Pricing Your Products for Profit
Getting your pricing wrong can sink your brand before it starts. Bhavna reveals how to price your fashion products so you actually make money.
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Show Notes
Intro
I’m Bhavna Rishi, founder of BuildTheDreamBrand, and for over 20 years I’ve been helping founders, artists and fashion startups design, launch and scale brands – from museums like the V&A, Chatsworth House and the British Museum, to first-time founders who started with nothing but an idea and a sketch.
And in this episode of The Good, The Bad & The Ugly of Building the Brand, I want to walk you through how to price your products for profit, because getting this wrong is one of the fastest ways to kill your brand.
Episode Summary
Pricing is one of the most misunderstood aspects of running a fashion brand. Too many founders either underprice out of fear or overprice without the brand equity to support it. Bhavna shares the pricing strategies that ensure you cover your costs, pay yourself and build a sustainable business.
Show Notes
- The true cost of making a product and what most founders forget to include
- Understanding cost price, wholesale price and retail price
- The markup formulas that work for fashion brands at every stage
- Why competing on price is a race to the bottom
- How to position your brand so customers are happy to pay your price
- The psychology of pricing and how to use it ethically
- When to offer discounts and when discounting destroys your brand
- How to price for wholesale vs direct-to-consumer
- Real examples of pricing strategies that transformed brand profitability