We crafty people have worth! And a monetized worth at that, if you want it to be. A friend of mine tagged this bit on my Facebook wall (if you should feel so inclined to “friend” me). I am sharing it with you along with a couple other things.
A lot of times I get asked to make things with and without the offer of being paid. I make tons of things as gifts and just for the sheer delight of doing something nice for someone. I know how awesome it feels when I get a gift someone has made and then get compliments on it and questions of where did you get it…did you make it…how can I get one…etc. I’m sure that lots of people get the same reaction. With that, if you make something and don’t know what to charge, which seems to be a big question with sellers. I make tons of things and people buy them. Sometimes price is a whim and sometimes price is actual set. I came up with this pricing worksheet (it’s in Excel) for a more accurate way of coming up with reasonable pricing. It’s loosely based on this formula that I see floating around: Materials + Labor + Expenses + Profit = Wholesale x 2 = Retail.
I charge usually between wholesale and suggested retail price for person to person interactions so I can make a little profit. You can see in my chart that I’ve put in for a hat that has various yarns and prices. I’ve estimated the amount of yarn it takes to use for said project using the decimal system from fractional sizing. (1.00=whole item, .75= 3/4, .5=half 1/2…you get the picture right?). You put in your hourly rate, time (in minutes) and price of materials, then the rest generates the rest of the info for you. I used a rate of 1.5x for wholesale (it’s usually 2x) and another 1.5x the wholesale for retail price . It is suggested to set your retail price for 3x the total cost of your project to cover everything. I like to take into account the perceived market value of an object as well in the competitive sales area and price accordingly.
In any case, I have tons of people who always ask me to make something and rarely bat an eye at a price that I give them. I really make sure to give everything to my work and value myself highly as should all of you of yourself. I think the crafting community is invaluable and I learn all kinds of new things and constantly inspired. The kind of love and dedication that it takes to immerse yourself in the creative life is priceless.
Speaking of worth, this is my 100th post! WHOOooo hooo. I didn’t realize it til now. Thanks for reading along with me.