Tuesday, November 9, 2010

pricing rainbows

still sewing away, and finishing all sorts of little projects. i'm excited about selling some of my crafts at the annual winter faire held at cedarwood. just one hurdle. pricing.

rainbow ball
here are some formulas i've seen lately:

and

Cost Price (Labor + Materials Cost) x 2 = Your Wholesale Price

Wholesale Price x 2 = Retail Price

rainbow jingle balls

i timed myself making these rainbow jingle ball and it took 40 minutes per ball. using $12.75 as an hourly wage based on the guidelines for trillium artisans, i'd charge $8.50 for labor. then, i used .50 worth of yarn (but i guess i didn't include the cost of jingles or wool - maybe another .50?). so, for just labor + materials, the ball would be $9.50. that's without, um, "overhead" and "profit". one of these formulas suggests my wholesale price should be $19.00. or the other, perhaps $38.00 "retail"? i can't see anyone paying that much for a jingle ball! i'd love outside input, if you have any thoughts. they'll be in my etsy shop and on my craft show table, as soon as i can figure out what to charge.

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