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Pricing Your Products

When you decide that you are going to sell your hand crafted products, you will need to work out the prices you are going to charge for each item. This is a tricky one. The amount can vary widely. I’ll just give you a couple of examples that have been suggested:

Three times the cost of the materials. This is rather simplistic to my mind. I have found that some things which take the least in the way of materials take the most in time and effort. This brings me to another way of pricing.

Cost of materials + labour. Now if you were to add up labour at the national minimum wage which is £6.08 per hour and you produce time consuming pieces you would possibly find that you have an exorbitant price for your market.

Then, of course, there are further amounts to be paid out dependant upon the way you intend to actually sell your produce.

Also think about the equipment that you need in order to make your items. It all has to be paid for.

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Now let’s not get despondent. Just why are we making all these items? I would venture to say that in the first place we actually enjoy making them. It is also convenient for us because we can stay at home to do it. So we’ll look at pricing in a different way.

We are hand crafting our pieces and are experts in our field. This is not cheap tat that we are churning out eighteen hours a day. Be proud. Look at up market products and designer goods. Yours are at this level. We design. We take a great deal of care with the production AND the finish of each and every item we produce.

It’s weird, isn’t it, that “hand made” appears to mean of little worth whereas “hand crafted” “individually styled” mean something of great value.

Right, now we’ve got our heads around that we can think about pricing. Aim at the people who can afford your prices rather than the people who need to buy cheap.

So let’s look at this the other way round. How much do you need to pay yourself each week? This will depend on whether you are doing this full time or part time. How many pieces do you make in a week or how long does it take you to produce an article? Then figure out the amount that needs to be taken for your salary. Then add on materials, marketing, shipping and whatever.

When you have your price it is important to find the right market to target.

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