Today we’re going to try to answer a common question: how do you determine the selling price of a creation? Determining the right selling price of a piece of jewelry may be very difficult in some respects.
We often underestimate a DIY work because, for most of us, it’s just a hobby. Even if creating something personal gives us satisfaction, we can not accept, at times, that we are not paid back for what we did. A handmade item has some features that an item made in series does not have: above all, uniqueness.
The first thing that determines the final price of a product is the cost of the material
We should consider the cost of each material used, each component, also considering a share for materials such as thread and needles, packaging, or material that is needed for a shipment, and the cost of any business cards. If we sell through e-commerce platforms, such as Etsy or Miss Hobby, also consider the cost of site listings and commissions, and the costs associated with the use of payment instruments such as Paypal. Keep the purchase invoices for our materials, so that we can always keep in mind the starting costs.
If we want to sell our creations thinking of doing it as a job, we can adopt some tactics, such as purchasing wholesale and not retail items; in this way, we can significantly reduce the costs of our creations.
Second thing is the manual labor
First of all, we should try to judge our work objectively. Are our products well done or do they have minor imperfections? Do we judge our work as a professional work? Are our creations entirely a figment of our imagination, or did we follow an existing online scheme or a video tutorial?
We need answers to these questions if we want to fairly price our work.
Yet another question: how much does our time cost? On the average, one hour is 8/10 euros worth.
Let’s see how to calculate the price of a creation in practice:
For instance, we want to make a pendant. The cost of the material is 10 euros and it took us 2 hours to make it. The cost of the material has to be recharged; you can double the starting cost or increase it in percentage (30-40%)… in general, doubling is the best solution.
Material (10 euros*2) + Manual labor (2*10euros/h) = 40 euros.
The final price of our creation will be 40 euros.
This price is just a suggestion. Each of us will decide whether to increase or decrease it, depending on our own sense.
Buy the material at wholesale prices
A good purchase is the starting point for a good sale. We must pay attention to the real price of our products. For instance, we must consider what size are the packs we buy, how much are the shipping costs if we buy online and we must consider any other little expense. The online shop for DIY Jewelry PerlineBijoux has an entire category dedicated to wholesale packs of beads, rocailles, Swarovski Pearls and many other products, where we can find what we need at low prices and cut the costs of our creations.
Sometimes, the wholesale pack contains many more beads than we need to make our creation, so a good piece of advice is to buy with the quantity discounts. On the website, for each product, we will find a table that will let us to save money by purchasing multiple packs of the same product, without having to buy the wholesale packs.
That’s all! Enjoy your creations!!
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