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Topic: How should I price my items?  (Read 4733 times)
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« on: February 12, 2007 01:41:51 PM »

FAQ #3 - How should I price my items?

There are different theories on how best to price your items.  You obviously need to cover the cost of materials and please do not forget to pay yourself for your time and effort!  Many people set an hourly wage for themselves, either what they make at their day job or another amount they feel is appropriate, and add the cost of their time to the item price. 

After adding your costs there are various ways to set your price.  Suggestions include:
  • Cost of supplies + cost of time only
  • Doubling the cost of supplies + cost of time
  • Doubling the cost of supplies only
  • Tripling the cost of supplies only
  • Cost of supplies + cost of time + some extra amount

As you can see, even amongst craftsters, there are many different pricing strategies.  In the end you need to make sure you can turn a profit over your supplies and make sure that you set a price that the market can handle.  Also, keep in mind that if you sell on consignment you will only get a percentage of the retail price!

Remember to be aware of underselling, ie the habit of crafters to price their items very low simply to garner sales or because they feel the item isnt worth more, thus not properly paying themselves for their time and effort.  (Discuss)



This info was taken from the Giant Crafty Business FAQ!
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