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Topic: pricing your goods  (Read 2817 times)
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« on: February 08, 2007 08:54:15 AM »

hey all!
so i've read the recommendation of charging $10 an hour for your time to make something, but what's the cut off?  it doesn't seem reasonable to say it took me 24 hours to make a sweater so i'm going to charge $240 plus the cost of yarn...i know there are some people who will pay that much for that, but where do you feel that a price should be cut off?  i'm doing this for fun and pocket money, so i'm definitely up for flexible pricing based on who i'm knitting for (i'm starting to do commissioned work), but i'd like some ideas on what my top price should be...

check out my knitting podcast (knit obsession) at: http://seezknit.blogspot.com/

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« Reply #1 on: February 08, 2007 09:06:44 AM »

I feel like this is a great question.  I'm sure someone could answer it better than me, but I can try.  It is hard to know where the cut-off is.  There might be some people who would pay that for a sweater.  But not that many.  I would say that for those kinds of things you just have to look at it, and ask yourself 1) What would I like to get for it?  2) How much would I pay for it?  And then look at the happy medium.

In other words, when you are thinking about the first question - think about that one like a seller.  Your time, materials, etc.  The second question is more for a buyer.  What would you pay for that item.  Also, you could always enlist a friend or family members help with that part.  Hope this is helpful.

« Reply #2 on: February 08, 2007 12:02:37 PM »

You could do a little comparison pricing.  Surf the net or go to various stores that sell the same product you are making and see what the going rate is. You have asked a very good question!

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« Reply #3 on: February 08, 2007 03:04:20 PM »

My question would be: why make things that take 24 hours if you can't sell them at a cost that's fair or profitable to you?

If you're looking for the cash, you have to consider what offerings you can produce in a reasonable time that are widely marketable and at a price people will/can pay. All part of business planning.

You can sell those items for $240, but it takes a lot more marketing. Possible, but it doesn't sound like you can make the time commitment to accomplish that. Why do it, then?

« Reply #4 on: February 09, 2007 11:48:18 AM »

that's a really good point craftychef!  i like that idea!  think i'll avoid anything that's going to take a really long time!

check out my knitting podcast (knit obsession) at: http://seezknit.blogspot.com/

« Reply #5 on: March 29, 2007 05:52:46 AM »

i'm dealing with the exact same problem, and I honestly have very little advice to impart.  But I do wish you the best of luck!  It's not easy!   Smiley
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« Reply #6 on: March 31, 2007 08:54:52 AM »

Crafty Chef your answers are always so right on! You should write a book.

« Reply #7 on: April 08, 2007 09:38:15 AM »

I was just recently approached with a wholesale inquiry to sell some of items.  Since the wholesale price is so much less than my sale price, I would need to take a big hit to do it.  So I am left deciding whether I should raise all of my prices, or turn down the wholesale order...

The lesson:  If you think you might ultimately want to sell some of your items to resellers, make sure they are priced so that you will be happy with your profit margin at 60% of the total price.
« Reply #8 on: April 19, 2007 02:33:40 AM »

Hmmm...that's a hard one. I'm a plush sewer and my plushies take a VERY long time - about 6 days working on and off. I suggested to my brother that they'd be worth about $50 Australian but he said that even for $100 I'd still be working for lower than the minimum wage. So although they're very cheap to make they take a long time, and they definately aren't a good money making strategy - more like an incredibly intricate hobby.
I recommend that if you want to make money from your crafts, then don't be as obsessive as I am.
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