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Basics of Pricing Your Work

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7 Comments

If you're making crafts to sell, you want to know how to price your work and what to consider when you price your work. Maria Nerius gives you some things to think about in this Craft Business article.

 

Click here to read the article on CreativeIncomeBlog.com!

 

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Reviews More Reviews

Jun 27, 2013

im a crafter of many different items diaper cakes wreaths jewelry etc. ive had the same problem as some of the other ppl living in small areas unless you travel to a area more in a city where you do not find home made items then pricing 3-4x the amount just doesnt cut it. but where i have the issues with pricing is the food items i make every where you see fudge being well over $8 a lb. well you can not get that where i live in KY i would do good to get $3 for half lb but if someone really wants it i guess they would buy it.. another think i have a prob with pricing is peanut and peacan brittle i can get 5-6 trays off one batch but its the cost of nuts that i have issues with

 

Apr 14, 2013

I recently started making jewelry and knitting blankets, hats, scarfs, etc but I don't know how to price my items I don't want to price them too low or too high any ideas as to how to price my products.

 

7 Ratings

Jan 10, 2012

There is something else to consider - your level of expertise. Are you a beginner or are you an advanced experienced crafter? I think that multiplying by 4 the expenses and labor is a fair compensation for you, and from this total take into consideration if the item is for a friend or relative, if so, you could multiply by three instead.

 

Oct 2, 2011

I find a minimum of 3x to be fair. You need to make a small profit and to take care of yourself. In this economy its really tough but you should know your product and your competitors. A three times mark up gives you room to go up or down on your price. Always remember that some goods you can do a great markup on and some products you will be lucky to get a 2x markup, but if you do things right you should average out enough to still cover all things and make a fair profit. We do not always get what we are worth but be blessed that we have a talent that others benefit from and enjoy. Its us little guys that will benefit from the economy in the long run. Be customer service oriented and know your products and you will do well. Good luck to all.

 

Apr 14, 2011

I never thought of it this way. There is so much more to consider when pricing merchandise. Thanks for all the great tips!

 

Mar 2, 2011

Thats all well and good if you live in a big town/city, where people tend to have more discretionary funds. Think 4X's a little greedy-- it would never sell in my area--but more power to you if they'll pay it! I live in a depressed, mostly rural area, so I have to take that into account. I've actually stopped making certain things as they were too time consuming to be able price them anywhere near what my time is worth!! I usually take into consideration what others in my area are pricing similar objects to the ones I want to sell, then my time, materials, and mileage, and add a couple dollars for extra elec. (the elec is running anyway). I find that with all that I still make a decent profit at 2xs my costs.

 

Oct 16, 2010

HI, I own and operate a leather business andthe method I use most of the times to calulate sale price is to take your cost per item and times it by 4. This usually covers costs, labor, overhead and your profit.

 

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