“How much is it?” can be a difficult question for the handmade artisan. Here is a simple pricing scheme that I discovered that may help you to put a price on your handcrafted items:
- So if you spend 3 hours creating a bracelet, and you spent $5 on the materials, your first step gives you a cost of $15 (3 hours x $5).
- Then you would take the $15 cost and multiply it by two ($15 x 2 = $30), so your wholesale price is $30.
- And now you take your wholesale price of $30 and again multiply it by two ($30 x 2 = $60), to get your final retail price of $60.
That was easy!
Sometime you can’t always finish a piece in one sitting, so keeping a notebook handy is a good idea. Then you can mark down approximate times spent on the project and then just add them together for a total time.
Don’t sell yourself short – handmade items are more expensive than store-bought items, so don’t fee guilty and give away your product to friends and family…unless you’re giving them as a gift of course!