Pricing your work may be an uncomfortable chore, but you have to earn a living! If you are a newly-established baker and are just getting to know your ways, you must feel the same. Also, if you’re mainly working with cupcakes, establishing fair cupcake pricing is an important part of your job. Let us give you a few tips about creating prices.
5 Cupcake Pricing Steps to Take
There are a few steps that will help you make a fair and square price for your cupcakes. You should know many details that contribute to a perfect cupcake price.
1. Cost Awareness
Paying attention to how much you invest into making cupcakes will give you an idea about how much to charge for cupcakes and you should form your price based on that. Consider the following:
✔ Toppings and fillings
✔ Food coloring
✔ Cupcake wrappers and packaging
We at Medina Baking offer a wide array of high-quality baking products, so you can always contact us and have all you need at a great price. Just make sure that you are being realistic about how much you spend on making the cupcakes before deciding on the price.
Take into consideration the costs regarding tools, appliances and the delivery car because even though they might be a one-time spend, you still use them every time.
2. Competition Check
It’s normal to be interested in other cupcake businesses that might exist in your surroundings. Don’t be afraid of competition, use it to your advantage and make your cupcake business even better! Go to a few bakeries in the neighborhood and try their cupcakes.
It’s the best way to find out the average cupcake price. Also, think about the taste and see if you can improve something. Set your prices according to your competitors and strive for perfection.
Another important thing when setting the cost of cupcakes is your location. You might be the greatest cupcake maker there is, but if you live in a small town, you will never succeed with high prices.
Cities like New York or Miami will allow you to aim higher without the possibility of failure, while living in a little place will allow you to start smart and small. You can alter your prices later on, after you’ve established a successful cupcake business.
4. Work to Improve
Regardless of the line of work, you know there is always room for improvement. Should you work on certain skills in order to make your cupcakes better? Do you make the best cupcakes in the neighborhood or not? These are only some of the questions you should be asking yourself if you want to succeed.
There is no need for vanity, being aware of your flaws will only make you try harder until you perfect your work! How to price cupcakes to sell will greatly depend on your skills, so make sure your work is nothing less than impressive!
5. Be True to Yourself
No matter what you do, you’ll always meet people who like to haggle or ask for discounts. However, if you are determined to succeed, you must stay true to yourself. When you are a business owner, you have to take care of your business and this also means no discounts for friends and family. If they really believe in you, they will pay for the cupcake! This is the best way to show support.
How much are cupcakes worth is something you should have on your mind at all times, so don’t let other people discourage you or scare you off. Believe in yourself and your cupcakes!
You should be ready to name your prices now! Don’t be afraid and take into consideration everything we’ve said so far and you’ll be on the road to cupcake success! It’s not easy to become successful, but once you get there, the feeling will be great!