For one of my assignments in my Parsons x Teen Vogue course talks about production costs and how to make a better profit. I wanted to share what I’ve learned just in case some of you all are entrepreneurs.
I’ve calculated how much it’ll cost me to continue making these pair of earrings one set at a time.
These is my calculations on if I buy my materials in bulk for my earrings.
In the end I realized it’s cheaper to buy my materials in bulk because my production costs lowers making my profit increase from $4.06 to 7.56 per earring. The sources I would use to purchase my materials in bulk are whole sellers from Amazon and eBay but if I decide to use whole sellers outside the country I would calculate making a even bigger profit.
When you’re looking to make a bigger profit try finding ways to maximize your earnings such as buying in bulk or buying overseas.
Sincerely, Courtney Renee