Tips for Pricing Your Handmade Jewelry Pieces
When you create and sell your products, deciding on a price point can feel daunting. You don't want to sell yourself short, but you could lose customers if things are too expensive. Get a few tips for pricing your handmade jewelry pieces from the pros so that you can make a profit. By considering the appropriate areas, you can calculate the best value.
Cost of Material
Always write down how much you pay for each material. This is necessary to set a cost. Some metals and gems are more expensive than others, so pieces utilizing those items will come at a higher cost to your customers. Consider creating a digital chart so that you can input this information and easily make changes as they occur.
For example, the price of opals could shift, so you'll want to track this each time you purchase the material to charge your customers fairly.
Cost of Labor
Some pieces may take longer to create than others, especially if they include an intricate design, and time is money. Keep track of how long it takes to make each piece of jewelry. You should factor this into the value once you calculate all the numbers. It's best to decide on an hourly wage just like you'd have for any other job. While this price is up to you, it's best to gradually increase it as your work grows in popularity.
Costs of Packing and Delivery
If you sell your jewelry online, you'll also need to think about those packing and delivery costs. Often, great packing is a vital part of branding, so you don't want to skimp out here, but you also need to note the price. You can either factor these costs into the piece's price or show it as a separate charge so that customers better understand why they pay this amount.
The final area to consider is any overhead costs. While this includes previously mentioned areas like packing, it also consists of the price for your website, insurance, and other business expenses.
Calculating Cost: A Break Down
Everyone goes about formulating prices in different ways. While some add the cost of materials, labor, packing, and overhead, others factor in an additional 10 percent. What's important is you keep each price in mind and add to it. So, if a bracelet costs $20 worth of supplies, you'll want to increase it. Some multiply it by two, but others go higher.
Shop at Cutting Edge Supply
Now that you know the top tips for pricing your handmade jewelry pieces, it's time to stock up on quality materials. Cutting Edge Supply sells a variety of beading supplies that you'll need to make unique jewelry. As you shop, remember to note all those prices to establish the best value for the piece you create.