How to Price Crafts

When you craft products as a business, pricing can be one of the more objective aspects of running your business. It's obvious that you need to price the crafts high enough to get your investment back, but you may struggle with how to price crafts to compensate for your time and creativity. In order to keep your craft pricing competitive, you need to research the industry and price your crafts high enough that you can make a living from crafting.


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    Calculate how many hours a week you put into crafting. Most likely you are creating your crafts at home, so you must consider how much of your week is working time.
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    Determine how much you're willing to work for per hour. If you don't want to make less than $10 an hour and you're crafting 40 hours a week, you will need to price your crafts so that you make at least $400 if you sell the entire inventory.
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    Figure out how many pieces you can reasonably create in an hour. If your pieces aren't too time consuming, you may be able to price each piece at a reasonably competitive price. If one piece takes you more than an hour, each piece must be priced a little higher to compensate you for the time.
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    Conduct market research to determine the going rate for similar crafts. Check out trade shows and craft fairs to get a good idea of what other crafters are charging.
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    Research online crafting outlets to find out if the online prices are similar to craft fair prices. Find out how much crafting sites charge for fees and allowing you to list your crafts. You will need to include this fee when calculating the cost of your crafts.
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    Expect to have a chunk of your overall profit reduced if you create crafts to sell on consignment. While selling on consignment can help improve your business, you may have to raise your prices in order to cover the overhead costs plus the consignment fee.
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    Factor in sales tax and marketing before coming up with a formula to determine how much you need to charge for each item.
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    Create a formula that works best for your business. Different formulas work, but one of the easier ones is multiplying your overhead costs by the amount of money you want to make each week and divide it by the number of units you're able to produce a week. The total is the amount you should charge per piece.
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    Make sure you use flexible formulas. As the economy changes, your overhead will change. If you rely on only one formula to determine how to price your crafts, it will be hard to make changes when aspects affecting the cost and price of your crafts change.


  • The crafting community is its own industry. If you're crafting as a hobby and pricing your pieces below average retail value, you may find that other crafters who need to make a living from their crafts resent you for underselling.

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Categories: Selling Arts and Crafts