It's a funny world, really. I don't like to pay above the odds and often can't afford to, so I'd find it had to mark up products much. I'd probably be making the same mistake as you with the wire stripping machine!
@tipu curate
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Yes, it opens your eyes that there are many types of people. And because my market was niche, I needed to have a higher price to cover the limited market I was in. That way it made my time worth it. In one instance, I drop to Horsham to sell a machine. Another time I drove to Adelaide. Having a good margin covers these extra costs.
From a business perspective you need to understand your market. I've never been a guy who had to have gadgets in the garage. There were a number of people who bought a machine just to have it in their garage.
I figure they would never use it. It would sit there with their other rarely used tools.
One person wanted to strip the wire of electrical appliances. The quality of copper in an Iron Cord or a Kettle is absolute crap! I tried to tell him that he would spend hours to justify the cost of the machine. But he had to have it.
(The minimum I would strip was housing TPS cable. That cable ended up with 40-55% copper vs the plastic coatings.)
Hubby used to work at a place that threw out no end of heavy duty wiring. He'd bring it home and we'd strip it with a Stanley knife and cash it in. I used to wonder if it was worth the cost of the blades we'd go through, never mind the cost of a machine to do the job! Appliance wiring is the worst production for effort, then you have old headphones and charger cables which break so frequently and that must be like salvaging spider web threads!