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How do you price your Crafts?



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How do you price your Crafts?

I usually price my crafts by adding the material and labor cost. The labor cost usually is a  standard price on a per day basis(depends on how long i made the craft), i just add the material cost (includes tax) and the total is the selling price. I just want to know if it is a fair calculation or there is a more common computation for pricing? Any comments or suggestions is greatly appreciated.

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Pixie06

I follow the same principle as you for pricing my products. I come to the total cost by adding materials cost, labor cost which I calculate per day and any other expenses like transportation and electricity. Currently, my business is on a small scale and using this method is suitable. If my business grows then I will have to look for the most appropriate method to apportion the cost. The best solution will be to recruit a management accountant I guess.




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kgord

I don't have any crafts that I promote online, but in terms of writing, I usually am paid what the job says it will pay. This is how I am paid. If I wanted to make more, I would take jobs that paid more.




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Tronia

I think the formula that you are using is actually the most common ones. I don't sell crafts on a daily basis but I have many friends that do. They do exactly the same thing as you. You always want to make at least some profit when it comes to crafts so you calculate time spent + material + the average market price. You want to have a somewhat competitive pricing otherwise your clients might go elsewhere.




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kgord

Yes, I agree this is the most logical way to do it. You don't want to give away your crafts, but simply set a far price based on what you have put into it, and the cost of the materials. It is just an easy way to price crafts.




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vinaya

I am a writer, how do I price my articles and ebooks? The answer is simple, the length, amount of time spend on research, and time spends on writing. I am not into crafts, however, my pricing method also applies to the crafts. The price depends on the materials used (if you have used expensive materials, the price must be higher) and time spent on a project (if you spent 10 days to make that thing, you should charge higher than the item that took only one day).




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Martinsx1

".... I am a writer, how do I price my articles and ebooks? The answer is simple, the length, amount of time spend on research, and time spends on writing...."

I can remember during my university days in school, I used to help people write their projects and I charge based on how many pages the project is going to have. The practical aspect of the project isn't my writing description, so it's not included in my work. I think back then I charged $3 for a page.




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vinaya

When I was in school, I charged $1 for writing love letters for my friends and cousins. When I was in college and university, I did help my friends to write assignments and dissertations, however, I never asked for money. My services were paid with a treat in a good restaurant.
generally speaking, I charge one cent for one word, I will be charging $1 for writing 100 words and $10 for writing 1000 words. This rate is for general articles. If I have to spend time on research I will be charging double.




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Martinsx1

".... I charged $1 for writing love letters for my friends and cousins...."

Haha you are one mean friend and even to your cousins. Charging them for writing love letters for them I one funny thing to do. Anyways, as long as it gets them what they are after, they would gladly pay the $1.




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vinaya

I don't think I was mean to my friends and cousins. LOL
Since the love letters I wrote for them actually worked, the payment was nothing compared to what they got.
Apart from little money I received, I also had a chance to improve my writing skills.




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Vinsanity

True. I did almost the same as what you did when I was in grade school. I used to charge my classmates 0.5 dollar for every picture they want to be drawn by me. I had not considered much about the effort and time I spent for every drawing I made. The only thing I knew back then is that the bottomline is, I have money.




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overcast

I wonder how much the ebooks with stories cost. I mean I like writing horror stories and scifi stories. What should be the price in your opinion? Or how much word it should have? Any idea or recommendation for your experience or from your friends experience?




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vinaya

If you are selling on Amazon, the ideal price of your ebook should be at least $2.99. If you price your book at $2.99 and above you are entitled for 70 percent royalties. Your book should have at least $2.99 price tag. Anything less than this will not earn you 70 percent royalty. Likewise, if you price higer than this, you might not be able to seel because people do not like to pay more for the author that is unknown.




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overcast

I see. So for the 2.99 price tag how much words should be there in the book. I mean if you say fiction then having 20K words and if it is non fiction like some instructional book or recipe etc then 50K or more? How do you consider that part?




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vinaya

Before your book is published, the editorial team will review your manuscript. It will be published only after they approve. In order to gain approval, the recommended size for an ebook is around 35 pages. I think you can have 12K words in 35 pages. However, there is no hard and fast rule in the length of ebook because I have seen people publishing ebook of 8000 words on Amazon Kindle.




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overcast

I see but the reason I asked is because I heard that longer the book the more revenue it earns through KDP select. I think that seems to be the policy more pages read more earning sort of. I am not sure how that helps the authors but it seems like more words definitely help a lot.




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kgord

Oh, I didn't know the editiorial team had to approve. I thought you could essentially publish anything that was of appropriate length. Hmm, that is something to consider.




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kgord

I am trying to turn my blog into a book. I was thinking of pricing it low for more sales, but we will see when I get to the finished product. I might go with the 2.99 as well.




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edencaga

Sometimes I ask my friends who also sell crafts and with their information, I compare it with my crafts and the materials I bought for the craft plus the effort I put. I also search in the internet on how to price a product or price a crafts you did.




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manmad

You should always compare your prices with other people, it's never a bad idea to ask some friends who have information that can help you. Cooperation is always a part of business and you should be able to work properly with people.




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vinaya

The price comparison is good to set your own price. You should always check how much your competitors are charging for the same products. If you overprice, you might not be able to sell, if you price low, you might make a loss. Therefore price comparison is very important.




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overcast

I think this may work out to some extent but not all the time. The reason being some of the time pricing comparison adds more burden on the product. And it can be harder to establish business on the top of that. I have learned that some of the time we have to price as our profit and loss keeping in mind.




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Martinsx1

"..... I compare it with my crafts and the materials I bought for the craft plus the effort I put...."

It's good to so survey and analysis of other people's work by comparing and contrasting it with your own work in order to determine if you are spending much on your materials and resources used for your craft which means you would either reduce or increase, and it directly affects your craft costing.




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vinaya

I am not with crafts. I produce books and articles. When I set a cover price for books, there are various factors. The length of the book, time spent on research and writing determines my price. I like you should price your crafts based on the money you spent on raw materials, the time you spend on designing the craft and time you spend on creating the craft.




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aeon

That's right. sometimes we need to compare our crafts to the market price, or let me say the price of some writers if that's is our job. Even we want to increase our price, it's hard to do that, because some clients prefer the most cheaper price.




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Martinsx1

The comparison gives you a good idea of what you need to pen your craft to be worth in the market because you really wouldn't want to over cost your job while others in the market that are likely of the same value would worth less amount, that means that few or none would buy from you because of high cost.




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aeon

You're right, unless your name is already well established for producing good product or what ever services you offer, you can increase your price in that case. But well of course, the consumers is still looking for much more cheaper price.




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Martinsx1

I think that everything depends on the nature of craft in question and the resources used in putting such craft being a whole and ready for purchase. Generally, it's just round up the cost of the crafts production and including labor, then decide on the rate of profit you wish to make from it and have it added. Simply put, cost of production + profit = price of craft in open market.




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DenisP

I work as a blacksmith during my free time, and I make decorative items out of metal. Typically, the biggest chunk of the cost goes towards labor. I don't know how many people are familiar with blacksmithing, but it is by no means easy work, especially if you're doing it the traditional way. You're standing by an incredibly hot forge all day, you're banging away at white-hot metal with hammers that weigh up to 5kg. It's exhausting, it's painful, and it's an uncommon skill. The cost of materials is relatively minuscule compared to the value of the actual work and skill that goes into it.




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fishbate

I agree with you blacksmithing is an art that involves experience and skills. You can tell the experience and skill of the blacksmith by the quality and craftsmanship of the product. When it comes to pricing, it is basically the blacksmith name and integrity that comes with the price. Although i'm not into blacksmithing , i love the art and passion behind it.




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DenisP

"When it comes to pricing, it is basically the blacksmith name and integrity that comes with the price."

That is certainly one of the deciding factors. The thing is that the circumstances in these situations can vary.

Sometimes it can be like when there is an auction for a work of art. The art itself might not be all that fantastic--it might even look like trash, in fact--but it will still sell for millions because it is done by a noteworthy artist.

However, some blacksmiths earn a name for themselves by the opposite, and have wonderfully crafted products that earned them their status and cost. A few examples of this can be found by blacksmiths in Japan who create handcrafted cooking knives that sell for hundreds, sometimes thousands of dollars because they are of top of the line quality found nowhere else in the world.




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Steve5

I price my crafts based on the expenses and effort I put into it. It's easy to put expensive pricing because we want to make money. But I've learned that putting a relatively affordable price makes it more likely for you to sell. It's best to keep the price customer friendly.




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DarthHazard

This is very important. The most important thing that you need to do is to break even first which is why you need to consider the costs and what it took to build the item. Once you have figured out the break even price, you can start to add a bit to the price to figure out what your profit margin is and how much you can make!




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Steve5

That's what I do. I've learned that it's better to keep your price affordable because you're likely to sell more that way. What you're after is consistent and frequent buyers. If the price is right, then you can expect more customers to come.




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aeon

I think the additional 50 to 80% of my total capital is enough, but I'm gonna make it 100 percent because I know some of the customers always asking for the last price, and the way you analyze how the proper pricing or your formula is the most applicable to this. We should consider the labor and the price of the materials.




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DarthHazard

Choosing a price for your products and crafts can be a difficult thing to do. It's not easy because you don't want to charge something that might be too high (and therefore no one wants to buy it) or charge too little (and you end up not making enough and not a large enough profit). The best thing to do is to work out at what price you break even and then figure out how much you want to increase it by to make a decent profit.




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manmad

Well, the most obvious first thing to do is calculate how much profit you can make from your product, when you consider all the expenses that you've wasted. Another good thing to do is check the market prices for similar products and compare yours with them. From that point you can decide if you can afford your products to be cheaper so people might be more interested in buying them.




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Vinsanity

The price of my crafts depends on first the effort I exerted. It should be correlated to how hard it is to make that craft. You gave much labor so you must as well receive higher amount of money from it. Second, the time you spent. Our time is too valuable. The longer it takes to finish such craft the higher money you should get from it. Third of course the price of you craft should be competitive enough compared with you competitors' products. In order for your products to be prioritized by the consumers, we should try our best to have at least have the same price as what's commercially available.




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fishbate

Thank you for your suggestions and comments guys i really appreciate it. Now i'm pretty sure that my pricing is within standards, i was lost before because the pricing computation i have is really just a guess. Although i still have to work on some factors like transportation cost and tax...i think i'm on the right track .




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kgord

I don't really do crafts on a traditional basis but I do charge for writing, and it all depends on what I do as to how much I will charge. I usually agree on a price with someone. It allows me to make some money and hopefully, also satisfy them.




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Larryl332

Well like anything I would say that you have to go with the demand that there is for the craft. Of course that is probably more along the lines of if there are numerous, but if it is a single object than it might be more difficult and have to rely on your instincts a little more, which might work out even better.




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Barida

Are you saying that if the demand for a piece of art is low, we should sell it for a cheaper price? I wouldn't want to agree with this in the sense that it is not easy to make this arts and I suggest that instead of selling them where they won't be valued, it is better to do so at places where the people will truly understand the worth of what they are buying.




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fishbate

I agree the value of work in arts and crafts is different and you don't want to cut the price from that. I'm thinking of cutting the price through material cost and transportation cost... so that the quality may not be compromised along with the value of work.




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aeon

I think the demand is applicable to art. I think the other products. Demand only for commercialize product, something like a consumable products. Well that's my opinion.




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Barida

It is quite difficult for one to price the actual amount that a piece of craft should be worth and the reality of this is as a result of the way that take arts. I always see arts item as heavenly and unique which means that no matter the amount of money we pay for a piece of craft, it is never going to be enough as long as I am concerned.




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Kakashi2020

Well you forgot one thing, you didn't include profit .
The way I compute it is by adding the following

Material cost/
Labor cost/
Transportation and Miscellaneous Cost/
Profit of 20?/
Taxes

This would give your product a reasonable price and you a good profit.




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fishbate

Oh so labor cost differs from profit? I thought that labor cost is as good as profit... I though having a fix rate for my self and some of my workers will evenly make the price balance and fair. So if you need to have a standard profit price how do calculate that? your comments are greatly appreciated...




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Kakashi2020

Yep labor cost is different from profit. Look at it this way if you have a laborer then you would have to pay him right, what would be your profit then. If you're the one who's doing the labor, then you'll be the one getting paid for creating your product, now selling it for a profit is another thing.




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Kakashi2020

Standard profit means a fixed profit, it could be computed as a percentage of the total cost, usually a minimum of 10? to an average of 20?.
If the total manufacturing cost including labor is $10 then just add $1 or $2. After that add the tax. And you'll get the total selling price.




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Kakashi2020

You can also do it by adding the Total Cost (which means the cost of production including wages and miscellaneous expenses plus taxes) and a fixed profit and that would be your selling price. Let's say the Total Cost is $10 then you could ad $2 to $5 profit. It really depends on the uniqueness of your product. Artisanal Products cost higher because of its originality and quality.




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fishbate

Thank you, i will definitely consider your suggestions...although it may add some extra on the selling price but it will definitely keep my business running. After all if there's no profit, there would be no business at the first place.




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Adesuwa08

When pricing your craft there are lot of factors which are meant to be considered based on returns and value, the labor factor should be drafted with the prices of materials used and transportation fare calculated, when you put this in place then know how much value to bid your craft. The quantity and quality should be drafted so as not to be able to regulate the market place with loyal customers dropping by, these are the things I consider when pricing my craft.




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treecko142

Basically the same, putting price on raw materials and professional fee, adding the transportation or additional fees to get said raw materials plus taxes and delivery fee, if needed.




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esteban123

Honestly I am pricing my crafts based on the quality and materials that I used in it. We all know that having a good quality for your crafts would mean a bit higher in price which is really natural now a days. The overhead costs would be just secondary for me since I am focusing on the quality of the products which is the primary features that a buyer is looking for.




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fishbate

I agree there are some instances that i'm experimenting alternative materials for my crafts. Although some works but the result is not as good as high quality materials. I also tried cutting cost thru size reduction and somehow it helps but not that significant.




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wallet

I am doing the same thing as you, I calculate the price for the material, the advertising tax if there is one, I add the labor tax and I try to sell my crafts at a decent price, in this way I am selling faster and I have more customers.




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mitan143

If I am going to make a product or my craft, first I will consider if it is okay to sell with the cost that I'll be calculating from all of the money and effort I spent on doing it. i'll be also considering other stuffs like the taxes added, and the quality of my crafts. More importantly if it is affordable for my expected number of buyers or customers.




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aeon

Well I think arts is not really affordable for normal person. some of the consumers of arts right now, well sad to say, but they are more on some elite group, or rich people. they don't know nothing about arts, they just want it because they want to display it in their house.




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Kakashi2020

If it's a unique creation and I'm the only one who can produce it then I'm going to sell it at very high price. I know of a girl, who makes jewelry using amber and semi precious stones which she just picks up at the seaside and she's selling it for like $50-$100 each, to think that the most she would spend to make is about $5-$10 only. So it really depends on its uniqueness, rarity or originality.




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fishbate

I agree on selling products with a high price considering its uniqueness and authenticity. Its actually the method and process of the products that makes it more pricey. But there are products that have the same theme or concept but sells in a much lower price because it is massed produced or should i say machine made. Some people of course buy the cheaper one's because its basically the same product.




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aeon

The other things to consider about pricing your crafts I think is depends on the specific consumers. Well for me, Because our family has some business related to vase. The normal vase for us is actually the typical vase, without a design. and my father is willing to give it to much more lower price depends on the consumer. The customized design for us are actually much more higher price, but if the consumers will buy the vase just to display or well, for advertising only and they are appreciate the arts, they're able to get it on much more lower price.




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fishbate

I agree that will works, being able to have a more flexible options for the costumer will definitely help in income. I guess i have to work those options.. lowering a price could be difficult specially when you don't your range. But of course you need to also attend to costumer satisfaction.




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iamawriter

I assume craft is some kind of art work. The price of art work has nothing to do with the material used or cost of labour but the originality of the idea that is responsible for that artwork is the basis to quote a price. Having said that if the artist is famous then sky is the limit to quote a price.




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esteban123

Most of the time I am using good quality materials in making any crafts that I could used for business so that I can also give a good price in it. Many people now a days are not after on the price of a certain crafts be but they are after to its quality and fineness. It may be just natural to increase a bit in price if you are using good quality materials because it is really acceptable in any ways.




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TheArticulate

I start by looking at people who offer the same services to mine in my community. Then I'll take into account how much my time is worth as well as what I should charge for the final product. I also include any costs attributed to having someone else working with me (since I do video, I almost always have a second videographer who needs to be paid as well) while keeping their payment from cutting into what I should earn.

As I've done more work in my field and compared my product to others, I've gotten a better sense of what I'm worth and as a result, I've adjusted my prices accordingly. It's a tough thing to do sometimes, as I'm always doubtful about whether or not others will see what I do or make as being worth what I want from it.




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jaybee19

I actually think that your method/preference is fair enough tho. I also price my crafts considering those things you've mentioned. However, I also consider other things such as the quality, usability, and the visuals of my crafts. I actually believe that it is unfair to price a highly-funded but ugly looking and cheap looking craft. I also take in to consideration the prices offered by sellers wit the same craft that I have so that I may be able to compete with it in a good way.




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EfficientNinja

I price my crafts depending on the type of requirements, timeframe to finish it, and also the labor cost. For example, if I develop a website that is only a static page and doesn't have any or just needs simple functions, it will cost less because It will just take me a shorter time to finish it. But if a client requires a very complex system, it will naturally cost more because of the difficulty of fulfilling the system's needs and the sheer length of the timeframe to finish it.




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ballyhara

My sister uses kind of the same method. She counts the investment on materials, she adds transportation and mailing prices from providers, extra costs when it comes to delivery, and obviously her time and effort to develop the piece. However, she tends to compare prices with other craft sellers, so she can have an average price and avoid exceeding too much on the price. Also, she puts a price range, so when she offers discounts, she can be sure she's not loosing investment on the item.




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fishbate

That's good information, a price range could give you enough room for discounts that could entice costumers and increase profit. Its also a good way to avoid lost, specially from very demanding costumers.




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jaymish

If you have ever taken an economics class you will remember that to set the price of any item you find the balance between the demand and the supply. I believe this is what you should do for your crafts. Find out how many people sell them and at what price and set your price just below that to begin with.Once they are popular you can then set them at the price you want having taken into consideration your expenses and the category of customers you have. E.g are they teens?middle class parents? e.t.c




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fishbate

That's a great tip, a survey of the type of craft could give me an idea and work my selling price within my material cost. Although it may not be favorable for me in terms of material and production cost, still its a good way to determine my selling price. So unfortunate i didn't recall that idea in class, i guess i wasn't aware about that particular topic.




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Kakashi2020

Basically anything that is acceptable to customers that will give you a good profit can be considered as a good price. Just be aware that both underpricing and overpricing are bad for business and that the price of the product should always be proportionate to its benefits.




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coolavender

The basic pricing formula is labor + direct material + overhead + profit. Labor is ideally computed after a time and motion study. The direct materials are the major components that can be directly identified with the item like cloth, wood, metal, etc. The overhead are the indirect costs that can be applied to multiple items or production batches. They may consist of glue, electricity, water, rental, and other incidental expenses. The profit is usually a percentage of labor + direct materials. Ideally, this is how you should price your item.

However, you will also have to consider the market to arrive at the final price. You can't overprice nor underprice your craft. If your price is way above the competitors' price, you may have to reconsider or analyze your method of production or materials costs or adjust your profit percentage in order to stay competitive. You can't simply lower your price to match the competitor's price.




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aecel

Aside from cost calculation, you have to consider competition pricing. You need to know the pricing that similar to your products so you can compare if your price is too high or too low. Basically, people want the cheaper price so be careful with that because you might lose some sale if your price is too high.




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Marako0406

I agree with you there! considering the competition, if one decides to price their craft high above average then the service or product should be like worth the cost. I agree that most people want the cheaper ones but then they always get something that is not of good quality because of it's cheaper price. Just be unique about services or products to make that pricing high and maintain good quality but seamless in order to get a huge range of consumers.




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amelia88

I'm not really crafty myself, but I have several friends who are very talented and use sites like Etsy to sell things. They generally price it the same - materials plus a rough hourly labor cost - to then generate a price for what they're selling. They tell me though that some people expect something for nothing, and don't understand that handmade items are naturally going to be priced higher than mass produced goods.




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fishbate

Yes that's actually true, and i realize that knowing your audience helps in selling your product. There are people that appreciate authenticity no matter how much the price is. These kind of people are the ones that you need to target in terms of handcrafted products. But differentiating and finding people like them takes time and consistency.




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amelia88

I love what you said about knowing your audience - that's a huge part of running any successful business if you ask me. Many of my crafty friends have many loyal customers who are repeat purchasers - so I think it's those people that really know the beauty of handmade (and appreciate the time put into it as well).




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albino

It depends on your community because there are some instances that you have many competitors in your area so you must also check out their prices before making your own price on the same products or craft. Because some customers will buy it for the first time but if they knew that there are some sources of the same craft having low price they will not return to you if they need more of it. So pricing depends on it, but if don't have any competitors its up to you how you estimate your time and labor depending on the work load or difficulty of your work.




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fishbate

That's true specially when your business is offline or you have a physical store within your area. Competition may be hard specially when you are just starting up. But i think the price range will all depend on the materials you used and how efficient is your method in creating your product.




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mdayrit

I found online a sample computation of one online seller on how she compute price of her craft items. I followed her computation but still check the market if the result is within fair market price. Apart from labor, I add a mark up of 20% for Retail Price and 10% for Wholesale price. The reason for this is that I have to make the price as if I am paying somebody to make the item for me. So I have labor cost for them and mark up cost for me as the business owner.

Labor + Materials = Item Cost
(Item Cost x 20%) + Item Cost = Retail Price
(Item Cost x 10%) + Item Cost = Wholesale Price

Labor = I set a price for labor on a per hour basis and multiply that on the number of hours I worked for the item.
Materials = Expenses to buy materials needed to make the item

I follow this computation in most of my item. If in case it shows that the result of the computation is overpriced, I just stick to the wholesale price.




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romyter013

I tried to make own poi that can be used with kids and adult. I know I just made it for fun and its summer so this will only be trending only on summer season. I decided to sold it cheaper just to make sure if everyone will liked it. But good to know, kids and adult loved it. Its really fun to play poi on the beach with families and friends around you.




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stbrians

There are several factors to be considered when pricing of any commodity is to be done. Our crafts are inclucive in such pricing.

Cost of materials
All the materials that have to go in making the craft must be considered. Maybe you buy soapstone. You use tools to shape them. The tools wear anr tear. You may paint the final product. Cost of all these things need to be considered.

Expenses involved
All expenses including transportation costs are important. One has to make note of all the expenses involved.

Any payment
Workers' payment including the owner is of importance too.

Profit
Calculate the profit and make it inclusive in the price.




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emiaj55

I usually go by adding the cost of my materials and rating myself 10 $ per hour then I divide them between the products. I remember my mentor teaching me this and it works for me for years.




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angie828

I am always uncertain how to price crafts that I make. To me, my time and energy that I spend making them are very valuable, considering how hectic life is anymore. And the cost of materials is something that needs to get added in, as these can add up quickly. I do not want to shortchange myself but then again, I do not want to be charging way too much so no one wants to purchase them either.




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