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.

[ps_bond]

I've said this before once or twice.

If your USP is price, then it is a race to the bottom and you will lose.
Handmade jewellery - handmade anything - cannot compete on price.

[Patstone]

Trouble is a lot of people cannot afford to buy handmade/exclusive, not down this way anyway. The only way to get what its worth in my opinion is the more exclusive craft fairs or online, saying that, we have only had one online sale in four years. We hand out business cards as if its sweeties, every opportunity. But to go to the "exclusive" craft fairs you are talking about £300 a stall for a days show, so way more than we can afford anyway. At the monthly craft fair we go to we normally sell about £200 ish, for about three or four items and the stall is £30. All of our items are hand made, even the findings, and all sterling silver, not everything is hallmarked if its under weight because it works out too expensive, commissions are hallmarked as it looks better. All the guys on here say we are charging too little but if we hiked up the prices we wouldnt sell anything. Our craft fair has a lot of coach trips coming down so the customers are sometimes a bit older, but families come too so its a range of age groups. This isnt a gripe, just an observation.

[lolabead]

hi guys really great to hear your comments. I knew I'd never get rich with jewellery but I thought that. once established I would at least make enough to cover my costs and make a reasonable profit. There are many jewellery makers who are content just to recoup enough to buy materials to make more jewellery. I can see how they arrive at that point. I love making it really but I do need also to earn money from it. I am seriously debating whether to carry on or not. My fiancé has been very supportive of me and has covered all the bills for the past 7 months while I do this but I can't let it continue like this. Feeling rather despondent.