I've had surprising success in making and selling jewelry, however I am still unsure how to properly price my items. I make my products well, with good quality materials and am frequently asked if I even make money at all in regards to what I charge. I make some, but I don't want to overprice anything. My question is: Is there some type of loose format for pricing?
In general, you first need to figure out the price you'd charge when selling your work to vendors, which would be the wholesale price. To determine this price, add materials, labor, additional expenses (such as shipping) and a small profit. Next, double your wholesale price to determine a final retail price. This is the price you would use when selling to individuals.
Effectively pricing your work is about the most complicated part of running a jewelry-making business! It can depend on many factors, including your target market, materials, and the type of work you're doing.
There are many great books available on developing a successful jewelry-making business.
- ''Sell More Products Without Compromising Your Price Structure'' article
- ''Selling Your Jewelry - Price-Per-Wear Concept'' article
- ''Is the Price Right?'' article
- ''Pricing Your Jewelry Designs'' article
- ''Properly Pricing Your Merchandise to Maintain Your Bottom Line'' article