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 Post subject: Setting Prices
PostPosted: Tue Jan 17, 2012 1:44 pm 
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Should Spend More Time Helping the Animals
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I'm interested to hear how other people decide how much to charge for the things you make and sell. Do you have a method or formula that you use to decide? I'm thinking about trying to sell some of the stuff I've been crocheting as I've been getting a number of requests from people, and I'd like to get some tips from people who have some experience with selling their handmade stuff.

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 Post subject: Re: Setting Prices
PostPosted: Tue Jan 17, 2012 2:28 pm 
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I don't have an exact formula, and I don't think you need one. I make sure my costs are completely covered and then add a markup that I think gives me a price that is both fair to me and my customers. I take into account how complex the piece is, how much time it took, as well as the perceived value.

If you want more info I recommend the book Craft, Inc.

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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 7:17 pm 
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I make sure i'm making at least 30% above cost of making the products i'm selling and cover the cost to list (if you're selling on etsy). Never overcharge for shipping either. If the buyer ends up paying more for shipping (which includes the cost of the shipping materials about $1.00) refund the overcharge in shipping. My standard ship rate is $8.00 in the US. Every once in a while i'll lose a few bucks if I have to send stuff to CA.

The important thing to remember is you not only want to cover your costs but your time is really important too. Never devalue yourself!

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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 7:34 pm 
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I was reading a great article about this earlier today! http://whatthecraft.com/how-to-pricing/

Also, what led me to that was a great section where the author broke down how long a garment takes to produce, market, pack and ship: http://whatthecraft.com/overpriced-cant ... e-pricing/ which is a bit long but very convincing.

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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 7:49 pm 
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I like the idea of an hourly wage, but there are two things that make me feel like that's challenging. One is that, as a relatively new crocheter, it takes me a lot longer to make something than it would take someone more experienced, who didn't have to account for all the time they spent going back and fixing mistakes. The other is that it takes way longer to crochet something than it would to sew it, but I don't feel like a crocheted item is worth more than a sewn item, it's just a different way to make a thing, right? Like, if I sewed a puppet using fabric and a sewing machine or even a needle and thread, it would take me way way less time than it does for me to crochet the puppet. And if I were knitting, that would take even longer than crochet! So it could easily take me 10 hours to make a puppet, but am I going to charge over $100 for a puppet?? That seems absurd. I want, for instance, to be able to sell puppets to preschool teachers -- what preschool teacher could afford to spend $100 on a puppet?

*throws hands up in the air*

*yarn flies everywhere*

Thanks for the book suggestion, Nebraskalaska -- I've put in a request from the library for it.

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Did you ever think that, like, YOU are a sexy costume FOR a diva cup? - solipsistnation
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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 8:01 pm 
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That makes sense, especially the learning part, just do bear in mind that if you price your item very low people might not be attracted to it because they'll wonder what's wrong with it to make it so cheap.

I don't agree that a crocheted item should be as cheap as a similar item that has been made using a quicker method though. If people want the quicker method, cheaper item they can go for that, but your technique is one of the reasons they're attracted to that item.

When I had an online shop I set an hourly wage of £4. That's less than adult minimum wage here, but I felt like since I was enjoying making the stuff in my PJs while listening to the radio it was part hobby, but that amount would enable me to buy more goodies for my stash at least. If I had been relying on it to actually support me I would have come up with more cost effective designs though, I reckon.

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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 8:08 pm 
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That makes a lot of sense. :) What kind of stuff do you make?

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Man, fork the gender card, imma come at you with the whole damned gender deck. - Olives
Did you ever think that, like, YOU are a sexy costume FOR a diva cup? - solipsistnation
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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 8:32 pm 
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Oh, mostly beaded gewgaws, but some recycled inner tube jewellery and little purses, and some knitting. I just started learning how to use a sewing machine so now I'm getting dreams of making tons of stuff to sell with that.

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"The lack of obstacles between me and cake is one of the best things about being a grownup for sure." - coldandsleepy

"and by "load of facts" you mean a bag of flaming poop, right?" - supercarrot


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 Post subject: Re: Setting Prices
PostPosted: Thu Jan 19, 2012 10:49 pm 
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dropscone wrote:
That makes sense, especially the learning part, just do bear in mind that if you price your item very low people might not be attracted to it because they'll wonder what's wrong with it to make it so cheap.

This is absolutely true. I do not buy things on Etsy if the price is too low, it makes me question the quality. I don't buy things from sellers who charge the same prices as a department store because I just don't feel like they care about the handmade community.

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