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Topic: Help! girlshop.com wants to stock me. questions-->  (Read 3151 times)
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susie
« on: March 12, 2004 02:38:44 PM »

I sent girlshop.com a flyer by email of my earrings, and they want to stock me! that's great, but I really need some help. I'm so new at this it's not even funny. Well, first of all, they want a line sheet (and samples and such). What's a line sheet? I don't want to seem unprofessional to ask them. Also, how do I decide on a fair wholesale price? My earrings retail $16 each pair. any idea what the average percentage wholesale prices are?

And lastly, I don't even have my business name registered. Is this a huge problem?

Thanks. I'll take any help I can get!

Suz
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supercrafty
« Reply #1 on: March 13, 2004 09:27:03 AM »

Wow, that's really great that they are interested. A line sheet is a brochure with your line on it. Have you determined wholesale pricing models?  Are you prepared for bulk orders?  I recommend waiting to get back to them until you are sure of what you are doing.

There are a lot of good threads here in the business section that will cover determining your costs.  I recommend reading through every topic.  Also, you can check out the glitterboards.com in the business section. Do you have a local retail shopowner you might beable to befriend and maybe take them out for coffee and get the selling wholesale 101 from?  They do the buying, so they can tell you how it works.

Best of luck!

Allison

PS: I have written a pricing modeling spreadsheet, if you're interested, please contact me offline.
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GummiSteph
« Reply #2 on: March 13, 2004 08:14:37 PM »

How did you make your presentation to send to Girlshop?  I sent some things to them but never heard anything back.
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« Reply #3 on: March 13, 2004 08:17:48 PM »

i write the prices in the back of fabric sample books at my dads shop for his boss and retail is double wholesale. but that is fabric so i dont know what the difference is.
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« Reply #4 on: March 14, 2004 11:28:08 AM »

When I worked as a goldsmith, I learned the phrase "triple keystone."  In the fine jewelry industry, markup is 300% of wholesale, rather than 200%.  At least.  Sometimes more.
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glassygirly
« Reply #5 on: March 16, 2004 01:27:00 PM »

Okay-
 When you say that your earrings retail for 16, how did you come up with that figure?  Retail price is usually 100% mark up of your wholesale price.  Here is the formula for wholesale pricing:
Material cost x 3 + what your time is worth= wholesale price.  
ex: Material cost $3
x3= $9
if the piece took you 30 min to make and you feel that your time is worth $8 per hour than you add $4
wholesale price: $13
Stick with this and it will take the stress out of the business side of art.
 Also, if it is a consignment situation like I believe Girlshop will be, there are some answers that you need to get from them BEFORE you give them your line sheet because they do not need to know your wholesale price if it is a consignment situation.  
You need to find out what the percentage split is of the sale.  It is usually 60% (artist) 40% (store)
Once you know the answer to this question you can give them a line sheet that lists your prices for each item at retail- keeping in mind that you have calculated what your return needs to be ( i.e. wholesale price)
Therefore, if your wholesale price is $13, then your retail is 23 because 60% of 23 is $13.80.  You would then list your price to them at 23 and when it is sold you get your return out of it.  You should never take a loss on your work so factor in shipping cost to get them your work and break that number out evenly among all of your prices.  
Pricing your work can be difficult because you want to get it out there and have it sell and there is an emotional aspect to it because you made it with your hands.  This formula helped me to have a standard method.  Never take a loss no matter what and recognize that there is an intrinsic value in handmade, one of a kind work.  When people question your pricing, don't forget to mention that you hand make your work and that you are not a manufacturer.  Also- I suggest spending a lot of time researching other items in your field & price bracket to have an understanding of the market.    As far as line sheets go, I just make a spreadsheet with a column for: item number, description, price (wholesale)  but you would tailor that price to retail for a consignment.  Good luck!! I hope this helped, I know it is so overwhelming but you are going to rock!
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BagLady
« Reply #6 on: March 16, 2004 06:54:55 PM »

Wow - glassygirl, what an amazing post. you have no idea hwo much insight this has given me!! I have been pricing my items on a whim, not having a clue as to what the price should be... thanks a lot for sharing this information!

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« Reply #7 on: March 16, 2004 07:11:51 PM »

Wow! I am super-jealous, Suz! Wink

Go to your library and check out The Complete Idiot's Guide to Making Money with Your Hobby I found it very helpful. Barbara Brabec also has some good books.

Here in the state of Ohio, they have some great online sources sponsored by the Small Business Administration and the Department of Development. The downloadable packet includes lots of info, plus application materials for a vendor's lic. and name registry. You can probably find something similar wherever you are.

If you are going to be selling on Girlshop, I would definately spend the $$ to register your name...the cost seems to average around $50 or so.

Good luck and keep us posted!

ps--Bag Lady, your pic is a riot!
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glassygirly
« Reply #8 on: March 17, 2004 07:15:43 AM »

I am so glad that this helped you Baglady.  After graduating form art school, I did 4 years in sales in the rat race ( I am now returning to my art and working on my MFA) so I guess those 4 years that I thought I had wasted have brought a business sense to my creativity.  Forums like this are so needed because there really is no resource for this info tailored for creative businesses.   It is so necessary and otherwise can be so confusing!   Let me know if I can answer any other questions- feel free to email me.  Most of all- be firm with your price- get your financial needs met on the return so all you have to focus on is the fun part!
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ONDA
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susie
« Reply #9 on: March 17, 2004 10:40:47 AM »

wow that's awesome. Thanks for your helpful posts! Glassy - the price determining guide really helps!

I think girlshop buys things wholesale, I'm going to give them a call today.

As for the person who asked how I got a reply, I emailed them my flyer (just samples of work, designed on photoshop/illustrator by my bf), and in a day or two, I got an email back. It seemed like whoever in charge liked it and fwd it to her assistant to respond to me.
hth. I'll keep you posted.
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