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«The Art of Pricing Handmade Goods 2011 Contents How Much Time Are You Really Spending on Your Product? Pricing For Time Intensive Handmade Items How ...»

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The Art of Pricing Handmade Goods 2011

Contents

How Much Time Are You Really Spending on Your Product?

Pricing For Time Intensive Handmade Items

How much is your experience worth?

Pricing your Handmade Jewelry

Pricing Your Products: The 411

Pricing Woes

The Breakdown

Material Costs

Labor Cost

Overhead Cost

Profit

Markup

2 Prices per Product??

Successful Holiday Price Point Strategies

The Art of Pricing: More Important AND Less Stress-Worthy Than You Think

How exactly do we decide whether an item is "for us" based on its price?

What are the implications of our built-in assumption that high price means high value, and vice versa?

Guidelines for ridding yourself of pricing anxiety forever.

What have we learned?

10 more must read pricing articles

The Art of Pricing Handmade Goods 2011 How Much Time Are You Really Spending on Your Product?

Abacus Hands Antique Calculator Digital Image Download Sheet Pricing: How Much Time Are You Really Spending on Your Product?

We all know the formula:

Cost Price (Labor + Materials Cost) x 2 = Wholesale Price Wholesale Price x 2 = Retail Price But what goes into the cost of our labor?

Time!

A day in the life of an Etsy Item Aside from what you spend on supplies and incidentals, which is relatively easy to track, what about the time you put in? If you are like me, you do not weigh time heavily into the equation because you are so happy while you are in creative mode, and you forget about all of the other stuff. Recently I have taken a hard look at my time management for pricing purposes and life in general.

The Art of Pricing Handmade Goods 2011 Sad but true, time is money, even when it feels like you should be paying someone for the happiness you get from making jewelry.

Lets look at one little piece of jewelry, and all it has to go through to get into the hands, or onto ears or necks of my customer, (not exactly in order of appearance).

–  –  –

The research process – this is what I like to call it when I am daydreaming up new ideas.

The sketch – you can skip this part if you do not need to sketch, but I do. Here are your five minutes back if you don’t.

Learning and practicing techniques, or, how the heck do I make this? This can include:

time spent in trial and error, in courses, reading books, taking Ecourses, or tutorials.

Ordering or shopping for Supplies.

The actual designing process.

Actually fabricating your piece Modeling it for your significant other or furbaby and telling them they are not excited enough about this new creation.

The Art of Pricing Handmade Goods 2011

–  –  –

Photographing it.

The dreaded editing of said photographs.

Determining pricing which includes more dreaded research and, yikes, math.

The even more dreaded listing of item.

Answering stupid and not so stupid convos.

Tweeting, FB-ing, Stumbling, Deliciousing, Stylehiving, Pinteresting, Kaboodling, Blogging, making the dreaded Treasury (I make them, but I don’t like them), commenting on T’s, and more.

Doing all of the above for your team members, as they have done for you.

Messing with Etsy on Sale. Should I, shouldn’t I? etc.

Promoting your sale if you chose “I should.” Rearranging your Etsy store obsessively Renewing Checking Craftopolis Reading Handemadeology Checking Google Analytics and wondering if anyone really understands it.

Worrying about your SEO and asking Bob a lot of questions: 1800-jewelry24Seven Creating and promoting coupons, or wondering if you should.

–  –  –

Ordering or shopping for packing supplies.

Putting your precious piece into pretty packaging that you ordered or made.

Packing for safe shipping.

Printing a label, cursing at printer %&*((%!! *(__$%^&!!!.

Fixing the printer or running to Staples for more printer ink.

Printing again.

Going to the post office.

Swearing I am going to get more organized so I can arrange home pick up, which is FREE.

Following up emails (yup, you bought it, yeah, its coming etc.).

Worst case, tracking a package. uuugghhhhhh.

Best case, happy customer, brilliant feedback, Yayyy.

Guess what, time to start all over again.

All of this is not even factoring in the very important time spent on the JET Thread!

Is your pricing right?

Do not sell yourself short. Much of the cost of doing business is our time!

Thanks for reading, Norah

–  –  –

Large Black Nine Pointed Star Paper Quilled Earrings Article by: Honey’s Quilling If you are like me you have read dozens of articles, posts, and comments on how to price your handcrafted items. And if you are like me you have been confused more often than not. The number one thing I have learned is that there is not one single formula that will give everyone the right pricing technique. Each type of handcrafted item is created differently. Some are made with expensive jewels, some with cotton yarns. Some take a few minutes to put together, while for some it is the time invested that gives them value.





This article is geared towards those who create handcrafted items that are time intensive. I will share how I have priced my items that fall into this category, and what I have learned along the way.

When thinking about how to fairly price your crafts, you must take into consideration both the cost of your materials, and the cost of your time. There are many pricing formulas out there that only use the cost of materials to figure out the price. That obviously will not work for time intensive crafts because you will not be getting paid for your time at all. Then there are other formulas that have you add in your time cost plus material costs and double, triple, or even quadruple that to get your wholesale price. Again, this will not work for time intensive crafts.

You will find yourself with over-inflated prices and no buyers!

The key to the right pricing formula is to make sure you are getting paid for your time, for your materials, plus any overhead costs. This is the formula that I have come up with after months of

tweaking:

[(time x $per hour) + 2(cost of materials)] x 1.1 = wholesale price wholesale price x 2 = retail price How much you should pay yourself per hour is up to you. I’ve seen a lot of advice saying that the bare minimum should be $10, so that is what I have started with for myself. I’m sure I will increase that as time goes on. The reason I double my materials cost is because there are always overhead costs. Having materials shipped to you, some materials getting ruined, materials you use that you don’t know how to calculate such as glue. I figure these are all covered by doubling my materials cost. Then I multiply by 1.1 to add 10% to my wholesale price. I do this to give myself a little profit and a little wiggle room. There are always overhead costs such as electricity that are hard to calculate in. This gives you that room. Plus even if you are selling wholesale it’s great to be able to get a little profit from those deals! You can then use this to re-invest in more supplies! I choose 10% as my profit markup, but you can put whatever you feel comfortable with.

If you are planning on trying to get some wholesale accounts, you definitely have to double your wholesale price to get to your retail prices. Most retailers will expect to get your goods at half price. This retail price is then what you should be charging customers.

When I first applied this formula to my items I gasped a bit at the prices. I asked myself, “who would pay that??” But then I took the advice of many crafters and artists and reminded myself that those who cannot make what you make WILL pay that price for it! I know I look at many crafts that I do not have the skills for, and I’m happy to purchase their items because they are well made, gorgeous, and it’s awesome to buy handmade! And I know others buy my products for the same reason.

Another thing to consider is the costs such as advertising, listing on etsy, renewing listings, time it takes to photograph, packing, and numerous other expenses! I figure that because I am charging retail price in my shops, I am covering those costs. So basically my “profits” are really the costs for all of that. When I sell wholesale I don’t have those costs, so I don’t feel comfortable adding in those costs to the wholesale price. But some people do, so feel free!

The Art of Pricing Handmade Goods 2011 I consider my pricing formula to be very flexible. Once you have a formula that works for you and your craft, and you are happy with your prices, you can leave it for a while. But if you feel it needs some tweaking – maybe you find your overhead costs not covered, or maybe you decide to start putting your marketing and photographing hours into your time (something I have not done yet) – go ahead and tweak it!

If you create time intensive handcrafted items I hope you have found this article helpful. Let me know what your pricing challenges are and how you are handling them! Happy pricing, and happy selling!

How much is your experience worth?

Children Art Dancer Mexico I attended a watercolor art class a few years ago. The teacher demonstrated his techniques while we watched and then we attempted our own paintings. During the class he told us that he would sell the demo paintings to us for $350 if we would like to buy them.

Someone in the class actually had the courage to say, “How can you sell that painting for $350 when it only took you 25 minutes to paint it?” He answered, “It took me 30 years to paint that in 25 minutes!” I’ve always remembered that and it has given me courage to price my items in a way that includes my experience. Even if my materials are low cost, and even if I can make that thing in 15 minutes, no one has seen the ones in the trash or the ones I won’t sell or the ones that I made in the beginning. We all grow as artists and we need to value our skill and experience.

I can’t remember not knowing how to sew. I learned from my mother as she sewed my dresses and my Barbie Doll’s dresses. I’ve made over a hundred purses, totes and wristlets since last year when I started experimenting with them. An interesting thing happens when you make that many – your voice starts to emerge. People can tell those items are made by me. The consistency and quality of the end-product has also improved and my prices reflect that.

It’s a tricky thing, this pricing business. Whole books have been written about pricing strategy.

Whew! As long as I am respectful of my fellow artists and respectful of my own skills, I think I’m on the right track.

Pricing your Handmade Jewelry Final Sale - Fine Art Photography Original Print (8x10) IN STOCK |by: elr104 By: Jacqueline Jewelry Let’s start 2011 right and stop being afraid to charge prices for your jewelry that show you are a professional. Even if you’re new to the craft of jewelry, you should be pricing for the luxury that jewelry is. One mistake that new jewelry designers often make is to price their work too low.

Pricing handmade jewelry seems to one topic that jewelry artists seem never to agree on. There are lots of different viewpoints and philosophies. This article will discuss some of the things to The Art of Pricing Handmade Goods 2011 think about as you consider how to price your jewelry, and some of the common pricing models that jewelry designers use.

Keep in mind that you do much more than make jewelry as a business owner. In order to cover costs and overhead it is essential to charge more than your hourly rate + material costs, or keep your hourly rate on the high side (i.e. $20/ hour is much more realistic than $10/ hour) if you want your business to be profitable.

Here are a few pricing tips:

• Don’t compete with imports on pricing! Your quality is better, and you can never compete with those that make $2 a day. Instead, position yourself as the high quality jeweler that you are, and command reasonable prices.

• As a newcomer, you can start lower if you would like, and move your pricing up as you become more established.

• Lower pricing also can work against you because it cheapens the perceived value of your work.

People tend to think you get what you pay for, so if you charge too low, people tend to think something is “fishy” if the price is lower than they expect for a handmade object.

I have another reason for not charging too low. This is kind of my personal soapbox:

If you charge too low, you are not only cheapening the perceived value of your own work, you are also cheapening the work of others because the public learns to think that some jewelers who charge what they are worth, are charging too much.

Those jewelers who charge what they are worth then have to work so much harder to convince customers that their work is worth the cost.

That said, as a jewelry designer, you need to consider two types of pricing: wholesale and retail.

Wholesale and Retail Pricing Models

Here are common wholesale pricing models used by jewelry designers:

• 3 x the material cost • 3.5 x the material cost • $20/hour • labor plus 1x materials plus 50% (or whatever you want your hourly wage to be)

• Eyeballing i.e. guessing at what it should be worth (not recommended, but common) • $35/hour • labor plus 1x materials • $26/hour • labor plus 1x materials plus 50% • $20/hr.labor + mat. + 5%overhead + 20%profit

And here are common retail pricing models used by jewelry designers:

• 1.4 x wholesale • 1.5 x wholesale • 1.6 x wholesale • 1.7 x wholesale • 1.8 x wholesale • 1.9 x wholesale • 2.0 x wholesale

• The ever common but not recommended “eyeballing” method Feel free to use any of the wholesale or retail pricing formulas to price your own work.

Remember that customers are not only buying the materials in a piece of jewelry, and the time you spent making it, they’re buying your unique vision and expertise.



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