How To Price Homemade Jewelry
Most people assume that because something is handmade it is worth a fortune. This is not always the case. There are a few things that should be considered when you are pricing homemade jewelry to determine the best, fair price for your time, money spent and other variables such as originality of the piece of jewelry.
- Calculate Your initial cost: For every piece of jewelry, that you make there is an initial cost. To figure this cost, calculate the total price of all the materials used; string, clasps, beads, glue, etc. and divide the total cash paid out by the number of pieces you got from the materials. For instance, if you had $8 total cost in 16 necklaces your production cost is $0.50 per necklace.
- How long did it take to make: Calculating your time can be difficult. Everyone thinks that their time is worth gold but others do not. Most people do not want to pay for time; they just want the finished product. Therefore, making production as quick as possible is optimal because you will be able to produce faster and make more money.
- Originality: If there is a huge quantity of a piece of homemade jewelry that you are selling, it is less likely that you are going to sell a lot of that piece. To combat this, many people will price their similar item cheaper so that theirs will be selected over others that are like it.