Your supplies don’t come cheap, that skein of yarn, those tiny cards of buttons, that bolt of fabric, those hooks needles and wires; it all adds up.
Your money goes fast.
Your time is limited, it’s a rare moment when you get to sit down and enjoy your favorite craft, carving out those extra hours around the holidays is even harder.
Your time is valuable.
People love what you do, they want one for cousin Ted, they need one for neighbor Sue, and they have to have one for themselves.
Everyone wants to buy from you.
But what do you charge?
How do you decide on a price for your handmade crafts?
Here’s a few things to keep in mind when setting your prices…
- Handmade doesn’t mean cheap. It means attention to detail, quality, craftsmanship, and years learning a skill. Each and every time you complete a project and put that price tag on it tell yourself one thing. “I am not a Dollar Store!”
- Keep track of how much you spend on your materials. You need to make a profit.
- What is your time worth? Would you work for someone else if they paid you only $1 an hour? Why would you pay yourself only $1 an hour?
- Take in to account any fees you are charged for selling your items such as membership fees, booth rentals, or consignment fees. Don’t forget the cost of gas and meals if you are traveling to get to your sale.
- Selling your items too cheaply can do two things; it can under value your fellow crafters and make your items seem as if they are less quality than others who are charging enough to cover all their costs and time.
- Don’t over price your items either. It makes you look a bit “full of yourself” and turns away potential buyers. Take a look at what others are selling similar items for and price accordingly. A good place to start is ETSY. Take a look at what other’s are charging in their shops to get an idea of where to start your pricing.
A quick formula to keep in mind when pricing your items:
COST + TIME + FEES = PRICE