Pricing handmade goods.

[Kiki Black]

I am finding it hard to get the pricing right on my lampwork jewellery. I want to price it considering the time and effort put into each item as well as the uniqueness of the piece, however I am worried about overpricing it. I also find people want me to price my jewellery in line with factory production jewllery they can buy in chain stores. This means I know my jewllery is now not priced correctly. How do I solve this dilemma? How have other people solved this dilemma?

[Lynne Wakefield]

Hi Kiki

I too faced & continue to face this dilema.

I don't claim to know the answer but am happy to share my experiences.

In deciding my price range for different items in my Jewellery collection I searched for similiar items on- line.  For items on my website I had to decide if I wanted to produce top end pieces from more expensive findings & beads or mid range. This helped me decide on a price range which was competative for similar goods. 

For my collection in the shop I researched my competitors in the local area.  I made a list of prices & what they did well & what they offered e.g packaging, gift wrapping & what they could do better.

This helped me to decide on my price & level of service.  If you can walk 5 mins down the road & get a pair of earrings beautifully packaged for £5 less than a pair without any presentation I know which one I would buy. 

Make sure people know what they are getting for their money e.g one off piece, presented in a box

Don't be priced too low because if you don't value your Jewellery others won't.  Be confident in your Jewellery & your chosen prices.  Some people will say its expensive what ever price range you choose but to a Jewellery lover they will be happy to pay more. Whatever you choose stick to it.

I wish you luck

Lynne

www.mozojewellery.co.uk 

 

 

 

 

 

[Sarah Bunney]

Hello Kiki,

I face the same problem and did a very similar thing to Lynne.  I had a good look on the internet at how other artists were pricing their lampwork beads and jewellery, what they offered and don't forget postage. 

Another thing I did that I found really helpful was invite a few friends around for coffee and asked them to go through all of the jewellery I had made and tell me what prices they thought I should be charging.

It is tricky finding the right balance but again I agree with Lynne, don't price your jewellery too low.  You have made it, be confident in yourself. 

Sarah

[Kiki Black]

Thank you Lynne and Sarah, you have been really helpful. I will certainly do some more research. ;)

[Caroline Nash]

Pricing is such an emotive issue and something that all crafters face. Charging correctly with time, materials, overheads can sometimes price the item out of the market but in the same token something that is handmade with care and attention should carry a bigger price tag than bought in items. My two pennies worth is to try to make yours different from the mass produced this way you can state an original design and handmade making an extra special gift to give or for yourself.

Price as near as possible correctly this will maintain the value of handmade within the country. Too often go to fairs and find stuff made and sold cheap purely to get money to buy more supplies, I and a lot of other crafters feel that this undermines the true value of handmade and is unfair on those pricing to earn a living. You will always get those that say oh you can buy these cheaper in Accesorize but point out to them that you have made these yourself with the glass etc, not bought the beads ready done and not made by slave labour.

[Kiki Black]

Thank you Caroline,

I need to look at my pricing again and believe in myself and my capability I think.

Caroline Nash said:

Pricing is such an emotive issue and something that all crafters face. Charging correctly with time, materials, overheads can sometimes price the item out of the market but in the same token something that is handmade with care and attention should carry a bigger price tag than bought in items. My two pennies worth is to try to make yours different from the mass produced this way you can state an original design and handmade making an extra special gift to give or for yourself.

Price as near as possible correctly this will maintain the value of handmade within the country. Too often go to fairs and find stuff made and sold cheap purely to get money to buy more supplies, I and a lot of other crafters feel that this undermines the true value of handmade and is unfair on those pricing to earn a living. You will always get those that say oh you can buy these cheaper in Accesorize but point out to them that you have made these yourself with the glass etc, not bought the beads ready done and not made by slave labour.

[Vanessa Bizzell]

Pricing is really really hard. I sell some of my hair accessories through boutiques and have to make sure the retail margin works without meaning that I can't pay myself. This has restricted what I can make and sell to this market and I have to buy my supplies in larger quantities to bring the price down.

 

I'm designing a more elaborate range for adults that does take longer to produce and really struggling to get to a reasonable price. I have spreadsheets with supplies cost, time taken to make, time taken to package, printing costs etc etc as I find it very easy to kid myself on real costs otherwise.

 

Sometimes batch making or simplifying an item can really help bring the time cost down as your labour is always the largest cost. Ultimately if you can't make the sums add up it isn't worth wasting your talents.

 

I've also placed my ceramic work and paintings in galleries before  and lots of them also sell one-off or limited handmade jewelllery - it is sale or return (and 50% commission or therabouts) but people go into those places expecting UK handmade items and are generally more prepared to pay reasonable prices. Plus you don't have to sit the whole day behind a craft stall!

 

[Kiki Black]

Thank you Vanessa, Your comments are very helpful and have given me a lot to think about. 

[Catherine Marche]

You can use this free little excell spreadsheet to help also

http://www.beading-software.com/blog/free-stuff/jewelry-pricing-cal...

[Kiki Black]

Thank you. I have just downloaded it ;)

[Helen Stirling]

I think pricing is a difficult process. Personally I use a formula I was give when I went on a course and the subject came up:

Materials + workspace costs (rental per hour or heating per hour) + hourly rate + commission rate (expected by galleries etc for selling pieces) = retail price (i.e. to the general public). The same formula less the commission rate is your wholesale price. This means that you will sell items at roughly the same price as a gallery to the public but you have the option to reduce the price if you are selling direct. 

It is difficult to decide on an hourly rate but just remember not to go below the minimum wage. Your jewellery is handmade - it is not machine produced or made in sweat shops in a third world country. It is quality and it wont fall apart after a week or two. 

I know it is difficult to do this cause members of the public can be very critical. If my prices are queried I simply ask them what they think a fair wage is for my time. They often think about it and may then buy. 

Sorry if it sounds like a rant - I'm having a rough few days so I am less diplomatic than normal xx

[Helen Stirling]

I just saw this - what a great link - thanks xx

Catherine Marche said:

You can use this free little excell spreadsheet to help also

http://www.beading-software.com/blog/free-stuff/jewelry-pricing-cal...

[Kiki Black]

Thank you, this is all very helpful.