Pricing your handmade jewelry can be challenging, especially when it's a product you've worked hard to create, yet want to sell well! Often times a fun hobby can turn into profit, at which point you'll need to consider a lot of things, including price point, your market, and how big or small you want to take your business. If you're just starting out, the first step is to consider whom you want to sell to and what price you want to set your pieces at. Keep reading for some tips when pricing your handmade jewelry!
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1 Who's Your Market
One thing to consider when pricing your handmade jewelry is your market. Whom are you targeting and what area are you looking into? If it's online, you won't need to worry about it as much, but if you intend on selling your pieces in a local shop, then consider the area. If it's more upscale and tailored to older women, you can go a bit higher, but if it's younger and more urban, you'll need to keep your designs and prices in that demographic
When pricing handmade jewelry, it’s important to consider the market you are targeting. If you plan to sell your pieces online, you may not need to worry as much about it, but if you plan to sell in a local store, you should consider the area. If it is an upscale area, you can charge a bit higher, but if it is more urban and geared towards younger people, you should adjust your prices accordingly.
It is also important to consider the quality of your jewelry. If you are using high-quality materials, such as gold and diamonds, you can charge more for your jewelry. If you are using less expensive materials, such as silver and cubic zirconia, you should adjust your prices accordingly.
The cost of materials should also be taken into consideration when pricing your jewelry. If you are using expensive materials, such as gold, you should factor in the cost of the materials when pricing your pieces. If you are using less expensive materials, such as silver, you can reduce your prices accordingly.
2 Set Your Hourly Wage (Labor)
What do you want to be making per hour? If it's $10 per hour, let's say, and it took you 2 hours to create a piece, then your starting price for that particular jewelry item will be $20 before materials and other factors. Decide how much your labor is worth to you and go from there!
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3 Materials Used
When creating your products, take an exact account of the materials you are using and the cost. You'll have to do some math to figure out the price per clasp or the amount of chain you used per necklace. Beads and stones also vary greatly in price and obviously the more expensive the materials, the higher the price of the finished piece will be. Keep a record and maybe even an image gallery of your designs for reference.
4 Sentimental Value
Are you using materials that hold sentimental value? Maybe it's beads you got at a flea market with your grandmother, or buttons your mom had as a kid and you just don't know what do to with them. You can set your prices a little higher when it's something more sentimental. Feel free to provide a description of your pieces as well- people like to know where their purchases come from!
5 Consider a Theme in What You Make
Perhaps you gravitate towards a particular type of jewelry, let's say silver chains and fixings and pendant-style necklaces. Start off with this theme only and then branch out once you have footing. Too many styles at once can be overwhelming and can bring difficulty in giving you a name for your business.
6 Don't Sell Too Low
Ironically, selling your pieces too low at first can be disastrous for your business. Often times people equate low prices to a cheap product and won't be inclined to buy from you. Starting off higher means you can always lower your prices later and provide discounts and specials. That is the current business model as we see it and it works well. But remember not to go too high, either!
7 Be Willing to Alter Designs or Reject Pieces That Don't Sell
Getting feedback from customers is the best way to know what sells and what doesn't, or what designs could use improvement! You can obviously see what sells by your inventory, so keep a close account on each piece you make and what seems popular. It's even a good idea to set up a customer feedback page, through email or a website, that allows to you alter your designs to better suit your customers.
It's so fun to use your talents as a means for some extra income! And who knows, it could turn into something much bigger down the road. Were these tips helpful? Would you like to add any more?
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