Should newbie include work hours in jewelry price?

I too have found this an interesting read.

Just to add my comments, for what they're worth, this is how I'm doing it.

My website isn't yet built, but I'm talking to a few outlets locally that want to stock and sell the pieces I'm making, albeit they'll be taking a fixed commission for doing so.

However.. As all my pieces I make are one-offs, I'm charging a premium as such as I honestly believe it makes them a bit exclusive and special. So my formula is basically the cost of the metal to me, plus chain and box, then I'm adding on a 100% markup.

As I'm still very much learning new skills and trying to become more advanced, then I'm not factoring in my labour as of yet, and admittedly it's also because jewellery making is not my full time occupation.

I'm regularly selling items via word of mouth which is satisfying, so my basic formula as such is working for me.

One thing I feel VERY strongly about, is not to undersell anything as in my case they've taken hours to make and prepare. If someone likes it enough then they'll pay for it.. Me included!

Nick

The thing you can't put a price on though is publicity from being at the event and sales after the event. That said, there are very few events I would bother with these days as I have to travel a long way to a good event and then have to add in hotel costs and all meals etc. It's getting harder and harder to make a living from doing shows and galleries. If I didn't have online presence, I'd have given up long ago.

I think the salient point here is that you're not factoring in labour. That makes it harder for people for whom it is their full time job to charge a reasonable amount.

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Originally Posted by Nick martin

I too have found this an interesting read.

Just to add my comments, for what they're worth, this is how I'm doing it.

My website isn't yet built, but I'm talking to a few outlets locally that want to stock and sell the pieces I'm making, albeit they'll be taking a fixed commission for doing so.

However.. As all my pieces I make are one-offs, I'm charging a premium as such as I honestly believe it makes them a bit exclusive and special. So my formula is basically the cost of the metal to me, plus chain and box, then I'm adding on a 100% markup.

As I'm still very much learning new skills and trying to become more advanced, then I'm not factoring in my labour as of yet, and admittedly it's also because jewellery making is not my full time occupation.

I'm regularly selling items via word of mouth which is satisfying, so my basic formula as such is working for me.

One thing I feel VERY strongly about, is not to undersell anything as in my case they've taken hours to make and prepare. If someone likes it enough then they'll pay for it.. Me included!

Nick

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Afternoon :-) Thanks for taking a look and pointing out some issues that need addressing.

Pat, I know what you mean especially with the "in the twist with heart pendant" must be honest, was in a rush to get them on, all the heart pendants you see on the site are waiting to be hallmarked, so thought i'd wait till after that before giving them a good going over, my mistake and one I shall learn from. :-)

Carol, I get confuddled with the blinking things, If it was down to me there wouldn't be any lol. Thank you for liking some of my designs :-)

Myosotis, thanks, yep UK :-) confusing, why can't we all spell it the same lol, I used to spell it Jewellery, then someone on a UK selling site said it was wrong so I changed it, then I had an e-mail on Friday from a gent who also said it should be Jewellery, so it is down on my to do list. :-)

Peter, I know there is an awful lot to take into account when doing events, I learned that in December, it included an overnight stay too, and agree they need to be covered in the costs somewhere. :-)

Fair comment Carol, but the problem I have is that I'm still very much a novice therefore I'm not as proficient or as quick at making pieces as I'd ideally like to be. If I factored in my labour then I dare say I'd be too expensive at what I'm selling.

Also if you're like me, and I believe that lots of people are, then as long as I can afford it then I'll happily pay good money for something I like / need. Ie not necessarily looking at price as being the defining factor.

I'm also trying to create a bit of a USP. for me its the unique route, but I try other methods too. An example would be a pendant a lady asked me to create with a historical link and that signified affection. After lots of head scratching, I melted down several 17th century silver 'love token' coins ( that I found.. Hence zero cost ) as well as providing her with provenance, a brief history, and photos of the process.

As a result she was very pleased with the outcome. Now I'm not saying the finished piece was a work of art, but I was pleased with it too and my customer happily paid a premium for it ( £500 ).

Nick

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Originally Posted by caroleallen

I think the salient point here is that you're not factoring in labour. That makes it harder for people for whom it is their full time job to charge a reasonable amount.

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This is an important point Carole. But more importantly for you Nick, is that in the future it makes it harder for you to factor in labour because your customers become accustomed to paying a price for your work. In 2 or 3 years when you want to start factoring in your labour costs it will become difficult for yourself.

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Originally Posted by Nick martin

Fair comment Carol, but the problem I have is that I'm still very much a novice therefore I'm not as proficient or as quick at making pieces as I'd ideally like to be. If I factored in my labour then I dare say I'd be too expensive at what I'm selling.

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well, it depends how much you charge for labour. When I started I charged about 50p per hour for labour. Nowadays, on most things I'm charging around £7 ph. There are one or two things which are still in the 50p ph rate but those are counterbalanced by another product which works out at about £15 ph.

It is really tricky deciding what the hourly rate is for me, so I tend to see what others are charging for similar and then charge roughly the same.