When you are an entrepreneur and the only employee, you have to wear many hats. We have been discussing how to build PCBs. That is a “Manufacturing Hat”. When we talk about buying electronic components and contacting vendors for quotations, that is a “Procurement Hat”. You wear an “Engineering Hat” when you design a circuit, create bills of material, lay out the board, write code, and debug prototypes. When writing the User’s Manual, you wear a “Technical Writer Hat”. When testing the product for UL, CSA, VDE, you wear a “Product Assurance Hat”. You wear these and many other hats when you run your own company. If you work for someone else, you may be slotted into one of these jobs and wear, for the most part, only one hat. But if you are aware of the other hats, you will have a better understanding what your colleagues are doing and how to communicate in their language.
So, let me put on my “Marketing Hat” and calculate how you should price your product. Add up all your product manufacturing costs (parts and labor) and make sure you include the manual and packaging. Then you multiply that value by 5 and that is your selling price. Remember that the salesman will want a piece of that and that promoting the product will cost you for brochures, advertising, and trade shows. The salesman will want to have some headroom to offer discounts for quantity purchases. Also, over time, competition may force you to lower your prices. So if anyone throws up when you explain that your markup is 5X, remind them of these facts.
This is tough field to be working in. The more you know about it the more successful you will be at it. Good luck.