Pricing Your Work by Jim Sweet I get asked this question all the time. Unfortunately, there’s no magic formula for setting prices. It all boils down to whether or not you have what any one buyer may be looking for at that particular moment. If you have what he or she is looking for, generally price is of little concern. There are numerous books on how to price your work, but the normal rules do not apply when you are doing craft shows. I have come up with a couple of questions you need to ask yourself that will help you determine the fairest price for your work: Do you get your material at a reasonable cost? How many pieces are there in your finished product? How many inside cuts are required? Is it painted or stained? If it is painted, how much detail work is involved? What is an hour of your time worth to you? $1.00? $5.00? $10.00? What do you need to charge your customers to show some profit? If you’re doing craft shows, what are your costs for your booth space, transportation to and from the show, lodging and meals? In what part of the country are you selling your work? The amount you can get in places like southern Missouri could be very different from what you might get in places like Las Vegas. Prices will always be higher at a Fine Arts Show than at small Arts and Crafts shows.
Don't round off your prices. Example: $10.95 sounds much cheaper than $11.00
In the end, pricing is up to each individual. If you price your work too high, you won’t sell anything. If the price is too low, you’ll sell everything and you won’t be able to keep up with demand. You may have to experiment a little to see just exactly what works for you. Here's some basic pointers if all else fails:
Your Price should:
* Be high enough to cover all production and marketing costs
* Help you make a profit.
* Be reasonable enough to attract customers.
* build sales volume
| 