Hello!
I am an solo entrepreneur in dire need of some help. I am creating an excel sheet for my online stores. The idea behind this sheet is that I can quickly determine what price I need to charge customers to turn a profit, and that I can change that profit number to whatever I want, and the rest will figure itself out. The problem is... I can't determine the numbers (as I am no good at this sort of thing). I have posted the known variables below:
Final Sale Price = Unknown
Transaction Fee = 5% Final Sale Price + $0.25
Payment Processing Fee = 3.5% of Final Sale Price + $0.20
Production Cost = $15
Additional Fees = $1.20 (This variable is NOT a percentage of anything,for anyone wondering)
Estimated Profits = Final Sale Price (Unknown) - Production Cost ($15) - Additional Fees($1.20) - Transaction Fee(5% Final Sale Price+ $0.25 - Payment Processing Fee (3.5% of Final Sale Price + $0.20)
Taxes = 15.3% of Estimated Profits (What's left over after all the other fees have been paid)
Final Profit = $5
Let me know if there are any questions. I will do my best to clarify what I can, but as far as the math goes, it's too complex for me and I could really use the help with this.
Thanks!
I am an solo entrepreneur in dire need of some help. I am creating an excel sheet for my online stores. The idea behind this sheet is that I can quickly determine what price I need to charge customers to turn a profit, and that I can change that profit number to whatever I want, and the rest will figure itself out. The problem is... I can't determine the numbers (as I am no good at this sort of thing). I have posted the known variables below:
Final Sale Price = Unknown
Transaction Fee = 5% Final Sale Price + $0.25
Payment Processing Fee = 3.5% of Final Sale Price + $0.20
Production Cost = $15
Additional Fees = $1.20 (This variable is NOT a percentage of anything,for anyone wondering)
Estimated Profits = Final Sale Price (Unknown) - Production Cost ($15) - Additional Fees($1.20) - Transaction Fee(5% Final Sale Price+ $0.25 - Payment Processing Fee (3.5% of Final Sale Price + $0.20)
Taxes = 15.3% of Estimated Profits (What's left over after all the other fees have been paid)
Final Profit = $5
Let me know if there are any questions. I will do my best to clarify what I can, but as far as the math goes, it's too complex for me and I could really use the help with this.
Thanks!