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Thread: Should newbie include work hours in jewelry price?

  1. #11
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    May 2012
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    From a personal point of view, I make & sell for the enjoyment of making. Also, being a busy mum it means I can retain an identity other than "just mum".
    (It also sets a good example for my children to see that mum works too.)
    I don't really sell to make a profit per se. The way I work is I sell rice writing jewellery as my specialisation. The moneys earned from those sales goes to buy silver etc, so that I can indulge in my love for making with silver.
    When I sell on my silver, I normally follow "warehouse rules" - 2 and half times what you bought the item in for. The idea behind it is the first half replaces your cost for materials, the second half is the profit, and the quarter is to pay tax. In reality, its first half pays the material costs, second half pays the tax and the quarter is the profit.
    Everyone has their own ways of setting prices and to be fair, the seller should really know their customer base =)
    Sian Williamson

  2. #12
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    May 2012
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    I'm sorry to say this, but anyone new to any kind of crafting can not honestly expect to make an hourly wage - it's hard enough for the proffessionals to make an hourly wage in reality.
    Sian Williamson

  3. #13
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    Feb 2013
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    Florida
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    Quote Originally Posted by Keia View Post
    I'm sorry to say this, but anyone new to any kind of crafting can not honestly expect to make an hourly wage
    I totally agree with you.
    It seems like there is no pricing formula for newbies.
    Most likely I will follow my feeling for how much I can sell my work.
    Last edited by SilverBouillon; 25-02-2013 at 11:16 PM.

  4. #14
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    May 2012
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    Experiment with your customer base. Some places people will tell you "you should be charging more for your stuff" other places, people will give you filthy looks as if you'd just tried to rob their most dearest gran and state how expensive you are.
    It's a long, hard slog with no quick reward. If you do it for the love of making, then any money at the end is a bonus =)
    Go to as many fares, hold as many stalls as you can - you will find your customer base. Think about, what makes you stand out from the crowd? what makes your stuff different from the guy down the road? Why should people buy from you? You need to find your niche and your style, then your customer base will follow.
    From there, you can make more informed choices about your prices, and if charging a little extra will work for you =)
    Last edited by Keia; 25-02-2013 at 11:29 PM. Reason: bad grammer
    Sian Williamson

  5. #15
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    Sep 2010
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    Banbury
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    Is agree. It's difficult to price. I think there are some golden rules. Firstly, if jewellery is bespoke it has a value higher than it's nearest mass made equivalent. Secondly, if you don't value your work, don't expect others to. I think that following your feelings is a good place to start. Good luck
    Didi

  6. #16
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    Feb 2013
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    Florida
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    Quote Originally Posted by Keia View Post
    It's a long, hard slog with no quick reward.
    And ones again I agree. Your post has great advice, not only for newbies.

    Where is the formula? (just kidding)

  7. #17
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    Jul 2009
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    Cornwall
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    Quote Originally Posted by Tabby66 View Post
    Carole,
    So sorry to hear that your cruise was a bit of a wash-out and blighted by ill-health.........it's so typical after a period of working so intensly You said (pre-christmas, I think) that your online sales were really busy, can I ask, was that on NOTHS or your own website? (I do bear in mind, that which ever site you use that you need to build a customer base.....it's just that these days, joining NOTHS is a big outlay and it seems I would need to spend so much time promoting myself as a newcomer, I wouldn't have time to make anything!!)
    Any advice and help would be very much appreciate!!
    Many thanks
    Jill (aka Tabby)
    I'd say that sales from Noths is about 5 times the sales on my site, taken over the year Jill. Most of what I sell on Noths is personalised though and if you can come up with something different to the offerings already on there and Noths like it, they'll do the promotion for you. I closed my shop down while I was away and since reinstating it on Sunday, I've had 17 orders as compared to 3 on my own site. It is a very big investment though and not one to take lightly as a lot of people don't do very well at all.

  8. #18
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    May 2012
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    Quote Originally Posted by SilverBouillon View Post
    And ones again I agree. Your post has great advice, not only for newbies.

    Where is the formula? (just kidding)
    Well, as I said in my previous post everyone tends to find their own "formula" - mine, as I'm still learning, is 2 and half times the material costs. This covers my tax, material costs and a tiny profit for me, but no hourly wage. As I get more experianced and more confident in the quality of my work I should be able to ask a little more =p

    Let us know how you get on and what you find works for you =)
    Last edited by Keia; 26-02-2013 at 10:40 AM.
    Sian Williamson

  9. #19
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    Romsey
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    One formula I've seen advised is:

    (Materials + time * hourly rate) * 1.2 = wholesale price
    Wholesale price * 2 = retail price

    As James has said before, the wholesale multiplier varies according to who is selling... But for gallery work, that covers up to 50% commission.
    If you know you aren't working as efficiently on time as you think you should be, drop the hourly rate accordingly.

  10. #20
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    Feb 2013
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    Florida
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    Quote Originally Posted by ps_bond View Post
    One formula I've seen advised is:

    (Materials + time * hourly rate) * 1.2 = wholesale price
    Wholesale price * 2 = retail price
    Peter,
    This one is good, thank you.
    I'm going to adapt this when start working by time. It seems like in the beginning my hourly rate will be just 1 dollar to match with the average market prices.

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