Pricing your items… is there really a formula?

Pricing your items… is there really a formula?

As a fellow crafter, I completely understand how hard it is to price items and that people generally look at items without asking how they are made, the quality or the process and they purchase the cheapest one.

This is why it is very important to do market research prior to setting your prices. If you are not sure how much you should be selling items for you can have a look in a few places.

  • Crafting Facebook groups

These will give you an idea of what everyone everywhere is selling items for and it also helps you figure out if items are popular and what sells best during different seasons. 

  • Your Facebook marketplace or Facebook buy and sell groups

These will give you an idea of who else local to you is selling items, what type of items as well as their prices. Depending on where blanks are bought there could be a degree of variation in pricing.

  • The magical formula

I have seen several formulas going around to calculate the retail cost of items. The retail side of things is generally 3x your materials with some modification 

Ex: a mug with a one colour decal

Costs: Mug = 3$, Vinyl=1$ total cost =4$

4$ (total cost) x 3 = 12$ for a mug 

Depending on your area some people will pay premium prices. Research is key in determining what kind of market you are selling for.

I have often heard of people selling for less because it’s a hobby and there is nothing wrong with that as long as items are not being sold cheaper than your competitor to simply undercut them and get more business.

Our crafting community spans over the entire country and it is amazing to think that we can all lift each other up and help each other out. If you know a fellow crafter will be at the same show or same event as you, there is no need to change your prices and lower them. Every crafter has a different style and taste; people will buy items that appeal to them. 

One last thing to remember is that some crafters do this as a fulltime job, when undercutting your prices you are devaluing yourself as a crafter, other crafters and you will often simply be known as “that cheaper place to get stuff” instead of for the hard work and heart you put into every single item.

Have a great day everyone!

 

 

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