Product costing and pricing methodology

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Has anyone here manufactured their own product in house? This is a product which has never been produced in the country and has 0 competition. We used to import earlier, but going to launch this soon which would be much more reasonably priced than the price of the import retail ones.

How should one go about cosing and then determining a sale price. I'm more confused about variable and recurring expenses like shopify fee and ad spends, payment gateway fee, cost of R&D, and the fact that there are no competitors. Also, if it's a 1 person business should we add salary to owner? What about operating cost like internet, electricity, etc? And equipment used to make the product?

I am expecting this product to garner much more sales because the earlier offerings were priced quite high for the fact they are imported.

If you need any sensitive details or wish to see the store please DM me for the link


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