How do I know what to charge for my produce at a farmers market?
Iron County Michigan
Hello! There is really no easy answer for this question. First, as a business person you must consider your cost to produce your products. Michigan State University's Product Center has some resources to help you calculate your cost of production. If you are interested, visit www.productcenter.msu.edu for more information or to sign up for business counseling services that often times are free of charge. Secondly, you must consider what people are willing to pay for your product(s) and your competitors' prices. If you are looking for a network of farmers market vendors to learn form, I suggest joining the Michigan Farmers Market Association and participating in some of their webinars and training programs. MSU Extension also offers a Beginning Farmer Webinar Series each winter (usually starting in January) and one or more webinars may touch on farmers market business practices.
I hope this answer is helpful. If you need a local MSU Extension contact, Michelle Walk in the Sault Ste. Marie office is very knowledgeable. Her email address is email@example.com.