Hello Everyone

[Obsidian Butterfly]

Hi

I've asked a few questions on here but I have never really introduced myself. I've been making jewellery for about 4 yrs and started with bead and wire, but then fell in love with a blow torch (I'm a bit of a tomboy). I live in Leicester, and although I mostly make jewellery from sterling silver, I have been experimenting using silver-plated spoons, with great success! I sell most of my goods either at craft fairs or on folksy, so please have a look at my folksy shop.

Thanks everyone :)

[caroleallen]

Hi Laura and welcome. I've had a look at your Folksy shop and I'm wondering whether you make any profit on your stuff, especially with the price of silver?

[sonia]

Hi Laura

Welcome......

Sonia
x

[Pauline]

Welcome to the forum :~:

[Obsidian Butterfly]

Hi Laura and welcome. I've had a look at your Folksy shop and I'm wondering whether you make any profit on your stuff, especially with the price of silver?

Hi Carole

I make a bit of profit yes, as I make items well under the weight for hallmarking, but I was taking my advice from the Princes Trust who said to sell my items cheaper to get my name out there. Do you think I should be charging more for my items? Any help would be appreciated :)

[caroleallen]

Hi Carole

I make a bit of profit yes, as I make items well under the weight for hallmarking, but I was taking my advice from the Princes Trust who said to sell my items cheaper to get my name out there. Do you think I should be charging more for my items? Any help would be appreciated :)

I really do think you should be selling for more Laura. If you sell your work too cheap, people will think it's rubbish, when in fact it's really not. You've got some very nice pieces on your site, particularly your pierced pieces. You shouldn't undervalue them. The advice from the Princes Trust may work for some things but not really for jewellery, particularly with the price of silver at the moment. I hope I haven't offended you and my advice is all meant kindly.

[Arborvita]

Hi,
Welcome aboard!

[Petal]

Hi Carole

I make a bit of profit yes, as I make items well under the weight for hallmarking, but I was taking my advice from the Princes Trust who said to sell my items cheaper to get my name out there. Do you think I should be charging more for my items? Any help would be appreciated :)

Hi Laura and a warm welcome from me too.

I agree with Carole, your jewellery is too nice to be charged at such a low price.

The standard minimum charge rate is cost of components (sheet, wire etc) x 2 plus your hourly rate, ie how long it took you to make the item. If things are priced too inexpensively, people will assume your work is imported, mass-produced and not made by your own fair hand. You've got some lovely stuff on your website, so don't get disheartened, but it might be worth comparing your style with others and see where your price is in comparison to others?

[Kwant]

Laura I'm terrible at pricing my things, though I am learning, but I agree with Carole and Jules. Hand cutting and piercing take time and you do a nice job. I think you could definitely raise your prices to reflect the work and materials.

[ps_bond]

...I was taking my advice from the Princes Trust who said to sell my items cheaper to get my name out there....

That works well for a lot of marketing models, but with jewellery, you're in the luxury goods market. There's a large element of perceived value at work here - and if you make your name selling items inexpensively, it can be very difficult to raise prices as you'll be measured against your less expensive pieces. It's easier to do if you can show significant differences - more expensive materials and increases in complexity/skill, for example, but this is one area where loss leaders are IMO a bad idea. They work well in other markets, but not this.

Remember - we're making hand-made jewellery, there are none of the economies of scale that the mass-produced stuff can bring to bear: We aren't - and can't - competing with the high street jewellery chains. Nor should we.

[Obsidian Butterfly]

Hi everyone

Thank your for your help, and of course you haven't offended me Carole.

Jules you mention a formula for working out the prices and you said hourly rate, what kind of level would this be? Minimum wage or something higher?

To be honest I'm struggling working out my prices, as I don't want to undervalue myself, but I don't want to price myself out of the market either, and I'm finding the whole thing very confusing!

Any help really would be appreciated

Thanks :)