Hi, I know it's Monday and I keep hitting a wall to calculate my selling price.
I am trying to come up with a selling price where I can factor in all my costs and still make a 10% profit.
The problem is I pay a 15% hosting fee based on the selling price I list, I want to make sure I am "grossing up" my selling price enough to include the 15% fee so I am truly getting 10% after all fees.
Example:
Item cost: 28.00
Shipping cost: 10.00
hosting fee: 15% = 5.70 (38.00 x 15%)
sub total now is 43.70 so 10% profit is = 4.37, if I add the 4.37 to 43.70 = 48.07
If my selling price is now 48.07 then my hosting fee is really 7.21 not 5.70
How do I make sure I am grossing up my sale price enough to include the 15% hosting fee and then make sure I am getting my 10% profit after all fees?
I hope I am explaining my scenario, I appreciate any help anyone can provide on this.
Thank you
I am trying to come up with a selling price where I can factor in all my costs and still make a 10% profit.
The problem is I pay a 15% hosting fee based on the selling price I list, I want to make sure I am "grossing up" my selling price enough to include the 15% fee so I am truly getting 10% after all fees.
Example:
Item cost: 28.00
Shipping cost: 10.00
hosting fee: 15% = 5.70 (38.00 x 15%)
sub total now is 43.70 so 10% profit is = 4.37, if I add the 4.37 to 43.70 = 48.07
If my selling price is now 48.07 then my hosting fee is really 7.21 not 5.70
How do I make sure I am grossing up my sale price enough to include the 15% hosting fee and then make sure I am getting my 10% profit after all fees?
I hope I am explaining my scenario, I appreciate any help anyone can provide on this.
Thank you