I did extremely well at my first craft fair last week! But there was concern from a family member that the prices for my handmade soap and jewelry are too low. Can anyone offer pricing guidelines? Thanks!
2007-07-27 03:12:07 · 7 answers · asked by Gina E 4 in Games & Recreation ➔ Hobbies & Crafts
here's a formula:
cost of materials+$/hr spent making it+profit=sale price
Your sale price should be at least 1.5 times your cost and time, possibly double. If it's really unique, mark it up more. I usually just wing it, making sure there'll be a reasonable amount of profit, although for paintings or photos I usually pick the amount at which I'd rather have the money than the item. (For example, I have one painting I would sell for$200--I really like it, but I'd rather have 200 bucks than the painting.)
2007-07-27 09:10:07 · answer #1 · answered by spunk113 7 · 1⤊ 0⤋
All of these are great suggestions. Just be sure you include EVERYTHING in your cost. For example, when I sell incense, I not only include the incense, but the shipping to me, the cost of the bags and the paper insert, and the little bit of time it takes me to package it. It all adds up. I sell retail and wholesale - so I double my price for wholesale, and double that for retail.
As an alternative to the hourly wage - after you have some experience, you can figure out how much you want to make per hour at a craft show. For example, if I want to make $500 in a day of 10 hours, thats $50 an hour, then I know I have to mark a package up $5 and sell 10 an hour. Can I do that, or do I need to reduce the cost and sell more? So many factors!
Here is a sneaky SHOW trick I use. Say I have a jewelry box and I want $15 for it. I mark it $40, and have a SHOW SPECIAL half price. $20 is a bargain, and still leaves me a little room to spare! (smile)
Good Luck
2007-07-27 14:49:47 · answer #2 · answered by oldfrenchy2000 2 · 1⤊ 0⤋
What I usually do is figure out what I paid to make the craft (per item). I times that amount by 3. This gives me coverage of my materials & labor. If I used anything to help me make the craft, like an oven or sewing machine I add a cost for gas or electricity. Just try to keep good records of your supplies so you can figure out everything that you use in your product.
2007-07-27 10:29:08 · answer #3 · answered by ArtisticCandles 2 · 2⤊ 0⤋
This month's Sew News magazine recommends that you fisgure your time at $10 -$15.00 per hour, then add your materials cost and multiply the whole thing by 4. Of course that's only if you're trying to make a living. If it's just a hobby and you're not paying taxes or overhead, just charge enough to cover the cost of supplies.
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2007-07-27 10:49:41 · answer #4 · answered by Kacky 7 · 1⤊ 0⤋
I would price the items based on how much time you spent on them, and how much money you spent making the product! Remember you work hard!! You deserve to make a good profit!
best of luck! and congrats on your first craft fair!
2007-07-27 10:20:12 · answer #5 · answered by yourstruly 2 · 1⤊ 0⤋
well there are many ways to price your crafts!!!
It depends on how many hours you put into your crafts and much money you want to make an hour!! There is a site that will help you.. Good Luck!!
2007-07-27 12:17:10 · answer #6 · answered by aedwards1983 1 · 1⤊ 0⤋
At least 3 times what it cost you to make it, that way you get what you payed for it originaly , then cover the cost to make another and one third is your profit. that would be the minimum, you can charge more if you think it is worth it and if there is a high demand for the product.
2007-07-27 12:22:53 · answer #7 · answered by Joe R 1 · 1⤊ 0⤋