U-Handbag writes a very good post about putting a price on your work:

Pricing Your Bags or other Crafts to Sell

This has always been a big topic in my jewelry studio.  My teacher says to triple the price of materials and that’s your wholesale price.  In the past I have doubled the price of materials, added an hourly wage for myself, and added a fixed amount to cover packaging and other expenses.  Sometimes I only add up the price of materials and add an hourly wage for my wholesale price, then I double it for my retail price.  And sometimes, I admit, I’ll just wave the magic wand in my head and come up with a price that really has nothing to do with anything, except maybe emotions.  I guess the question then becomes “How much does someone have to pay to get me to part with this precious baby?”

Yes, it’s all very scientific, this thing called pricing.

raw_diamonds 
Earrings:  champagne diamond briolettes, wire-wrapped in 14k yellow gold.

Even the women in my jewelry studio who do much more selling than I do seem to be stumped when it comes to pricing.  For example, I recently asked one of them how much she was charging for a particular piece (it was a custom order for an acquaintance) and she quoted one price.  When I said I might be interested in having her make one for me, she said she’d charge me a different (lower) amount.  So in this scenario, we have wholesale pricing, retail pricing, acquaintance pricing, and friend pricing.

I suppose with all of this housecleaning I’ve been doing, I’m going to have to figure out a pricing system and stick to it, because frankly, that little magic wand in my head is getting a bit worse for wear.

raw_diamonds_bracelet

Bracelet:  raw diamond beads wire-wrapped in 14k yellow gold.

One Reply to “Pricing Your Work”

  1. Antoinette says: August 17, 2007 at 4:23 pm

    I’m with you on that boat. I usually double the cost of the supplies and then add for my time. It’s all a guess. I also judge by how well something is selling (really great? Try raising a little), how much time it took me, what would I pay for it, and like you said, friend, family, retail, consignment and wholesale pricing. I wish there was a computer program where you could add in all the variables (cost, time) and it would spit out a price for you. Tell Mick to get on it and invent one!!!!

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