The relationship between 'cost' & 'profit'

I recently started developing some prototypes for my upcoming commerce accessory company, Obcessory Incorporated. One the products that are to be included in the first rollout of inventory is the Bib necklace. This particular accessory is made with a 8 x 11 piece of white felt, a pack of studs, a pack jewels, 2 yards feather trim and a roll of printed ribbon. I purchased the studs and feather trim online on eBay and the remaining items were purchased at my local Hobby Lobby store. I used a hot glue gun to attach everything, however I did not need to purchase hot glue stick.. because I already have a large supply. Unfortunately, I did have to visit 3 different locations to find the right products for my vision. As a result, it did a few more days and 3-4 times the amount of gas that I initially intended on dedicating to the necklace. This is why I must factor in "labor", if you will, much like the mechanic at your local car dealership. The cost of labor for the necklace is $9/hr.

After purchasing the item, I had to make a custom pattern for the shape of the bib. This step is quick, however it is an important part of the process because it ensures a unique one of a kind design. The total time it took to complete the necklace was an hour. The total production cost of the material and labor for one Feathered Bib Necklace is $29.66.

Now that the necklace is complete, only HALF of the job is done. I did an internet search for 'Bib Necklace' and searched "#bibnecklace" & "#necklace" on both Facebook and Instagram. This allowed me to do a quick competitor analysis and research the price, shipping cost, and shipping time of similar retailers with a similar product. This information allows me to out do by competition by potentially having lower prices, faster shipping, free shipping or even discount codes. Additionally, it allows me to see what price the necklace must be to recreate another bib necklace, while staying within a reasonable price of the competitor. I want to make a minimum of a 20% profit from Bib Necklace sales. Based on that goal, 20% of the total production cost is $5.93. If we add $5.93 +29.66 = the Suggested Retail Price, which $35.59.