14:08 - How I Price My Soap
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THANK YOU FOR ALL THE SUPPORT! - แนวปฏิบัติและการใช้ชีวิต
Thank you for the video! As an accountant, it was fun to watch this. One thing you might consider adding into your cost is “waste”. Factoring in even 5-10% in material waste is actually more accurate. There’s oils that get left in bottles, fragrances that spill. Also, the failed soaps that happen due to various reasons can be captured in this. I didn’t see it listed somewhere but it may be something to consider! Great content!
Great advice ;)
Great point!
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Yes and tax, insurance, packaging, bagging or shipping materials, market fees, website fees, reoccurring equipment costs, millage on the car etc. Advertisement if you pay for that kind of thing lol. Peace and Health
Never been excited about Exel until today. Thanks for the info.
Happy to help!
My thought exactly.
where do we put shipping costs
Good info, and for us the general rule is "You should probably price a little higher than you're comfortable pricing." Creative people tend to undervalue their own creations, but you should price your soap at what it's worth, not what you THINK it's worth. It took us a while to understand the difference between those two.
So I’m a bookkeeper and this is my everyday job haha and you explained it beautifully!
Yay! Thank you!
Girl, that's not the cost of each soap. What about your insurance, taxes, labeling, packaging/bagging, and reoccurring equipment fees, farmers market fees, gasoline etc? Saying that each soap costs a little more than $1 is encouraging the wrong crowd into soaping-- those who are in it for the short haul and to get rich quick and markets are saturated with them-- we know that getting rich quick is not your success story. It costs me $3 per small soap and I sell it for $5.25. What are your real total costs please? And is it my imagination or did you not include the costs of essential oils?? Peace and Health
@@b.l.a.c.k-shiva so right, but she does give a disclaimer at 1:39 saying what the video will actually cover.
@@heymelissa123 And hoards of short term, get rich kind of people will throw their lot into the saturated soap making market because they really think the costs of the ingredients are all the costs. That's not responsible to let ppl think those are the only ongoing costs. I'm seeing the bigger picture. Peace and Health
@@heymelissa123 *Not to say that she even included all of the ingredients!* She didn't
Can't wait to update my excel COG spreadsheet with these multiple pages pointing to the single locations. Your right, setting things up properly, sooner than later will help not get overwhelmed. As always, YOU ROCK!
Fantastic!
The addition of the word ‘artisan’ is a reminder .... especially in a video like this ....where you are having to work out ‘cost analysis’.... put on the ‘business-women hat’.... it is a nudge to Yourself and others of what the desires of your heart is to create a product and put it out there and let others judge your work.... such fun to watch the growth
If you add into your spreadsheet the time how long it takes to make a batch, clean it up, shrink wrap, label etc, (never mind purchasing and marketing),...you start to see how that x4 is probably on the slim side. This 'artisan' will start valueing herself much more. (especially the skill finally acquired through a lot of 'failed' and then perfected creations!)
It is so kind of you to share this information, Thank you!
My husband and I are trying to get our business started and going. I've been watching a lot of videos and now I'm actually trying to keep our costs organized so we can price everything correctly and this is perfect and you make it so easy to follow along with.
Great video! Thank you for being so informative!!! love it!
i love your videos. thank you so much for being so kind and generous spreading free knowledge.
Jerika, thank you so so so much for this video! I’ve been stuck trying to calculate my cost of goods! I’d love to see more behind the scenes business videos from you! Definitely an inspiration!!!
Wow! Thank you so much for this detailed video. Thank you
You are doing amazing job here! I absolutely love what you do, a big help for us starting soap dream!
Amazing video. Very helpful to new soap makers!
Fantastic video Jerika! Subscribed!Thank you 😊
This was soooo helpful... Thank you sooo much Jerika 😘😘
Thanks again Jerika for always being helpful and positive! I look forward to your positivity during these concerning times.
Thank you so much for this, Jerika! You are so helpful and selfless!!!
Thank you Jerica, I'm learning so much!⚘
This is a very important aspect to know. Thank you!
Hi Jerika,
I'm back with another thank you!
This was a great video. Thanks for taking the time to talk everything out and demonstrate it.
Fantastic tutorial.
Love your channel.
Thank you for taking the time to share this necessary business essential Jerika.
Great video as always 😘
This is so helpful. I have already watched it ten times.
I’m really excited for this video I really sometimes have trouble trying to plan a price for my soaps and products and it sometimes can be really hard really excited😁😁😁
Thank you!!! You just don't know how much I need this!
I appreciate you!! I have been struggling getting my soap out there and on a good road to success and I've been discouraged for years. My daughter wanted to expand her streams of income and joined me in this journey. I'm so excited and looking forward to learning more from you. You're awesome!
Thank you so much for this, I am in the beginning process of starting my business and I was so overwhealmed but this is amazingly helpful. I am very excited and can't wait to start my business. I am starting my supplies collection and getting my licenses and name together.
I’ve been binging your channel because I’m an esthetician wanting to make homemade skin care and wasn’t sure where to even start. Love all of your tips and tricks/advice 💕
so very helpful - thank you for sharing your expertise - you ROCK!!!
Thank you so much for this! I have always struggled trying to calculate prices for my products. Now that I will be getting into soap making as a business your videos will help me tremendously! - Thank you, Christina
This is great information for any beginner! Thank you for sharing your knowledge
Absolutely brilliant ! All the best !
This was so helpful. Thank you, Jerika for taking the time to do these videos. You are awesome.
This was so so amazing! I literally used this as a tutorial to walk through it and help me build it. Thank you! :)
Thank you so much for this, Jerika! Super helpful and informative! I'm loving all your videos and watching your channel grow :-)
Thank you so much for this!!! I'm LITERALLY just getting started and this part of it really overwhelms me! I've just printed out all of my invoices and am going to start creating my COG spreadsheet so that when I solidify my recipes, this part will already be done.
I will be going in to watch all your videos. Thank you so much💖💖
Jerika! Thank you so much for this awesome teaching video to help out greenies like myself. You are a fantastic teacher! These comments are so beneficial as well. May the small business gods bless you as you continue to grow and may you have great success. Happy soaping!
this is going to change my life!!! i’ve been doing it all by hand every single time i need to product cost
You’re amazing! I am considering to start my own hand crafted soap business. I am totally new to small home business, but good with hands and numbers. You’re teaching so many great points. Very valuable. I would love to have you as my mentor!
Wow, so informative! I'll definitely be updating my spreadsheets! Thanks
Thank you so much for this info!! So appreciate it! I’m just starting making things and also teaching my kids. This has been so helpful!
Thank you Jerika! You always provide such valuable information 🙏🏾❤️
Happy to help!
Jerika this is great! I've been trying to do this on just a sheet of notebook paper because Excel seemed so daunting. Thanks so much for breaking it down. This really helps!! Thank you!
I don’t make soap, but i do create handmade pieces from resin. I’ve been trying to figure out how to calculate the COGs properly to set my prices forever! Thank you so much!!
We’re in completely different niches but your videos are always so very helpful 😊💕
Thank you so much for sharing!! I am so glad I found you on TH-cam!!
You are so welcome!
Thank you for the refresher course on excel. And I learned a lot at this point for a premeditated soaping business.
This is great and a nice Excel refresher.
Can't say thank you enough for sharing this video. It will be so helpful going forward.
You are so welcome!
Thank you so much for this video! I've been making my excel costs sheet and I knew what information I wanted to put in and how to calculate it but I wasn't sure of how I wanted to present it. I'm pretty good with calculations but not that good with making something look pretty or easy to look at, lol. So this really helped with that!
You are absolutely wonderful! Thank you for being such a wonderful "virtual mentor". This was just exactly what I needed to understand how to accomplish!
Thank you so much! This was very helpful and I appreciate that you walked us through the steps!
This video was super helpful, thank you so much for taking the time to break excel functionality down and provide clarity on a subject that can be rather overwhelming. 👍🏻
I literally just followed you and in so excited to learn how use excel for this! This will be so helpful!
Thank you! I've been putting this off and now it's, exactly as you said, much harder than if I'd started earlier. But this is super helpful. Thanks for sharing!
Great explanation! I despise math, but love excel and the bliss of functioning formulas. Thank you for such a clear explanation of setting up the COGS. :-)
Thank you so much for your videos on the business side of things. I really appreciative all the info you have taken the time to share with us.
This is such a fantastic breakdown of how you keep track of your costs. Thank you for this information!
Perfect! Thanks so much for this, I just love your videos, so helpful!
Glad you like them!
Thank you!!! I found this so informative 🙏🏼
Thank you for sharing your experience!! I'm learning so much! I want to start my soap business!
Thank you for the info and the excel tutorial, one of the best videos I've seen on pricing goods.
Thank you so much, I’m going to give excel another chance. I love how you explained how to work the program as well as why.
Definitely need more videos like this!!!
A year later, and I always come back to this video for reference when I'm adding new products to my brand! This video is very informative.
Formulas save so much time. Love how you explained this. I am a candle maker and am considering dabbling in some soap. They can really be works of art! Thanks for the info!
Thank you so much, Jerika!
You are just awesome to share this valuable information with us! I am just trying to jump into a business and this was so very helpful! Thank you again Jerika! God bless!
I really appreciate this video. I've just rebranded and need to focus more on my numbers and this has been the most informative video - thank you!!
Oh wow your story is Absolutely amazing! I'm a one man show cause I'm small time rn but I've felt that "calling" turn into a passion. I'd I didn't have to work and was richer I'd Absolutely make soap ALL DAY. God Bless you and the Soaping business
I needed this so much !!
Wow, wow, wow. I cannot believe how giving you are of your time and knowledge. I am in awe of your attention to detail and your generosity. Thank you so much Jerika xxx
This was such a clear explanation on using the excel spreadsheet for costing making soap. I am so pleased you popped up on my iPhone this morning. I just started making soap for myself, family and close friends but would like to know it isn’t going to be too expensive to do. I know After trying several different recipes using a variety of oils that I need to decide on what my preferred base will be, and seeing your session makes that a valid decision to make sooner than planned. I look forward to following you from today. A Big Thank you from Australia
I just love you! You just wiped away years of stress. This is one thing I dreaded until now, thanks & much abundance to you!
You absolutely deserve all of your subscribers plus many more. Again, thank you for all that you share 🤗
Wow, thank you!
Thank for the he information!
I’m literally watching all
Your videos and learning, I can’t tell
You how excited I am ,
Thank you, thank you, thank you!!!! I am just looking into starting up a small scale soaping enterprise for our farm and this video really helped me learn how to make excel work for me in the soaping enterprise!
Thank you so much for his lesson. Your instructions are so step by step and easy to understand for me as someone who is a newbie.
Thank you so much for this. So informative!
This was super informative I love Excel for personal monthly budgeting and wanted to use it for potential business purposes to see if making and selling would be profitable before taking the plunge and this is amazing as a starting point because I knew the basics of the pricing having done it for food in school but wasn't sure where to start in making a worksheet and while I knew many of the formulas you mentioned having used them often I had noooooo clue about how to have one worksheet link back to an amount on the other worksheet and that alone was so Fing amazingly helpful. I think one thing you forgot to mention when calculating the cost of the item isn't just tax but also the cost of shipping since so many things now are cheaper or just easier to get shipped and not everyone offers free shipping unfortunately but otherwise super informative and so helpful. I've been binge watching your business videos and love them and thank you to you and Cale for taking about the ins and outs of the business including what you did wrong and what you learned along the way.
Very helpful and so kind of you to share your expertise. You are very pleasant to listen to and a thorough teacher. Thank you! 🇨🇦
Thanks Jerika. this was so timely. I've been making soap for the last year now, mostly for my family, to test and see if that's something that I want to do, or if it would just be a family hobby thing. I've finally decided that this is something that I can make money with, and have made the decision to go for it. I have a she shed that I want to turn part of it into my work space, since I do have small kids. I knew I had to keep the cost updated, but this has helped me not feel so overwhelmed on how to go about it. thank you so much. I know the hard work that you put into learning this, and I am benefiting from it. again, can't thank you enough.
Thats a great habit to have, testing to see if thats something you would want to do long term basis
Excellent 🎉 you are a professional !
Thank you so much for breaking down the excel worksheets. I always struggled with that.
No worries! It's a bit of learning curve, but once you get it, it's sooooo helpful!
Thank you for this. I hate maths, I can do it but I hate it. I have just gone through the process of pricing my items and getting my son to double check everything. I hate having to recalculate my products based on different suppliers and different quantities, I also am ordering in larger quantities than when I began. I am only starting out, I am definitely going to use your method, thank you❤️
Thank you, I needed this video
Thank you for this. Super helpful. 👌
Thankyou so much! I'm using this to actually help with another product.. I really appreciate you helping me learn how to do this..
Thank you so much ! Really thoughtful to give us a hand . I will be trying farmers market this coming spring :)
Thank you for the information, I'm starting a shampoo bar business so this video is great timing! I'm multiplying my costs by 6, but this goes down to 5 if the customer buys multiple items. Factoring that and things like transaction fees is really important. PayPal fees for example add a fixed £0.20 on top of a percentage, which is a real killer on low priced items. Pushing the average customer purchase up with multibuy deals is a great solution for tackling those frustrating little expenses of doing business.
I really appreciate your honesty at the end where you say that you're still learning too. This was super informative and one thing I've appreciated about ALL of your videos is that you're honest and transparent with everything to do with your business and running a business in general! Thanks for sharing this! (means I can stop scribbling and getting excited as I'm calculating things and I can make the most of Mr. Compy's abilities! :D )
I appreciate that!
Thank you sooo much Zerika for sharing your hard work and knowledge with us your subscribers. I am very bless to have found you on TH-cam and blessed to receive your mentoring in this area. I hope to show my appreciation thru helping to support in some way in the future as a fellow Soap and Products Maker.
Thank you so much!
Hi , Jerika! Precios information!
Thank you🤩👍
OMG thank you so fking much, i've thrawled through so many videos to finally arrive to this and it is exactly what I am looking for. There is so much info and so clearly explained with zero waffle. I am definitely liking and subscribing. You're a legend!🙌😁
THIS VIDEO WAS EVERYTHING THANK YOU SO MUCH
Thanks for sharing your knowledge. You are awesome Jerika.
Thanks for watching!
THIS WAS SUPER HELPFUL!
U clutch for this one!! Yes! I am not excel savvy and this is simple and great!