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Thread: Should newbie include work hours in jewelry price?

  1. #21
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    For me it is simple...an employer will pay you an hourly rate when you start a new job. Over time you have the opportunity to review your skill set and abilities. Based upon those discussions you negotiate a new hourly rate. Why not use this same philosiphy with your own business. Every year since 2004 when I registered my business my hourly rate has increased it keeps a formula such as Peter has outlined above easy to continue to work with week in week out, year on year. In an XL spreadsheet you have just 2 variables with every piece you make.
    Les
    Poor old Les

  2. #22
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    I'm hopeless at writing down how long each thing takes me to make. I tend to price things based on how much I really don't want to make another one!

  3. #23
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    Quote Originally Posted by art925 View Post
    For me it is simple...an employer will pay you an hourly rate when you start a new job. Over time you have the opportunity to review your skill set and abilities. Based upon those discussions you negotiate a new hourly rate.
    Right now I can not comprehend this philosophy because I'm not an employer with established business. I can not hire myself as employer because I simply can not calculate how much my business worth, how it runs and what return to expect. Plus I can not hire myself to be many in one: designer, producer, trader, advertiser, accountant, etc.
    Using the formula that Peter wrote gives the ability to know which steps to take toward hourly rate I would like to have in the future. At least it's some reasonable ground to start pricing in the beginning, or to start pricing much or less around that ground.

    I tend to undervalue my work like a hobbyist, and I think lots of starters can relate. Overvalue is not good either. Both undervalue and overvalue can destroy the newbie start pretty much.

  4. #24
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    Quote Originally Posted by ShinyLauren View Post
    I'm hopeless at writing down how long each thing takes me to make. I tend to price things based on how much I really don't want to make another one!
    Me too Lauren. I think after a while you sort of work out what people will pay for an item.

  5. #25
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    For me, when I started I was basically working on cost of materials x 2 because I knew that I couldn't quantify my labour rate as it took me forever to do even simple stuff so a collar would sell for about £80. I quickly realised that this was really stupid of me and that I should actually price my stuff at around the same price others were charging for similar things. So now my collars start at £160 and I make them much quicker, so all's good.

    Where I came unstuck was with my seaweed bangles and stuff. No one else was making anything remotely like them so pricing was more tricky. It was only after a friend who does jewellery as a hobby bought one of my pearl ones at a 'mates rate' said that I needed to re-assess my pricing that I upped the prices. Now I don't really push my stuff because I'm too pressed for time with my studies and could never keep up if I was getting loads of work, but when I got a commission for a bespoke seaweed item (euphemistically termed a baby bangle to my casters!) that I pondered and thought hell, I'm charging £450. If he doesn't want it, fine, I have more time to study and if he does, then cool, cause I get the excuse to do a bit of making plus I get a wodge of cash. He was happy with the price and paid the deposit.

    So moral is, charge approx what others are charging for similar and if it's something really unique or commission, then charge using the formula above but at an hourly rate commensurate with your skill level if your skill level slows you down.

  6. #26
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    medusa
    Your story about unique pieces gave me an idea start testing my target group on simple pieces. I can make a bunch of simple stuff starting today and put at least 5 items on etsy priced reasonably.

  7. #27
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    I hope that "seaweed item" had all the prickly bits removed, or was that the point (no pun intended)?

  8. #28
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    Quote Originally Posted by SilverBouillon View Post
    medusa
    Your story about unique pieces gave me an idea start testing my target group on simple pieces. I can make a bunch of simple stuff starting today and put at least 5 items on etsy priced reasonably.
    I think unique is the way to go if you can actually find something really niche. If no one else makes it then you can justifiably charge whatever.

    Quote Originally Posted by caroleallen View Post
    I hope that "seaweed item" had all the prickly bits removed, or was that the point (no pun intended)?
    it's lovely smooth baby thongweed. I was down at Nanven at low water yesterday gathering it. It will be as smooth as can be by the time I've finished processing it for casting

  9. #29
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    Quote Originally Posted by medusa View Post
    If no one else makes it then you can justifiably charge whatever.
    And exact at this point my "hobbyist" lowers the price!
    I'm working on it here.

  10. #30
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    May 2012
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    Gosh, going by the replies I'm way under charging then :/ Thing is, going by todays economy if I did bring up my prices to match Peter's formula (just for example), the exact amount I would sell would be nothing =( Confused at how this works.
    It would also feel alittle cheeky as I'm not professionally trained.
    Thankyou for the thought provoking thread.
    Sian Williamson

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