Factoring your time into your jewellery costs

[lolabead]

me again! Just curious, can most jewellery makers REALLY charge accurately for their time? I seem to take so long to make a necklace, from the design stage through to completion. Today's example is I've spent all day on just 1 third of the necklace. I'm not even touching on the time required to source and choose materials etc. If I charge for my time my prices would be way over acceptable but perhaps that's because I'm new at it!

[caroleallen]

I think you've hit the nail on the head. It's because you're still learning and everything takes a lot more time. It seems only 5 minutes since I was in your position, though it's actually about 17 years. I've tried everything in the book to build my business and it's been hard work. Keep going and you'll eventually find you can make a living at it.

[Tabby66]

Hi Lola,

This is a difficult and much debated discussion!!

When you first do something it does take you longer, it certainly did me and still does. Even now, if I compare the first time I make a piece to the time taken to remake it, I am much quicker on the remake. What I have also found is that most work has a retail price and I don't count my hours into this....I do count my costs and I am aware of my time and complexity of the work involved,....but what I have found is that it is swings and roundabouts with regards to the price/profit ratio and over a body of work it pretty well evens itself out.....

Hope this helps a little and I'm sure other folk will be along to share their views!!

Tabby x

[enigma]

Yes, what Tabby said about the swings and roundabouts ^
Plus also whats already been said about the time taken to learn etc.
Overall I make a good hourly rate but thats because some things Im now adept at so can do a lot quicker which balances out the things that I struggle at.
If I charged my hourly rate for the stone setting Im currently struggling with it would be ludicrous as I would be charging way more for the job than a professional who would do a far better job.
However Im really quick at carving wax, braiding and piercing for example so those things balance out the time that stone setting takes me.
As you progress and learn more skills it definitely gets better.

[lolabead]

feel better having read those replies. Seem to be non struggling with almost everything I pick up! It's either too big, too small, not neat enough, not this enough not that enough! I'm taking a break this afternoon I can't seem to make a simple wire wrap clasp even today.
Enigma wish you well on the stone setting which is something I would like to do in the future but realised it's one step at a time!

[enigma]

Thanks Lolabead,

I suspect we all have days like that, I know I do!
I think many things can be perfected through practise if you are able to see where you went wrong and adjust the next time.
Some things though, need hands on tuition I think and you will know as those will be the things you just aren't getting no matter how much you try.

[Patstone]

The only thing that I have found is that charging an hourly rate isnt always possible. One instance is, we were at a craft fair which is a monthly affair so we have regular customers coming in to see what we have made and buying stuff, but one new person had a look at some wire rings we had made, which were literally two bits of twisted 0.8mm wire and soldered together. She commented that she could get the same on the internet at half the price. We were selling them at £12. Another instance is a shop that I used to go into to buy cabs and is quite into semi precious stones set into rings etc, are now buying in from China to support their 25 shops, instead of having a jeweller in the shop making stuff. Do they have to have it hallmarked etc I wonder, or not, but how can we compete with people like that, the most expensive ring I have on my craft stall is £70 and that is the Aquamarine one that I was showing you guys the other day, big stone which cost me £32 to buy, set in silver, all handmade findings etc. A friend of mine that is Chinese and is a student at the university (she fell in love with my dogs and we got chatting) said that in China some people will work for virtually nothing, just food, so obviously the finished cost will be a lot lower, but its still sterling silver and semi precious stones.

[Gemsetterchris]

It's perceived value that matters to a buyer, silver doesn't generally rate very highly in that respect so the piece has to be either be extraordinary or quick to make.

You might need to step up materials if you want to spend a lot of time on a design to make it worthwhile.

There is a balance between churning out work & actually enjoying it...spending half hour over something you could have called finished in 10 minutes...we've all been there.
Bottom line is that abit of twisted wire doesn't really warrant much no matter how much time spent & neither does any basic design.

Better material will allow that extra time & profit because of the added value customers automatically associate with it.

That's my view at least.
?

[medusa]

It's perceived value that matters to a buyer, silver doesn't generally rate very highly in that respect so the piece has to be either be extraordinary or quick to make.

You might need to step up materials if you want to spend a lot of time on a design to make it worthwhile.

There is a balance between churning out work & actually enjoying it...spending half hour over something you could have called finished in 10 minutes...we've all been there.
Bottom line is that abit of twisted wire doesn't really warrant much no matter how much time spent & neither does any basic design.

Better material will allow that extra time & profit because of the added value customers automatically associate with it.

That's my view at least.
?

Yeah, I go with that about value of materials, although you do get stuff in silver which is extraordinarily expensive sometimes. Even stuff in silver plate can be stupid money. I had an idea for something and decided to see if it had been done (it had, of course) and saw cast brass pendants selling for £150. I don;t get it. The silver versions were about double.

In terms of pricing as you learn, I think the best approach is to see what else is out there that is similar and hand made and price accordingly. That way you are selling for a realistic price and whilst not making a huge hourly rate, at least it goes up over time as you get quicker. I've gone from about 50p per hour to around £9 an hour over the last few years.

[camalidesign]

That old chestnut, eh?!

If people don't have the money to spend where you go to sell, then you are in the wrong place! Don't limit yourself to your local craft fairs, because people expect to buy thing for nothing, a few people sitting there with their hobby made things, content with covering their materials so they can make more. A lot of people don't realise that some traders actually try to make a living out of it and that you actually PAY TO BE THERE. I'm amazed at how many people think you can just rock up and start selling your things with no charge for the space etc. You need to find your market, if you do you can charge premium for your work.

I think it's a lot down to design/"uniqueness" and I find not always so much about materials, if someone likes your design they are likely to pay good money for it whether it's made from tin or silver... Just look at all the Scandi brands that sell for quite a bit of money, e.g. Efva Attling, Dyrberg & Kern and the likes, they used to use plated metals and still charged high prices! Of course they have the brand advantage...

Ignore people who say "I can buy that elsewhere for less", or "my daughter can make that", because if that was the case then why don't they, and why are they even looking? The difference between saying that and actually doing it is a big one! Have confidence in your work and come up with ways of meeting comments like that. I usually just say "how nice, you should do that then"!!

I know it's hard to value yourself, but if you don't, nobody else will.

Carin