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Topic: Pricing craft fair items HELP ME PLEASE!!  (Read 702 times)
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bunnyboo
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« on: October 07, 2005 08:39:53 PM »

so my gal pal took it upon herself to sign me up for a christmas craft show and sale. but, I am terrible about pricing things. here's what I'm planning to sell what do oyu all think about the prices?? HELP!!!  Huh

Flower Shoulder Bag ( competed projects) - $15
Fendi knock off's - $15
One skein scarves in different stitches (WW acrylic) - $15
One skein scarves ( nicer yarns) - $20-25 depending on yarn
ankle socks - $8 per pair ( must find pattern lol)
cloche type hats - $8
peplum jackets (my original  Grin ) - $55
printed original patterns - $4 each
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« Reply #1 on: October 07, 2005 09:39:34 PM »

Ah, the pricing battle!  I would really have to see the items to give you a fair estimate, but I -will- share my formula for pricing my goods.

1.  Figure out your cost (price of supplies, tools, etc) per item, and multiply that number by -at least- two.  I buy most of my supplies in bulk, which keeps my cost waaay down, so I'll usually multiply my cost by three instead.
2.  Figure out an hourly "wage" for yourself.  Try to keep this as realistic as possible, but also based on the wages companies pay their employees.  If you are a relative novice, $6 or $7 an hour is reasonable.  If you're more experienced / produce very professional work, $10 - $12 an hour is more the norm.
3. Figure how long it takes you to make each piece. 

So, (cost + wage) divided by (# pieces produced in an hour) = instant pricing!  (Does that make sense?)

Also, comparative shopping is most definitely your friend.  Browse online (and in stores!) for similar products, both handmade AND mass-produced.  That way you can get a good idea of what people are willing to pay.
And if in doubt, price up!  It's way easier to discount a price than to raise it.

That said, and products unseen, your pricing sounds very reasonable. 
Good luck at the craft fair!  Let us know how it goes!
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