Ask the Experts Business/Pricing Q&A
Q: I am new to the jewelry making business and have been interested in a business of my own since my work related accident, which forced me into early retirement. I was doing a web search for something that would help in my fixed income and I came across Fire Mountain Gems and Beads and decided that this would be something that I could do from my home. I am interested in both making and buying the pre-made jewelry. I would like to know something about the price point system, regarding the pre-made jewelry. If I buy the pre-made pieces of jewelry, what sort of price range would be the best? For example, if I buy a pre-made necklace, what would my price point be? Say if the pre-made pieces of jewelry at wholesale cost would be $5.34. Would I multiply the wholesale cost by 2, 3, 4 times the cost, or what percent would I mark up the necklace? If I decide to sell this necklace with a bracelet and earrings, what would the markup be on this set? Also, if I buy a set of 6 of the same kind that cost $7.42 for the set of 6 how would I break this down to each individual piece? I will be setting up at the flea market and craft shows and making up my website and ebay store. Thank you.
