Hi, Folksy People!
I have a dilemma on pricing. I have worked out my prices adding together my time, overheads and materials, as I have read on numerous pricing help pages, but recently when I told some people how much my record bags were they were, how can I put this… '‘How much!’'
I wondered if any of you have different prices for on line and then craft fairs, or selling to people you are acquainted with? I have started to do more craft fairs and am wondering if some of my things, like the bags and foxes and also my cravat ties are too pricey for certain areas. Should I just not take my more expensive things? On my craft stall I also sell crocheted bookmarks and coasters, cards, brooches and hair bands starting from £1, so that I have various price ranges.
My husband thinks that I shouldn’t really add my time in when I work out my prices, as long as I cover my materials and overheads (where I add in the cost of glues, cottons, needles, printer inks etc.) and then when my items start selling and my makes are noticed and asked about, then put my prices up. However I am not sure that this is the right way to go about it as people will then expect my prices to be ‘cheap’ and maybe not buy, and I really want to be able to give up ‘real’ work eventually and make a living from my crafting. Does this make sense?
Any advice will be gratefully received!
This is one of the bags that some acquaintances thought was too pricey; https://folksy.com/items/6901982-Bright-Hot-Pink-Polka-Dot-Record-Handbag-Rockabilly-Rock-and-Roll-Dance
What do you think? I have my next craft event coming up in two weeks.
Hi, Folksy People!
Ignore your husband - you definately should allow for your time not just in making an item but for all of the follow up activities (photographing it and writing the listing, promoting it etc) as well and you should do so from the start. My prices are the same across all platforms but acquaintances tend to get a bit of a bonus in other ways (slightly better rate for commissions, free/ at cost alterations, little things like that). I know that at certain craft fairs I will sell predominately the lower price point items but I still take the more expensive stuff as it does occasionally sell and occasionally gets me a commission, I just alter the proportion of display given over to the expensive items depending on what experience tells me will sell. I’ve had people look at some of my items and go ‘how much!’ and then 10 minutes later someone else come along and go ‘oh that’s stunning’ and not bat an eyelid at the price - you just don’t know who will turn up. You need to find the right craft markets for your product, it can be a little disheartening finding those right markets but once you do your product will sell like hot cakes.
No I don’t think that bag is overpriced - it is quirky and makes a statement and to the right person, ideal and they will pay the price although you have to accept not everyone will love it. Definitely include your time and don’t underprice your items.
I was talking to my sister regarding prices the other day and she made the following point - "if I see an item I like priced at say £50, I may buy it. The same item priced £5 and I probably wouldn’t even stop to look at it as I would assume it was poorly made or mass produced."
I have to admit my prices do fluctuate a little but only by a few percent i.e.: £23 vs £25 often because I can’t remember what I had priced it at elsewhere but also depending on where I am, how well I am selling and how much stock I have etc etc.
I would stick to your prices but maybe if you were having a particularly bad craft fair you could put up a sign for say “Today only - 10% off all bags” - that way your main price remains constant.
Pricing is a personal thing and we all choose a price range to suit our needs.
I looked in your shop and I didn’t think that any of your prices were too high, in fact I thought they were very reasonable (and I often think “How much!” when I see things) but that didn’t happen when I looked in your shop.
That seems a reasonable price for a unique handmade handbag. Some people at craft fairs seem to think they’re at a car boot sale and will try to get things cheaper, others realise the amount of time put into handmade items and don’t quibble the cost. I have the same prices on here as at craft fairs but will sometimes have a ‘clearance’ basket at craft fairs for cards I’ve had a while and want rid of. I agree you should charge for your time especially on the larger more complecated makes (although I must admit I don’t time how long I take but I work out my costs then add on what I think is a reasonable amount of profit for my time and to cover things like glue and ink)
As the poster above have stated. Your pricing is fair. Always Always start with the true costs associated with making your items, including your time.
Personally you could stand to charge more.
Also the type of event can dictate the sort of price points you can achieve, but never undersell, just have items which have a lower price available.
And I would consider getting that bag and similar items of yours in retro and vintage shops and boutiques rather than craft fairs. if you have similar items look at fairs which target the retro and designer maker/buyer or a specific demographics. Target specific buyers and markets.
I had a couple of people pick up suncatchers at a fair last week, admire them but put them back right away when I told them the price. I know my prices are reasonable, on the low side, certainly not overpriced but it does depend where you are. This was a WI market where a lot of ladies make things just as a hobby and sell for peanuts just so they can justify making more / buy more materials.
I sell same price everywhere, makes it far easier. My husband always says that everything is worth what someone is prepared to pay for it.
That will vary according to outlet / market and situation.
Put your bags in a high class high street boutique shop and you could probably triple the price, take them to the market I went to and…eer.probably not worth the bother…
Good luck, i think they’re great.
I think that this is excellent advice @SashaGarrett :0)
A while ago, I was a market trader. We bought an amazing dragon ornament: large, stunning to have as the centerpiece for our stall. We didn’t expect to sell it - it was there to draw people in. We priced it at £80. It sold within a month.
If someone wants something enough, they will pay for it.
Thank you all so much for your wonderful advice and wisdom. I shall keep my prices as they are. Lots of good ideas here, It’s really appreciated and has helped enormously. Thanks again! Jx
I personally don’t use any sort of formula to set my prices, I just price them according to what seems to be the going price for similar products on search (and what I would pay for them if I was buying from someone else). I think your bag prices are very reasonable and that’s coming from a consumer, not just a fellow seller!
Definitely not too expensive - I love the record bags. Great fun!
I agree with everyone it seems. Always charge for your time and if your looking to make this your full time job you better start with sustainable prices.
I’m like Roz’ sister - if something is very cheap I assume not much care has gone into the product.
This is one of the reasons I prefer not to do craft fairs. A lot of people do think of it as car boot sales - that’s a good point. But don’t let it put you off if you like them as lots of fantastic people attend to and will give wonderful feedback.
My way of pricing is fairly organic, but it does start out with a formula - (time+overheads+materials)*2
Sometimes this turns out a price that is far too much and I then see if I can make changes to the product which saves me time or materials. Sometimes I choose to sell for less if it’s an item I really like to make and it goes well with the rest of my stock.
Not too expensive at all. I did a short course on pricing this is the formula I use, and I ALWAYS include my time:
Cost of materials
Cost of time (@£20 per hour, pro rata if less)
+10% for my wholesale price
then x2 for the retail price
I only attend one or two craft fairs and based on what I’ve sold in the past I tend to take a a range of lower priced items based on lower priced aerials e.g. silver plate, shell pearls as these cost less than sterling silver and cultured pearls. Some people will happily pay £40 for a sterling silver chain with a gemstone charm, others will sniff at £20 for a pair of Amethyst earrings. It’s very hit and miss and not really how I want to sell - I prefer online and have had quite a few sales via Facebook too.
I usually give friends a small discount, or make a piece of jewellery according to their budget, but I tend to stay true to my pricing formula - I’d rather not make a sale than ‘give it away’ as this leads to resentment on my part.
I hope this helps!
So I should charge £100 for this retail ?
I could try but don’t think it will sell.
I’m afraid that formula wouldn’t work for me, my cards would probably start in the region of £10! I have enough trouble getting people to pay £3-£4
My fingerless gloves with the buttons would cost over £200 a pair! If only!
Who would pay over £100 for a pair of my baby booties?
Your bag is lovely and so unusual - and worth every penny. I totally agree with what’s been said here - in the right place you could charge a lot more for it! Formulas for pricing aren’t viable for everyone (and I’m the worst for deciding on what I should charge!) but when you’re spending time and effort and skill in making something (especially something unique) you have to at least give it the price it’s worth. I used to practically give things away but now I stick at more realistic prices - even if they sell so much slower. Good luck with your bags - they’ll be a big hit in the right place!
Well, these formulas might not work for everyone, but I would say that if the price you get as a result of these calculations is way off, then maybe you need to look at what you are making and how much time you spend on each piece.
If you’re aiming to make a living out of your craft then designs that are way too time consuming to be profitable need to be tweaked.
I have had to scrap plenty of designs that I loved but weren’t viable for my business.
Of course it is completely different if you’re not aiming to make a living of it but get other vital rewards from your craft such as making things people love to wear/own and expressing yourself artistically.
If I was to charge £20 per hour for my time then a card costing even £3 would need to be made in less than 10 minutes with very poor quality materials and would probably not sell as it would be impossible to take the time to make sure everything is straight and colours coordinate (it would be a case of grab the first thing to hand and slap it on)