I want to sell rainbow loom. but i don’t know much i can sell it for?
As much as you want.
This is a question that millions of dollars are spent on annually, and not an easy one to answer.
For you, you need to factor in cost of supplies, if they are hand made, cost of tools etc, plus you need to account for time spent. Even if your team is making them (as free labor of course :P) if you only make $1 profit on an item that takes 1 hour to make, it probably is not worth it.
Look at market costs of the product, what other people (such as stores) sell them for. If you are simply buying an item from a store, and reselling them, obviously you will have to either get a deal from the store, or sell them for more.
Remember, people will (to a point) pay extra for an item if they are supporting the local high school robotics team than they would get it for at the store.
How much does it cost? If it is around a dollar or less, price it $2, or 200%. If it is around ten dollars, price it as $15-20. That means 150-200%. If it is very expensive, like a hundred dollars, get 110-120%. That will make sure you get profit, but also make sure your customers are satisfied and that they will get the bang for the buck. If someone knows that their dollar spent will get them an output, with the value of a dollar (or even more), your customers will be happy. As the price of manufacturing goes up, reduce the revenue (110% instead of 200%). That way, you should be off with quite a start.
Always account for the labor. Time is money. If it takes an hour you have to put a price to that along with the cost of materials. Typically you would mark up the cost of materials also. So materials per one unit plus a percent increase plus labor per one unit equals retail price. If you can live with $5.00 per hour consider that its way below min. wage. Two very important things to know about retail sales are
1- It is usually a bad idea to give something away for free. People will assume it has now value.
2- An item is worth what someone is willing to pay for it. Not what you think it is worth. So if someone will pay a high price for it take it. But if the price is to high don’t lower it past the point of no profit.
My team leader is freaking out cause were almost out of money…
any quick way to get some money/fund-raise… 2 weeks before bag and tag. ::ouch:: :ahh:
We have been very successful doing what we call “can shakers”. We contact local stores and ask if we can do a fundraiser outside their front door. We set up a table with FIRST and team literature, a few baked goods, and a robot. The students have two big buckets and when people come out of the stores they ask them for donations. We usually make about $500 at each of these events. They are easy and a great way to also spread FIRST in the community as the robot creates a lot of interest, with the students answering all kinds of questions. We have even had a few companies sponsor us based off of first finding out about the robotics program from these events. Good Luck!
Now is an excellent time to invite potential sposors to your build area. You can show them what your working on and it will be easy to show what you need. We just got a check yesterday.
Don’t know if this is in the right place. Team 4203 is having a video game 24-Hr marathon on twitch on Feb. 19th to 20th. Just search Robokronos on twitch. Again, first post.
It isn’t in the right place, but nice try!
You can make a thread (a full post), in the General Forum section.
You can find that by clicking “Forums” on the top left of the page, on the portal screen.
One thing FRC Team 1501 T.H.R.U.S.T. does to raise money is we make a Robot Catalog. We have items from $5.00 (rivets) to $5000.00 (regional) and then we go out and ask people to buy parts for our robot. This is better then just asking for money.
People can say “We bought those wheels for the team”
Panhandling at a local supermarket on a Saturday morning or afternoon should net you between $400.00 to a $800.00. that is our average.