Siobhan Says - The Three Reports that Will Save your business

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Dear Siobhan,

I make handmade candles and I’ve been invited to three different holiday markets this holiday season (Q4). I want to say yes to all of them, but I don’t know which ones are worth my time, how to price so I’m not losing money, or how much inventory to make. Last year I brought too much to one event and sold out at another. Help!

—Corktown Candlemaker

Dear Corktown Candlemaker,

You are asking exactly the right questions! Saying yes to one opportunity and no to others isn’t a lack of ambition: it should be a part of your strategy.

Here’s how to choose smart, price right, and stop guessing on inventory.

Step 1: Choose Markets That Fit Your Product
Before you commit, ask yourself (or the host):
• Who attends this market?
• Does the price point match?
• What’s the real cost?
• Have other makers that have similar products, customers, and prices succeeded there?

Step 2: Price for Profit, Not Just Sales
Selling out feels great, until you realize you barely covered costs or lost money.
• Find your Floor Price: [Materials + Labor + Packaging + Booth Allocation = Floor Price]
• Add 40–60% margin
• Bundle instead of discount

Step 3: Build Inventory from Revenue Goals
Figure out how much money you need to make, then work backward:
• Set your revenue target: “I need $600 to make this worthwhile.”
• Calculate transactions needed: $600 ÷ $30 avg sale = 20 transactions
• Add buffer: 30% browsing buffer + 15% safety stock = 30–35 total candles

Step 4: Track What Happens!
The goal isn’t perfection or selling out. The goal is walking away from Q4 feeling proud of your choices and profitable enough from the outcomes of the event to guide you into the new year. You get to choose markets where you feel valued. You get to price your work to honor your time. You get to say no when something doesn’t feel right.

Need more help?
• Michigan Small Business Helper: Micro-grants for market fees (michigansmallbusinesshelper.com)
• TechTown Detroit — The SHOP: Free coaching on pricing (techtowndetroit.org)
• DNEP 1:1 Appointments: We’ll help you calculate costs and build your Q4 strategy (detroitsmallbusiness.umich.edu)

You’ve got this. 💛
Siobhan