How do you price your unique pieces????
As I was a bit otherwise occupied over the past weeks, I did not get the chance to write a blog but I think this one will make up for it.
So, I get a question: "How much is that necklace?"
my reply: "£24, please." Her reply: "oh wow.. I did not expect that.. Sorry, but that is too much for me… and she walks away."
Leaving me shaking my shoulders, rolling my eyes and looking smilingly at the next person who scrolls to my table. I pull the price tag on the necklace and place it in a more visible spot.
It clearly says on my signs and description that this is a one of a kind necklace….
The next lady picks up the necklace, holds it against her skin, I suggest she tries it on, take the mirror… and she loves it. She looks at the price and says…. "wow.. you are priced too cheaply. The craftsmanship in this necklace is worth a lot more!".
She pays and walks away with one of my unique pieces proudly around her neck and a few business cards in her bag. She is happy, and so am I.
See, the problem is not the price of the piece. The problem is the people visiting your stall and how much they value handmade work.
Obviously, if you are living in an area where a full profit ratio would leave you out of work all together, you need to adjust that. In other cases, you ask what YOU consider to be the correct value for your time and effort.
Below is the description of my “Soup of the day: Warm colours with yummy balls” board which I want to make for future fairs WITH pictures. (it surely gets the attention of potential customers!!!)
(Times are a close approx. for this rose cane bead necklace pictured above.)
—————————————————————————————————- 1: Picture of the ingredients
2: Step-by-step instructions
– condition the clay(4 different colours + time it takes to condition properly time: 30 minutes
– make blends (2 blends) time: 30 minutes
– make the cane time: 2 hours
– make scrap beads time: 20 minutes
– apply cane slices time: 45 minutes
– cure beads time: 30 minutes
– let beads cool down time: 20 minutes
– drill holes time:15 minutes
– sand beads grit 2400 time: 30 minutes
– sand beads grit 3200 time: 20 minutes
– sand beads grit 3600 time: 15 minutes
– sand beads grit 4000 time: 15 minutes
– sand beads grit 8000 time: 15 minutes
– sand beads grit 12000 time: 15 minutes
– polish beads with dremel time: 20 minutes
– string beads time: 20 minutes
– take pictures time: 10 minutes
– catalogue time: 5 minutes
– package in jewellery box time: 5 minutes
total time spent: 9 hours at minimum wage rate: £6/hour = £54 and this is without adding the cost of the design development, the materials, packaging & usage of oven and electricity!
So, you were saying? £24… tooo much !!!! IT’S A BARGAIN! (I may actually go back to my Etsy shop now and change my prices.)
This is a UNIQUE piece, lovingly made for you.. as I will not make the same cane, beads, or necklace again.
Obviously, I can make cheaper items: I will need to make them in batches, and make simple shapes, and simple canes… or avoid the sanding all together and dip them in varnish instead…. if at all.
BUT it's not my thing. I have a short attention spand and I LOVE creating a new piece in which I can pour my heart and soul. And I make them for YOU, the lovely person, who appreciates the time I spent on finishing the necklace to perfection, knowing that YOU will be feeling gorgeous when you wear a piece that was made with love, preferring it over some mass produced piece churned out in some far away sweat shop factory.
So next time you see a handmade item and look at the price.. think a few minutes before deciding it costs too much! Hold it in your hands and feel the hours of dedication which went into creating it.
Moaning over and I hope I got my point across.
I found this interesting read on another blog: http://www.thedesigntrust.co.uk/how-to-price-your-work-about-different-price-strategies-that-you-can-use/
Next time.. something less moany.. Chris