Pricing Your Crafts to Sell
How to Price Your Crafts
Pricing your crafts to sell. Craft pricing is important whether you are
online or at craft fairs, selling crafts wholesale or retail. How to price your crafts to make money.
One of the most difficult aspects of
starting a home based craft business
or even just making up a few crafts to sell at the church bazaar is deciding how to price handmade crafts. After all, how you price your crafts will determine, to a large degree, how well they sell and how much money you can make at this.
Pricing Crafts to Make Money
Craft money makers are those items you can sell for a high enough wholesale price to make enough to cover all your expenses and make a reasonable wage for the time you invest in producing them.
Even if you do not currently plan to
sell your crafts wholesale,
I urge you to price them with wholesaling in mind. This way, if you decide you want to pursue this option in the future, you will not have eliminated the possibility by setting your retail prices too low.
If you are only producing a couple dozen crafts to sell at the church bazaar or making crafts to raise money for charity, you can ignore this.
List the cost of all the materials you have to purchase to make the item. Add in something for your gas if you pick the materials up locally or shipping if you order them.
Don't forget the cost of any packaging or printed materials that go with the product.
Add something to cover the cost of sales. For instance, crafts selling on eBay will incur sellers fees. If you plan on selling at craft fairs, you will have to pay table fees.
Next, list the number of hours or minutes it takes you to produce 1 item.
This is where pricing your craft gets tricky.
How much do you need/want to make per hour?
Nobody but you knows the answer to this question but may I offer some advice?
Be careful of selling your time too cheaply. You may be o.k. with low pay now, but 2 years from now when you've worked very hard and have very little to show for it, you won't be.
Do not commit your time to a craft that you can't get at least $10 per hour for making. $20 is better still.
Of course, the higher you set this amount, the harder it will be to find a craft that will sell well at the final asking price.
Once you add all of this up you have your wholesale price. Double this figure to get your retail price.
Price Your Crafts Competitively
Never forget that you have competition. What are other craftspeople selling items similar to yours asking for their crafts?
You will not be able to get significantly more than they are asking. If you ask significantly less, you may take a few sales from them but you risk earning less than you could for your handiwork.
Price your crafts within the range of what people in your market expect to pay. Too low a price may make them suspicious. Too high and they may feel that you are trying to take advantage of them.
For more in-depth information about pricing your crafts to sell get
Dusty Forster's Crafts to Make and Sell.
Dusty has decades of experience in selling crafts. If you're serious about making money with crafts, her ebook is a small investment that will pay big dividends for you.
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