I am terrible at pricing my works so after a little searching, I found a great article on Etsy to provide some tips! The best tip? The simplified formula for finding the price:
- Cost (Labor + Materials Cost) x 2 = The Wholesale Price
- Wholesale Price x 2 = Retail Price
So, it comes down to the fact that it is based on YOUR comfort level with what YOUR time is worth. The most important thing is that you are making out of it what you want to make. For me, I find jewelry making to be so relaxing. It isn't my primary source of income and I still consider myself a beginner so $10/hour is reasonable in my mind. As time goes by and I continue to get my name out there and start really selling, I might go up in that amount. I guess time will tell!
Now, here is why I started searching - I have a new item that I am getting ready to place in a few shops; the 3-D Beaded Hummingbird. However, I don't know what to price it. It takes me about 8 hours to create so if I charge $10 per hour for my time, $80 is the starting point. The materials are next to nothing (let's say $3). So that is $83. If I use the above formula, the wholesale price of the thing is $166. The retail price jumps up to $332. While I would LOVE to be able to make that for each one I sell, I just don't see that they would sell for that! So you be the judge. Do you think that in the little mountain towns of Colorado, I could reasonably ask $150? If not, what do you think I should price these little fellas? Your advice is much appreciated!!