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Thank you for the kind offer. I am 58 and have just now started my home business. I sell resin and mixed media art as a vendor via events This is very new to me
I have definitely noticed the low prices that many handmade creators put on their creations, I crochet and I've seen people price a lot of their items for $15 or less and I always feel really bad because I know it probably took them more than an hour or a few hours just to make the item. When I first started making crochet commissions I initially made the same mistake, I remember charging someone only $50 for something that took me several days to create, luckily the person was also a creator and noticed this and told me that my work is worth much more than that and gave me a lot more than I originally charged her. I think sometimes many creators get sucked into the consumerism mindset and think about how people could get a similar item for much cheaper, but no, I really wish more crocheters charged more for their items, its a unique texture that (thankfully) can't be machine replicated (unlike knitting) which means that crochet items are guaranteed to be handmade and many items take incredible skill to create.
This is so true. It also helps that when you realize that charging a more accurate price actually shows the worth of the product and differentiates it from something mass-produced.
This is great. I have been following your jewelry business for years (I'm a caker) and found you coincidentally on TH-cam. Love your products and your videos now too. People don't understand why my cakes might cost $200 when it is just sugar, flour eggs and butter. Pricing is about overhead and wages with room for a profit margin. So a cake that takes me $10 in ingredients, but I am paying a baker, a cleaning person, utilities, insurance, rent, advertising, cost of my education, skill, equipment investment and tools.....well, I've gotta add that stuff into the price as well. And I need to make a halfway decent profit or why even bother? If you are not making real money it's a hobby, not a business. Anyway, love your cute jewelry! Thanks for the great insight. I appreciated your videos on Etsy and where to sell handmade stuff as I am looking for a new venture.
Sooooo much of this, Ellen! 👏 There is so much more that goes into business than the supplies. I think the more we talk about that with customers, too, the more we help ourselves and other creatives.
Ellen Harvischak you are so right. Same thing happened to me. In the cake business like you had (and I did) it is just not scalable for those reasons you mentioned. If it is not scalable well you cannot make a good living out of it. Like you, Im looking to other ventures in which with less investment and maybe less effort and overhead costs I can make more money and actually make a real living.
Thanks for the lesson! Take away: Pricing is an art and tells a story of where I stand against the competition and sets a tone for how the customer responds to the product.
thank you for explaining how to pay yourself labor - and how $15 can actually be more than it seems in your formula! that makes a lot of sense and I was hung up on this idea for a while trying to price my art prints. looking forward to more info!! thank you!
HI Mei, Thank you for your video. It made me realize that the craft that I make and sell is grossly underpriced, even though I previously thought that it wasn’t. I’ve got probably 30 years of experience doing this craft, and my competition is very very low since most people either don’t know how to do it or put out low quality items from lack of experience or technique. Additionally, the items I make take weeks or months to complete in my spare time, and are coveted by certain types of people like collectors or particular people groups. I followed your pricing formula and discovered that , even though my items are priced in the hundreds, my prices are like 4 times lower than they actually should be, even with a $10 base hourly wage. I appreciate you taking the time to help others with this information. May God greatly bless you in return. 🥰
What i find most valuable as a mother and a small crochet business owner, is time😭 i crochet in the car or while waiting for my husband in the car, or after my baby has fallen asleep. Im like, who needs sleep? 😂 TIME. So precious!
Hi Mei, I always had a sense that pricing a product was more than just calculating materials and labor, but you effectively communicate the real ART of pricing. I love what you do and feel inspired to raise my prices to match the quality of my work (overcoming fear). Thanks for sharing your expertise with us. I wish you continued success with your business!
Thank you for your Videos Mei! I just found you literally 4 days ago... Im just starting my arts & craft business, so new that I only have 2 art pieces. I am preparing myself for when I do have more Id know what to do and you are really helping me out!!!! Thank you so much and please continue making helpful Videos! Namaste 🙏
That's awesome, Veronica! I hope you are finding these helpful! I also have a lot more information on my site at creativehiveco.com. You may want to check that out! 👍
I've always wanted to start my own crafting business but never set the time money and commitment to do so! Until this pandemic hit and made me realize if there's an opportunity to start over it is now! I am so grateful for your videos not only for the amazing advice but the honest truth behind starting your own business which so many people tend to ignore or sugarcoat. I'm so appreciative of your integrity and generosity! I've been sharing your videos with other small business crafters and cant wait to see this channel grow! :)
Wow!! I never would have thought about which type of customer I was attracting before! You really made me think about WHO I want to attract! Thank you Ps new subscriber and I love this information. It is invaluable to me who is just starting out. THANK YOU
I am so happy to find some one like you whom gives and shares this information for those who really need this education and cannot afford it, let alone have money to get all the materials and make this passion greater. Thank you so much...I will definitely be following you all the way.
Thank you so much for your advice! I feel like many of us got the art and craft part down but are never taught how to do businesses! You gave me great ideas that I can’t wait to try out!
You are so eloquent when you speak and you simplify things. Love your videos. I make natural skincare. Wish you would do something where someone like me make my products and how to price them. I want to look at all your videos as you're great
Thank you so much for the kind words, Karen! ❤️ In terms of pricing your products, you can check out my other video here: th-cam.com/video/H3r9M3QhnNQ/w-d-xo.html Good luck!! ❤️
Your content is so helpful!! Working on putting my store together and it's a little scary, but I get more excited each time I watch one of your videos! Thank you!!
you are absolutely amazing and very helpful because I have struggled with pricing for years and now that I'm starting an official business I want to get all my ducks in a row so you have been a God send.
I'm so happy to hear that! If you find that you'd like a guide, I have a course that can help you make sure you are set up to really take off! www.creativehiveco.com/a-sale-a-day-business/?
I adore you Mei. I have a ton of beads and jewellery all hand made and your videos are so easy to understand that I will soon get my act together to sell.Thank you for sharing such valuable knowledge; love the fact that these are free as I couldn't afford to pay. Thank you so much. Love and Peace from London UK😁😁😁😁😁😁
i watched you video 4yrs after this video released😅 i love crocheting and i am thinking to start my own business but still looking for price references and your video helps me!
Really enjoying your videos! I listened to about 4 of them while doing dishes and it made that chore go by so quickly! I know your focus is marketing physical items, but if you ever did a series on service marketing, that would be very interesting as well! :)
Okay, but I think what we *really* need is to see that chocolate doughnut engagement ring!! Srsly, though, I'm making my way through your Pricing Handmade Products Playlist, and it has all the information I've been looking for! Thanks!
Haha, I love the enthusiasm for the chocolate doughnut engagement ring! 😂 I'm so glad to hear you're finding the Pricing Handmade Products Playlist helpful. Thank you for watching!
This makes sense a 100% In my first market ever I had my prices do low that buyers asked me why it was so low, what was in my products. I doubled the price and haven’t stopped selling since!
amazing, I have soo much passion for sewing and being creative at the same time. Watching this video for the 1st time to understand pricing is just what I needed and soo long ago. Now I can focus in the correct direction and will definitely follow some more videos to stay with this advise. Amazing...💌💯
Oof, im just thinking of starting to sell stuff I make and I have sold a few things here and there and was always told I severely undercharged. I feel bad hicking up my prices bc I myself would buy handmade goods if they were more affordable. I just don't have a budget or the ability to save to buy an item or gift priced higher than $25. It breaks my heart to pass up on things I wish I could buy. This leaves me feeling like I may not be the only person like this. Even tho I value handmade items more I just can't afford them at higher price points. I'll have to keep thinking on it and see. Ty for this information, well executed.
I totally get it! You want your handmade goods to be accessible to everyone, especially when you yourself value them but struggle to afford higher price points. It might be worth exploring different pricing strategies or finding ways to streamline your process to keep costs down without sacrificing quality. Don't forget to value your time and talent too! It's a tricky balance, but I'm sure you'll find your way.
This is excellent I really need to learn this, I always under price my products to the degree many customers tell me that I do. I am always afraid if I mark my items up then people won't buy.
It's such a hard thing to overcome, Tara, but once you do I think you will see that your target audience WILL pay what your products are worth. You can do it! ❤
im watching for youtube already a year, every day, different people, different videos, and i can say that u are one of the best, u have great content and u are honest, and this is the gold! honesty and simplisity. i love that u are not begging to like and share ur videos in the beging and some times, even not saying it :)) so, wish u luck and im sure ur channel will be very popular, very soon🍩
Thank you soo much.. today I watched your 5 videos🤗. From 🇱🇰 . I hope to start my own business . So ur videos are very very helpful for me. Thank you again.. 😍😘
Your videos are so unbelievably helpful. I am trying to start a handmade business but I am running into a price dilemma. Competitors on etsy for instance are selling roughly the same item for around $10-15. Even if materials are only $2-3 and it takes 1 hour to make, these prices don't even cover an hourly rate. So I am stuck. Any advice?
There are a few things you can do with this. You can try to find cheaper materials or streamline your time so that you are spending less time working on your product, therefore allowing you to reduce your overall costs, which then lowers the item cost. Or, you need to find your target audience - one who will pay the actual cost of the products you are making. There are people who will pay the cost for a superior quality item, so you would need to set yourself apart from the competition somehow.
These videos are great I’m a 12 year old girl and i’ve been trying to start my own online business and your videos are really helpful and i learn i a lot from your videos✨👻 thanks.
Just ended long-term employment with a Fortune 100 company and started a sticker company with my wife to support her art ^.^ I can tell you from experience your information is sound. Very happy to see such detail and thought. I appreciate all the information!
Great video. I learned that I need to not be afraid to ask for what I know my products and services are worth. In sales, my products are unique and well made and good looking. Relative to this, earlier this year I decided to not have a “normal” job anymore so I got on TaskRabbit and offered my services. I started at $25/hr even though I knew that was completely undervaluing my skills/quality and efficiency. I hardly got any work. One day against TaskRabbit’s insistence, I doubled my price and I’ve never been busier! Thanks for all your great videos!
That goes to show you that knowing your worth AND following it is so important! I'm so glad that you upped your rate, Edgar, and are seeing the results.
Your pricing videos are so educational, I'm learning a LOT! Just wanted to know, do I add all expenses (i.e. overhead, etc.) before or after x4 or deduct from x4 total?
Hi there. I just found your channel and I'm loving it so far! Your pricing formula is super helpful, but one problem I'm still having is how to price materials. I"m working on building a business for laser cut boxes and things. Pricing the wood is easy, but what about the items that I will use for multiple projects, like glue and sandpaper? How do I factor in that cost? What about the cost of my laser cutter? Should it be included? What would that look like? Basically I would love for you to break down figuring out your material costs because I"m not sure how to do it. Thanks!
It helps a lot like now in my year level 3rd-year college the professor already start to assign us to make our business proposal I don't even have any idea how the business proposal running and what are the tools that I need to get the start and yeah when your YT pop up in TH-cam I don't hesitate to click and watch it now I have an Idea thank so much
This is all about standard math rolled into self worth. I think it’s common to undervalue oneself. More and more I think I need to build my own platform outside of Etsy as well as consignment. Too many people are low balling on there and it can be a challenge to make sales.
This is why having your own site is so important, and also why it's important to be confident in your pricing. You are the only one who knows the time it takes to make your product, and a true price typically marks the quality of the product as well.
Thank you very much for your content. I'm a macrame artist breaking into some brick and mortar shops, i have had an order placed, and I'm trying to figure out my pricing for all of my small/simple, and medium-large more-unique pieces. I'm deciding that I am going to sell my products at a wholesale rate, using your formulas for guidance, but I am still learning and understanding what that means, and trying to figure out what my minimum order quantity would be?! The thing is, I don't buy anything at wholesale cost yet...maybe eventually down the line I can figure that out. Anyways, I am finding all of your advice quite helpful in making me more confident in finding a specific consistent formula and ways to alter certian variables in how I might mark up different pieces based on uniquness/customer value/etc. Again, thank you for giving me a place to start!!
You're welcome and thank you for watching! You're on the right track with your approach to pricing and understanding the intricacies of wholesale orders. As for minimum order quantity, consider your production capacity, material costs, and the potential demand from your brick and mortar clients. It might take some trial and error to find the right balance, but you're already making progress by taking these steps! :)
If you join a national Jewelers Association and buy say an e-Com 1yr membership, they will then let you in on their Vendor's lists, help you with marketing, education, and the list goes on. Do it! I'm in CA and my national Jewelers Association offers the J.E.T.S. program which is an industry standard credential you don't absolutely have to have bur it sure helps.
WOW this is helpful! Your thorough explanations and examples helps me understand markups now. This is a lot of information. I’m going to go shop for wholesale retailers now. Thanks Mei!
I make crafts from recycled materials. A product I make is tote bags from plastic grocery bags. How should I be pricing these crafts. I also can use the plastic bags to make purses. Thanks for your help.
Do you include the cost of the gift wrapping in the materials part of your formula? Or are these accounted for when you multiply by 4? What about shipping?
You don't include wrapping or shipping costs in your item price - this would be in your shipping charge. Your materials is anything you need to physically make and sell the item itself.
Your videos are so easy to understand, thank you! I have no idea about business but want to start up a business. Doing research and your videos are very helpful, by far the best! Thank you xx keep up the hard work xx
Hi Mei, i’m having a difficult time pricing my items with your formula. My baby blanket cost $6.75. Let’s say my hourly rate is $15 which equals $21.75 X four is $87. Nobody’s going to pay $87 for a baby blanket when the competitive price is $30 which is on the high side. Or a little stuffed animal with the same calculations. What do you recommend?
If that is your true pricing then you don't have the right audience. You can make adjustments to it but if those are your true numbers then you may need to find a new target. This shop on Etsy, for example, sells high quality dolls and animals and has over 8,000 sales. www.etsy.com/shop/ohalbatross
In this case, since you are going to be paying a company to make the product, I would take out time and insert cost for the manufacturing of each piece.
Super helpful video! Would you keep the same pricing formula when you are selling your products somewhere that takes commission? Or do you raise your price even more to ensure that you walk away with the retail price?
You are factoring that in in the first step, with your wholesale price. You want your products to be the same price wherever you sell them. When you have someone sell them for you at another location, that second markup accounts for their commission.
This really helps! I literally just found this video even though it's 3 years old. I do have a question for ya though and if you already did a video please let me know the name if it! Um, how do you come up with a name for you handmade business? I started mine just as a side job to try and get all the crafts that I did kinda outta the way b/c I have boxes of stuff that I made (I was destressing a lot!). At first I did Krystal's Knittin' Chick b/c I knit and everything handknitted or loom knitted. But recently I've been other crafts as well as knitting and doing a lot of digital art (I'm an Aspiring Graphic Designer going back to school for it). So, now I want to rename my business and maybe restart from the ground up with a website shop and all. Problem is I have no idea what to rename it. My husband keeps insisting on keeping the Krystal since that's the name that everyone knows but they don't. I'm just the "Knittin' Chick" and now I'm doing more then just handknitting or loom knitting. Any suggestions?
Hi! Here's my blog about picking a business name for your brand: www.creativehiveco.com/how-to-pick-a-winning-business-name-for-your-online-shop/ (the video is also linked there in case you prefer watching). I think that's going to be very helpful for you in terms of deciding what to name your online shop. I highly recommend keeping your ideal customers in mind too when deciding (and/or designing) on new products to make. Good luck!! ❤️ Let me know if you have any questions.
On the markup multiplier note, I currently run a small batch custom fishing lure company. And a factor I consider is no matter what value I bring the customer with that lure (ie a personal best fish, tournament win, family time)..they can lose, snag or have a fish bite it off on the very first cast. Would that justify a lower markup all things equal? Or should I stick with the 4 multiplier? Because the prices for some baits are gunna end up in the 10-15 dollar range, and even people who like fishing premium products usually are gunna want to pay 6-10 dollars because of the costs associated with fishing (boat stuff, rods, reels, tons of lures) combined with the fact they can lose it any cast. Although these are coming from more establish companies, many of which dont make their lures by hand they are mass produced in factories. I know this is long winded and specific but thanks in advance! I binge listen to your content at work and cant get enough of it
Hey Austin! So....the price is the price is the price. It doesn't matter if it's disposable or chances losing, what it costs you to make (and make a profit) is what it is. People buy $18 candles or $8 bars of soap that will get used up. If it's something they want, they will pay for it.
I started making wreaths for fun and I had so many compliments on them so I decided to sell them. I didn't take the time to calculate the cost when people starting asking for prices. I said $50 and sold a few of them for that until I sat down and figured all of my expenses in each wreath. My expenses are about $42 on average. The problem is that I always feel uncomfortable asking people to pay $$. How can I get more comfortable with selling my wreaths and asking them for more $ so I can make a profit? Thank you for this video. I don't have an ETSY or Shopify or any place to sell them other than Facebook so I don't know if I'll draw the crowd that can and will pay more.
It sounds like there are some choices you have to make here. If you don't think you can draw the crowd that is willing to pay more, is it worth it to continue on as is? Do you think it would be a good idea to try out an Etsy shop to see how it goes at higher prices? As far as getting comfortable with pricing, you will not get there without true belief in yourself and your product and your willingness to not sell at a lower price. You need to decide that your item should garner you a profit and stick with it. If you're looking for more support on this, my Facebook group is a great place for solid advice from over 24k creatives - I'd definitely encourage you to join. facebook.com/groups/creativebizmarketing
Hi Laurie, so my Grandma purchases these beautiful handmade Santa dolls as part of her Christmas Decorations, she's collected maybe about 10 or so over the years. They're all different, and have lighting, she pays a few hundred and up for each one. You can do this!!! you can price up, don't be afraid to give value and worth to your products, the right customer base will pay.
Wow! I make handmade stuff for years now and always say to myself my labor is free...I wouldn't charge much for my labor....but after listening to you in this video! I'll be charging for my labor using your formula☺️..thanks so much for all your honest advice....you are awesome....I would like for you to see my handmade products and tell me how much you would pay for it though...
My biggest Takeaway is ... My prices are extremely too low and I put Soo much effort into attracting the WRONG customers who don't value my handmade products ... They still ask for discounts after they receive it gift wrapped and neatly packaged by everything made from scratch !! I will totally take this into my 2022 wish I had seen this sooner then again everything happens in it due timing THank YOU!
Just curious about the .99 cent pricing strategy. On your website, none of your products are priced that way. I also sell at markets and haven't started my online store yet but I am working on it and just want to make sure I understand this price point information. Thank you so much! Your videos are very helpful. I'm just a bit confused.
Hi Leilani! The .99 pricing strategy is more of a psychological thing. It makes your items appear cheaper than they really are. Say someone sees an item worth $100 vs $99.99, he/she will be drawn more to the $99.99 rather that then $100 even if in reality, it's just a 0.01 cent difference.
I understand the formula of multiplying four times the material cost plus per hour for your time. I use the plastic bags from grocery stores. How should I change the formula to account for the fact that I am not purchasing the material for the craft. The material for the craft is a consequence of grocery shopping.
If you aren't purchasing materials, then your materials cost would be $0. You may want to account for the time it takes you to collect the bags, though.
I make and sell bracelets, necklaces, and stamped pieces. All my products sell for under $10.00 w/ free shipping, I have my own website for 2 years and have only sold to 2 ppl during that time. I think people must think that since I don't charge much my merchandise is cheap junk, but on the other hand, I feel that If I charge higher prices I'm taking advantage of people AND since my products are made of glass and not high-end material like real pearls etc they find my product garbage so. I have all but given up on making anything else (I've got box's full of this stuff just sitting) can't even give it away.
You are definitely not taking advantage of people for charging your item's worth. If everything is under $10 with free shipping, how are you able to make any profit? You are definitely undervaluing your skill and your time. Be confident in your work and raise those prices!
I have alot of thinking to do. I selling copies of my paintings and also want to sell them as puzzles and cups . I don't want to charge too much for my paintings when they are copies because I will eventually sell the original paintings. However there is the cost of painting supplies, the time I put in to create the paintings and the cost of the shop/ business .🤔 There is alot to think about .
Yes, you have to factor in the time it took to create the original painting. I have a playlist with several videos on selling art that you might find helpful: th-cam.com/video/FBQPrKboPYc/w-d-xo.html
Hey! Big fan of urs just aftr watching this video. U r incredibly wonderful. How easily u did that explanation... A very big hand to u for ur knowledge...
I've heard it so many times! but my biggest takeaway was do not under price your work. I didn't think I was, but now I realize I am pretty much selling some pieces at wholesale prices. hmmphm.🤑
Hii good description on pricing, I started crocheting in covid period just for fun and time pass but after making few products my friends told me to start buisness but I am always confused to set my hourly labour can you please suggest me how much labour i should set hourly or i should set labour per piece,
Hi Ritu! Your hourly rate really depends on you. If it'll help, feel free to check out my blog post and TH-cam video below about pricing your handmade products. Good luck!! Hope that helps!! ❤️❤️ www.creativehiveco.com/pricing-handmade-items-guide/ th-cam.com/video/H3r9M3QhnNQ/w-d-xo.html
The way I do it is I calculate the cost for me to make an item including my materials, sales costs and time broken down to 10 minute blocks. Then make 2 prices... Cost to make x2 and cost to make x4. I then look up competition and if competition price is between or above those numbers, I base my price off their price. If it is lower than the CtMx2 I don't even bother.
What's your take on pricing for an automated process - like laser engraving? I might have 30-60 minutes in actual work prepping the machine and the material for the process, but the machine might take 45 minutes to 12 hours to complete an item. I can certainly do paperwork, social media, or other work aside from the laser, but I can't generate any more product until the laser finishes. How should i approach pricing for this? Figure in a 'salary' for my laser alongside myself? Love your "Tiny Hands" stuff, love your videos.
Hi Jake! Great question. If you can work on other portions of your business while it is running then that's wonderful however I get that this also limits what you can produce. I would include any time spent checking on the progress in the pricing. The idea of a "salary" for the laser actually makes alot of sense!!
What should I do about delivery charges? Should I charge customers or should I pay all of that as well? The problem is that if I would pay for delivery charges as well then I won't get profit and if I would charge the customers then they would not buy it I have a feeling...
Hi! The link below might be helpful for you. Feel free to check it out. Hope that helps! 😊 www.quora.com/When-selling-online-is-it-better-to-include-shipping-or-to-mark-it-as-an-extra-cost
Ahh thank you so much for making this video!! I just have one question T^T I’m planning on selling art prints but I’m not sure if I should still times the cost of materials and hours by four because I feel that would be a bit too expensive for a 5x7” print :,))) however I don’t want to undercharge my art and it’s worth. How would you go about pricing that???
What is the time it took you to make the design, and how many prints do you think you will sell? If it's 1 hour and you charge $20 an hour for your time, then one print would be $20 for time, while 100 prints would be $0.20 for time.
You would add that to the end. The price of your product is the price you would sell it as it is alone. If you are selling in a place that includes fees, you would add that in specifically for that place.
Hi! Thanks for another great video! I have a question...how should I price my upcycled baby clothes if all the fabric is either given to me by friends/family or thrifted. Would each piece I create have to have a totally different price?
Hi! Great question! In terms of pricing your handmade products, you can refer to the links below as a reference. Let me know if you have any further questions. 😊 www.creativehiveco.com/pricing-handmade-items-guide/ th-cam.com/video/H3r9M3QhnNQ/w-d-xo.html
Hello I have a question about rounding up or how most retailers will mark everything $12.99 or $12.95. It's always .99 or .95. Is there a logic behind this? I used your formula to price my product a pair of earrings. it came to $22.08. Should I go to $22.95?
Hi Nina! Most sellers do this because people read from left to right and we tend to register the first digits we see first so this makes the items look cheaper than they really are (ex: $13.00 will appear more expensive than $12.99 at first glance when in fact there really is not much of a difference). As for your pricing, it doesn't really matter if you go with .99 or .95 All the best to you and your business!! ❤️❤️
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Thank you for the kind offer. I am 58 and have just now started my home business. I sell resin and mixed media art as a vendor via events This is very new to me
I hope you find it helpful, Patricia!
The ability to walk and move about and create without debilitating pain. 😢
How do I get into your group
Good evening!
How do I join your group? 😊
I have definitely noticed the low prices that many handmade creators put on their creations, I crochet and I've seen people price a lot of their items for $15 or less and I always feel really bad because I know it probably took them more than an hour or a few hours just to make the item. When I first started making crochet commissions I initially made the same mistake, I remember charging someone only $50 for something that took me several days to create, luckily the person was also a creator and noticed this and told me that my work is worth much more than that and gave me a lot more than I originally charged her. I think sometimes many creators get sucked into the consumerism mindset and think about how people could get a similar item for much cheaper, but no, I really wish more crocheters charged more for their items, its a unique texture that (thankfully) can't be machine replicated (unlike knitting) which means that crochet items are guaranteed to be handmade and many items take incredible skill to create.
This is so true. It also helps that when you realize that charging a more accurate price actually shows the worth of the product and differentiates it from something mass-produced.
This is great. I have been following your jewelry business for years (I'm a caker) and found you coincidentally on TH-cam. Love your products and your videos now too. People don't understand why my cakes might cost $200 when it is just sugar, flour eggs and butter. Pricing is about overhead and wages with room for a profit margin. So a cake that takes me $10 in ingredients, but I am paying a baker, a cleaning person, utilities, insurance, rent, advertising, cost of my education, skill, equipment investment and tools.....well, I've gotta add that stuff into the price as well. And I need to make a halfway decent profit or why even bother? If you are not making real money it's a hobby, not a business. Anyway, love your cute jewelry! Thanks for the great insight. I appreciated your videos on Etsy and where to sell handmade stuff as I am looking for a new venture.
Sooooo much of this, Ellen! 👏 There is so much more that goes into business than the supplies. I think the more we talk about that with customers, too, the more we help ourselves and other creatives.
Omg a cake cost all this and more...!!!!! That’s why people think it’s way too expensive a custom made cake than a store bought ..
Ellen Harvischak you are so right. Same thing happened to me. In the cake business like you had (and I did) it is just not scalable for those reasons you mentioned. If it is not scalable well you cannot make a good living out of it. Like you, Im looking to other ventures in which with less investment and maybe less effort and overhead costs I can make more money and actually make a real living.
I totally agree. I just heard an Esty shop owner say that when she offered free shipping, the kind of people she attracted were different.
Yes! It doesn't seem like it would be that much of a difference but there really is!
Thanks for the lesson!
Take away: Pricing is an art and tells a story of where I stand against the competition and sets a tone for how the customer responds to the product.
Well said Karl!
You were a math major! That's why you make so much sense to me! (from a math teacher - handmade crafter working towards being a business owner!)
Math creatives unite! ➕➖✖➗😂
Same! (Except the teacher part...)
thank you for explaining how to pay yourself labor - and how $15 can actually be more than it seems in your formula! that makes a lot of sense and I was hung up on this idea for a while trying to price my art prints. looking forward to more info!! thank you!
I'm so happy to hear that it was helpful to you! Thanks so much for watching, Grace!
HI Mei, Thank you for your video. It made me realize that the craft that I make and sell is grossly underpriced, even though I previously thought that it wasn’t. I’ve got probably 30 years of experience doing this craft, and my competition is very very low since most people either don’t know how to do it or put out low quality items from lack of experience or technique. Additionally, the items I make take weeks or months to complete in my spare time, and are coveted by certain types of people like collectors or particular people groups. I followed your pricing formula and discovered that , even though my items are priced in the hundreds, my prices are like 4 times lower than they actually should be, even with a $10 base hourly wage. I appreciate you taking the time to help others with this information. May God greatly bless you in return. 🥰
I'm always more than happy to help and I'm glad this video helped you in pricing your products correctly. Thank you so much for watching!! ❤️❤️
What i find most valuable as a mother and a small crochet business owner, is time😭 i crochet in the car or while waiting for my husband in the car, or after my baby has fallen asleep. Im like, who needs sleep? 😂 TIME. So precious!
Keep up the amazing work-you're doing a fantastic job juggling it all!
Hi Mei, I always had a sense that pricing a product was more than just calculating materials and labor, but you effectively communicate the real ART of pricing. I love what you do and feel inspired to raise my prices to match the quality of my work (overcoming fear). Thanks for sharing your expertise with us. I wish you continued success with your business!
I am so happy you were able to connect with the info Anne!
Thank you for your Videos Mei! I just found you literally 4 days ago... Im just starting my arts & craft business, so new that I only have 2 art pieces. I am preparing myself for when I do have more Id know what to do and you are really helping me out!!!! Thank you so much and please continue making helpful Videos!
Namaste 🙏
That's awesome, Veronica! I hope you are finding these helpful! I also have a lot more information on my site at creativehiveco.com. You may want to check that out! 👍
I've always wanted to start my own crafting business but never set the time money and commitment to do so! Until this pandemic hit and made me realize if there's an opportunity to start over it is now! I am so grateful for your videos not only for the amazing advice but the honest truth behind starting your own business which so many people tend to ignore or sugarcoat. I'm so appreciative of your integrity and generosity! I've been sharing your videos with other small business crafters and cant wait to see this channel grow! :)
Thank you so much for your kind comments, Kyra! I really appreciate it, and thank you for watching and sharing!
Wow!! I never would have thought about which type of customer I was attracting before! You really made me think about WHO I want to attract!
Thank you
Ps new subscriber and I love this information. It is invaluable to me who is just starting out. THANK YOU
That's awesome! Yes, your target customer is super important and you need to think about who that should be. And thank YOU for subscribing!
Creative Hive 😊
I am so happy to find some one like you whom gives and shares this information for those who really need this education and cannot afford it, let alone have money to get all the materials and make this passion greater. Thank you so much...I will definitely be following you all the way.
Thank you so much for that, Nelly! I'm so glad to be able to help other creative business owners.
Thank you so much for your advice! I feel like many of us got the art and craft part down but are never taught how to do businesses! You gave me great ideas that I can’t wait to try out!
I'm so happy to hear that! Thank you so much for watching!
You are so eloquent when you speak and you simplify things. Love your videos. I make natural skincare. Wish you would do something where someone like me make my products and how to price them. I want to look at all your videos as you're great
Thank you so much for the kind words, Karen! ❤️ In terms of pricing your products, you can check out my other video here: th-cam.com/video/H3r9M3QhnNQ/w-d-xo.html Good luck!! ❤️
I really enjoy watching your videos because it just gives me confirmation in my pricing formulas and having higher rates than others.
I'm so glad to hear this, Kia. So many people underprice their work!
I love it that you talked about the value handmade products bring to the customer. i have personally never really considered that. Thank you again.
I'm so happy to hear that - so much is perspective! Thank you so much for watching.
I am truly grateful for all the tips and information provided by small business owners on you tube.
Thank you so much for watching, Cathy!! ❤️❤️
Your content is so helpful!! Working on putting my store together and it's a little scary, but I get more excited each time I watch one of your videos! Thank you!!
That's so awesome, Carla! Good luck on your launch - you will be great!
you are absolutely amazing and very helpful because I have struggled with pricing for years and now that I'm starting an official business I want to get all my ducks in a row so you have been a God send.
I'm so happy to hear that! If you find that you'd like a guide, I have a course that can help you make sure you are set up to really take off! www.creativehiveco.com/a-sale-a-day-business/?
@@CreativeHiveCo I will definitely save up for this thank you so much
I adore you Mei. I have a ton of beads and jewellery all hand made and your videos are so easy to understand that I will soon get my act together to sell.Thank you for sharing such valuable knowledge; love the fact that these are free as I couldn't afford to pay. Thank you so much. Love and Peace from London UK😁😁😁😁😁😁
I'm so happy that you've found these videos helpful, Karen! Good luck getting your business started!
i watched you video 4yrs after this video released😅 i love crocheting and i am thinking to start my own business but still looking for price references and your video helps me!
Hi there! You might also want to check my pricing guide here: www.creativehiveco.com/pricing-handmade-items-guide/
Really enjoying your videos! I listened to about 4 of them while doing dishes and it made that chore go by so quickly! I know your focus is marketing physical items, but if you ever did a series on service marketing, that would be very interesting as well! :)
Thank you for the suggestion, LoveBud!
Are you in a service-based business? What do you do? I'm curious!
@@CreativeHiveCo I'm in health/ rehabilitation therapy services! =)
Finely someone who gets it. You are very articulate. Absolutely Fantastic. 100 stars
Thank you so much, Roger! I really appreciate that!
Okay, but I think what we *really* need is to see that chocolate doughnut engagement ring!!
Srsly, though, I'm making my way through your Pricing Handmade Products Playlist, and it has all the information I've been looking for! Thanks!
Haha, I love the enthusiasm for the chocolate doughnut engagement ring! 😂 I'm so glad to hear you're finding the Pricing Handmade Products Playlist helpful. Thank you for watching!
This makes sense a 100%
In my first market ever I had my prices do low that buyers asked me why it was so low, what was in my products. I doubled the price and haven’t stopped selling since!
That's really amazing, Eliana! ❤️
amazing, I have soo much passion for sewing and being creative at the same time. Watching this video for the 1st time to understand pricing is just what I needed and soo long ago. Now I can focus in the correct direction and will definitely follow some more videos to stay with this advise. Amazing...💌💯
Aww, Thank you so much! I'm so happy that I'm able to help! ❤️
Oof, im just thinking of starting to sell stuff I make and I have sold a few things here and there and was always told I severely undercharged. I feel bad hicking up my prices bc I myself would buy handmade goods if they were more affordable. I just don't have a budget or the ability to save to buy an item or gift priced higher than $25. It breaks my heart to pass up on things I wish I could buy. This leaves me feeling like I may not be the only person like this. Even tho I value handmade items more I just can't afford them at higher price points. I'll have to keep thinking on it and see. Ty for this information, well executed.
I totally get it! You want your handmade goods to be accessible to everyone, especially when you yourself value them but struggle to afford higher price points. It might be worth exploring different pricing strategies or finding ways to streamline your process to keep costs down without sacrificing quality. Don't forget to value your time and talent too! It's a tricky balance, but I'm sure you'll find your way.
This is excellent I really need to learn this, I always under price my products to the degree many customers tell me that I do. I am always afraid if I mark my items up then people won't buy.
It's such a hard thing to overcome, Tara, but once you do I think you will see that your target audience WILL pay what your products are worth. You can do it! ❤
@@CreativeHiveCo Thank you!
Thank you so much for all your words of support!! It makes me more confident about how I feel about my pricing.
I'm so happy to hear that! Pricing is so important and I'm so glad that you are feeling confident in your numbers!
Thank you so much again Mei. Makes complete sense to me and I value your openness in sharing this information. Take care. Kuljeet
I appreciate you watching, and your comments, Kuljeet!
im watching for youtube already a year, every day, different people, different videos, and i can say that u are one of the best, u have great content and u are honest, and this is the gold! honesty and simplisity. i love that u are not begging to like and share ur videos in the beging and some times, even not saying it :)) so, wish u luck and im sure ur channel will be very popular, very soon🍩
Thank you so much, nini! I am so happy to hear this and I thank you so much for watching. 💖
Thank you soo much.. today I watched your 5 videos🤗. From 🇱🇰 . I hope to start my own business . So ur videos are very very helpful for me. Thank you again.. 😍😘
Thank you so much, Ruwanthi! I really appreciate that. Starting your own business is so exciting!
@@CreativeHiveCo thank you dr.
This was so helpful and easy to understand. Thank you for this!
I'm so happy to hear that! Thank you for watching!
Your videos are so unbelievably helpful. I am trying to start a handmade business but I am running into a price dilemma. Competitors on etsy for instance are selling roughly the same item for around $10-15. Even if materials are only $2-3 and it takes 1 hour to make, these prices don't even cover an hourly rate. So I am stuck. Any advice?
There are a few things you can do with this. You can try to find cheaper materials or streamline your time so that you are spending less time working on your product, therefore allowing you to reduce your overall costs, which then lowers the item cost. Or, you need to find your target audience - one who will pay the actual cost of the products you are making. There are people who will pay the cost for a superior quality item, so you would need to set yourself apart from the competition somehow.
These videos are great I’m a 12 year old girl and i’ve been trying to start my own online business and your videos are really helpful and i learn i a lot from your videos✨👻 thanks.
Aww. Thank you so much! You got this!! I'm rooting for you!! ❤️❤️
Just ended long-term employment with a Fortune 100 company and started a sticker company with my wife to support her art ^.^ I can tell you from experience your information is sound. Very happy to see such detail and thought. I appreciate all the information!
Wow, Tyler, that is a huge jump! I wish you both so much success with the new venture!
Great video. I learned that I need to not be afraid to ask for what I know my products and services are worth. In sales, my products are unique and well made and good looking.
Relative to this, earlier this year I decided to not have a “normal” job anymore so I got on TaskRabbit and offered my services. I started at $25/hr even though I knew that was completely undervaluing my skills/quality and efficiency. I hardly got any work. One day against TaskRabbit’s insistence, I doubled my price and I’ve never been busier!
Thanks for all your great videos!
That goes to show you that knowing your worth AND following it is so important! I'm so glad that you upped your rate, Edgar, and are seeing the results.
I really appreciate you sharing this about pricing. It was helpful information.🌸🌿
Thank you so much for watching!! ❤️
Your pricing videos are so educational, I'm learning a LOT! Just wanted to know, do I add all expenses (i.e. overhead, etc.) before or after x4 or deduct from x4 total?
If you divide up the cost for per piece then you can add it in before.
Hi there. I just found your channel and I'm loving it so far! Your pricing formula is super helpful, but one problem I'm still having is how to price materials. I"m working on building a business for laser cut boxes and things. Pricing the wood is easy, but what about the items that I will use for multiple projects, like glue and sandpaper? How do I factor in that cost? What about the cost of my laser cutter? Should it be included? What would that look like? Basically I would love for you to break down figuring out your material costs because I"m not sure how to do it. Thanks!
That's a really great suggestions, Felicia, and something I'm sure a lot of people struggle with.
It helps a lot like now in my year level 3rd-year college the professor already start to assign us to make our business proposal I don't even have any idea how the business proposal running and what are the tools that I need to get the start and yeah when your YT pop up in TH-cam I don't hesitate to click and watch it now I have an Idea thank so much
I'm so happy to hear that! It makes my day to hear that these videos are helpful! Good luck with your proposal, Charlie!
This is all about standard math rolled into self worth. I think it’s common to undervalue oneself. More and more I think I need to build my own platform outside of Etsy as well as consignment. Too many people are low balling on there and it can be a challenge to make sales.
This is why having your own site is so important, and also why it's important to be confident in your pricing. You are the only one who knows the time it takes to make your product, and a true price typically marks the quality of the product as well.
Thank you very much for your content. I'm a macrame artist breaking into some brick and mortar shops, i have had an order placed, and I'm trying to figure out my pricing for all of my small/simple, and medium-large more-unique pieces.
I'm deciding that I am going to sell my products at a wholesale rate, using your formulas for guidance, but I am still learning and understanding what that means, and trying to figure out what my minimum order quantity would be?!
The thing is, I don't buy anything at wholesale cost yet...maybe eventually down the line I can figure that out.
Anyways, I am finding all of your advice quite helpful in making me more confident in finding a specific consistent formula and ways to alter certian variables in how I might mark up different pieces based on uniquness/customer value/etc.
Again, thank you for giving me a place to start!!
You're welcome and thank you for watching! You're on the right track with your approach to pricing and understanding the intricacies of wholesale orders. As for minimum order quantity, consider your production capacity, material costs, and the potential demand from your brick and mortar clients. It might take some trial and error to find the right balance, but you're already making progress by taking these steps! :)
@@CreativeHiveCo thanks so much for your feedback!
Thanks for the great information. Hopefully I can implement some of these tips in my new business.
You're welcome and thank you for watching! You got this!
Very helpful… thank you so much for your time! New subscriber!
Much love from Brisbane, Australia. ♥️♥️🇦🇺
Thank you so much for subscribing! Welcome to the community!! ❤️
Learned sooooo much. The nuance of pricing was very helpful and easy to wrap my head around.
I am so happy this was helpful Whitney!
This was extremely helpful.....love crafting & I stumbled upon your video. A new subscriber ❤❤❤
Thank you so much! I'm SO happy you’ve found this helpful! ❤️
I have a question...can you do a video on how handmaker's can find materials for fresh start up business to help with production.
That's a great suggestion - thank you!
If you join a national Jewelers Association and buy say an e-Com 1yr membership, they will then let you in on their Vendor's lists, help you with marketing, education, and the list goes on. Do it! I'm in CA and my national Jewelers Association offers the J.E.T.S. program which is an industry standard credential you don't absolutely have to have bur it sure helps.
Thank you so much for sharing, Chantelle! 😊
Big help for me as an aspiring businesswoman😇. Hope I can use it once I got started. Thanks a lot🥰
I'm more than happy to help! Thank you for watching! ❤️❤️
Thank you Mei you have given me the confidence to price my products at a higher price.
I'm so glad to hear it! Your work is worth it!
WOW this is helpful! Your thorough explanations and examples helps me understand markups now. This is a lot of information. I’m going to go shop for wholesale retailers now. Thanks Mei!
That's awesome, Missandei! I'm so glad to hear this was helpful to you - it means so much. ❤️
I make crafts from recycled materials. A product I make is tote bags from plastic grocery bags. How should I be pricing these crafts. I also can use the plastic bags to make purses. Thanks for your help.
Hi Rita, you may find this post from my blog helpful, and it includes a plug-and-play calculator: www.creativehiveco.com/pricing-handmade-items-guide/
Do you include the cost of the gift wrapping in the materials part of your formula? Or are these accounted for when you multiply by 4? What about shipping?
You don't include wrapping or shipping costs in your item price - this would be in your shipping charge. Your materials is anything you need to physically make and sell the item itself.
@@CreativeHiveCo thank you!
Your videos are so easy to understand, thank you! I have no idea about business but want to start up a business. Doing research and your videos are very helpful, by far the best! Thank you xx keep up the hard work xx
Thank you so much, Tabia! Doing your research before you start is awesome! Good luck in starting!
I so love your videos. You're so generous with your wealth of knowledge. It is very much appreciated!!
Thank you so much for your kind comments, Michelle, and thank you for watching!
this explanation was simple and so clear. Thank you a lot! You're the best
Awww, thank you, Kristi! I'm happy it was helpful to you!
Hi Mei, i’m having a difficult time pricing my items with your formula. My baby blanket cost $6.75. Let’s say my hourly rate is $15 which equals $21.75 X four is $87. Nobody’s going to pay $87 for a baby blanket when the competitive price is $30 which is on the high side.
Or a little stuffed animal with the same calculations. What do you recommend?
If that is your true pricing then you don't have the right audience. You can make adjustments to it but if those are your true numbers then you may need to find a new target. This shop on Etsy, for example, sells high quality dolls and animals and has over 8,000 sales. www.etsy.com/shop/ohalbatross
@@CreativeHiveCo Thank you for getting back with me! I have really enjoyed your videos!
Lori, have you tried multiplying by 2. You will get a little over $40. I see on TH-cam videos a few using the two (2) multiply method.
This is so helpful. Do you recommend the same formula even if you’re paying another company to build a product for you?
In this case, since you are going to be paying a company to make the product, I would take out time and insert cost for the manufacturing of each piece.
Super helpful video! Would you keep the same pricing formula when you are selling your products somewhere that takes commission? Or do you raise your price even more to ensure that you walk away with the retail price?
You are factoring that in in the first step, with your wholesale price. You want your products to be the same price wherever you sell them. When you have someone sell them for you at another location, that second markup accounts for their commission.
Thank you for this video, I definitely need to charge more for my handmade bags & time 👍- very helpful x
Absolutely you do! Don't shortchange yourself and your talents.
@@CreativeHiveCo thank you 😊 x
This really helps! I literally just found this video even though it's 3 years old. I do have a question for ya though and if you already did a video please let me know the name if it! Um, how do you come up with a name for you handmade business? I started mine just as a side job to try and get all the crafts that I did kinda outta the way b/c I have boxes of stuff that I made (I was destressing a lot!). At first I did Krystal's Knittin' Chick b/c I knit and everything handknitted or loom knitted. But recently I've been other crafts as well as knitting and doing a lot of digital art (I'm an Aspiring Graphic Designer going back to school for it).
So, now I want to rename my business and maybe restart from the ground up with a website shop and all. Problem is I have no idea what to rename it. My husband keeps insisting on keeping the Krystal since that's the name that everyone knows but they don't. I'm just the "Knittin' Chick" and now I'm doing more then just handknitting or loom knitting.
Any suggestions?
Hi! Here's my blog about picking a business name for your brand: www.creativehiveco.com/how-to-pick-a-winning-business-name-for-your-online-shop/ (the video is also linked there in case you prefer watching). I think that's going to be very helpful for you in terms of deciding what to name your online shop. I highly recommend keeping your ideal customers in mind too when deciding (and/or designing) on new products to make. Good luck!! ❤️ Let me know if you have any questions.
On the markup multiplier note, I currently run a small batch custom fishing lure company. And a factor I consider is no matter what value I bring the customer with that lure (ie a personal best fish, tournament win, family time)..they can lose, snag or have a fish bite it off on the very first cast. Would that justify a lower markup all things equal? Or should I stick with the 4 multiplier? Because the prices for some baits are gunna end up in the 10-15 dollar range, and even people who like fishing premium products usually are gunna want to pay 6-10 dollars because of the costs associated with fishing (boat stuff, rods, reels, tons of lures) combined with the fact they can lose it any cast. Although these are coming from more establish companies, many of which dont make their lures by hand they are mass produced in factories. I know this is long winded and specific but thanks in advance! I binge listen to your content at work and cant get enough of it
Hey Austin! So....the price is the price is the price. It doesn't matter if it's disposable or chances losing, what it costs you to make (and make a profit) is what it is. People buy $18 candles or $8 bars of soap that will get used up. If it's something they want, they will pay for it.
I started making wreaths for fun and I had so many compliments on them so I decided to sell them. I didn't take the time to calculate the cost when people starting asking for prices. I said $50 and sold a few of them for that until I sat down and figured all of my expenses in each wreath. My expenses are about $42 on average. The problem is that I always feel uncomfortable asking people to pay $$. How can I get more comfortable with selling my wreaths and asking them for more $ so I can make a profit? Thank you for this video. I don't have an ETSY or Shopify or any place to sell them other than Facebook so I don't know if I'll draw the crowd that can and will pay more.
It sounds like there are some choices you have to make here. If you don't think you can draw the crowd that is willing to pay more, is it worth it to continue on as is? Do you think it would be a good idea to try out an Etsy shop to see how it goes at higher prices? As far as getting comfortable with pricing, you will not get there without true belief in yourself and your product and your willingness to not sell at a lower price. You need to decide that your item should garner you a profit and stick with it. If you're looking for more support on this, my Facebook group is a great place for solid advice from over 24k creatives - I'd definitely encourage you to join. facebook.com/groups/creativebizmarketing
Hi Laurie, so my Grandma purchases these beautiful handmade Santa dolls as part of her Christmas Decorations, she's collected maybe about 10 or so over the years. They're all different, and have lighting, she pays a few hundred and up for each one. You can do this!!! you can price up, don't be afraid to give value and worth to your products, the right customer base will pay.
Thank you very much! First time watching your videos and the content is very valuable.
Welcome, Ejay! I'm so happy to hear that the videos are helpful to you!
Wow! I make handmade stuff for years now and always say to myself my labor is free...I wouldn't charge much for my labor....but after listening to you in this video! I'll be charging for my labor using your formula☺️..thanks so much for all your honest advice....you are awesome....I would like for you to see my handmade products and tell me how much you would pay for it though...
Meera, you should always charge for labor! Don't undersell your skills and abilities! Definitely start adding it in.
I love your videos! Thank you so much for sharing you experience :) Insightful and not generic.
Thank you for those kind words Miriam!
Your channel is so incredibly helpful and insightful - thank you so much!
Awww, thank you so much! I really appreciate that!
My biggest Takeaway is ... My prices are extremely too low and I put Soo much effort into attracting the WRONG customers who don't value my handmade products ... They still ask for discounts after they receive it gift wrapped and neatly packaged by everything made from scratch !! I will totally take this into my 2022 wish I had seen this sooner then again everything happens in it due timing THank YOU!
I'm SO glad you saw this and are going to raise your prices! You deserve it and it's a great time to make the change! 💖
@@CreativeHiveCo it sure it's !
Thanks for this! We do have to pay ourselves and bring income in to take our businesses to the next level
It's so important! Thank you for watching!
Just curious about the .99 cent pricing strategy. On your website, none of your products are priced that way. I also sell at markets and haven't started my online store yet but I am working on it and just want to make sure I understand this price point information. Thank you so much! Your videos are very helpful. I'm just a bit confused.
Hi Leilani! The .99 pricing strategy is more of a psychological thing. It makes your items appear cheaper than they really are. Say someone sees an item worth $100 vs $99.99, he/she will be drawn more to the $99.99 rather that then $100 even if in reality, it's just a 0.01 cent difference.
I understand the formula of multiplying four times the material cost plus per hour for your time. I use the plastic bags from grocery stores. How should I change the formula to account for the fact that I am not purchasing the material for the craft. The material for the craft is a consequence of grocery shopping.
If you aren't purchasing materials, then your materials cost would be $0. You may want to account for the time it takes you to collect the bags, though.
I make and sell bracelets, necklaces, and stamped pieces. All my products sell for under $10.00 w/ free shipping, I have my own website for 2 years and have only sold to 2 ppl during that time. I think people must think that since I don't charge much my merchandise is cheap junk, but on the other hand, I feel that If I charge higher prices I'm taking advantage of people AND since my products are made of glass and not high-end material like real pearls etc they find my product garbage so. I have all but given up on making anything else (I've got box's full of this stuff just sitting) can't even give it away.
You are definitely not taking advantage of people for charging your item's worth. If everything is under $10 with free shipping, how are you able to make any profit? You are definitely undervaluing your skill and your time. Be confident in your work and raise those prices!
I have alot of thinking to do. I selling copies of my paintings and also want to sell them as puzzles and cups . I don't want to charge too much for my paintings when they are copies because I will eventually sell the original paintings. However there is the cost of painting supplies, the time I put in to create the paintings and the cost of the shop/ business .🤔 There is alot to think about .
Yes, you have to factor in the time it took to create the original painting. I have a playlist with several videos on selling art that you might find helpful: th-cam.com/video/FBQPrKboPYc/w-d-xo.html
Hey! Big fan of urs just aftr watching this video. U r incredibly wonderful. How easily u did that explanation... A very big hand to u for ur knowledge...
Thank you so much, Kuldeep! I really appreciate that!
Love your videos, your experience and generosity in sharing is so valuable. Thank you :) x
You are so welcome! Thank you so much for watching! 💖
I've heard it so many times! but my biggest takeaway was do not under price your work. I didn't think I was, but now I realize I am pretty much selling some pieces at wholesale prices. hmmphm.🤑
This happens to so many people, so you are definitely not alone! Now that you know you can start to adjust and see how it goes!
This video was very helpful again. You make everything simple to understand.
I'm glad to hear that, Huey! Thank you for watching!
Greetings, I appreciate you for sharing your knowledge and videos. It is so helpful. I'm planning for 2021 on handmade soap business.
That's great! I wish you the best of luck on the launch of your business!
I'm learning a lot from this. Thank you soon much 😘 💜
Thank you so much for watching!! So happy to be of help!! ❤️
Thank you the video was very useful and helpful.
You're welcome, and thank you for watching!
Wow! Great learnings when it comes to pricing. Thank you.
Glad it was helpful to you! Thank you so much for watching!
I am learning so much right now and I’m officially hooked 😓😵😂
I like to hear that! 😂 Thank you so much for watching, MrsMT!
Hii good description on pricing, I started crocheting in covid period just for fun and time pass but after making few products my friends told me to start buisness but I am always confused to set my hourly labour can you please suggest me how much labour i should set hourly or i should set labour per piece,
Hi Ritu! Your hourly rate really depends on you. If it'll help, feel free to check out my blog post and TH-cam video below about pricing your handmade products. Good luck!! Hope that helps!! ❤️❤️
www.creativehiveco.com/pricing-handmade-items-guide/
th-cam.com/video/H3r9M3QhnNQ/w-d-xo.html
Loved this video and advice thank you very much.
I'm so happy to hear that, Ciaran! Thank you so much for watching.
thank you for your valuable sharing. Very appreciated
My pleasure! Thank you for watching, tristiati!
Thank you so much Mei! You’ve been super helpful for me!
awwww, thank you lileekay! That makes me so happy to hear.
The way I do it is I calculate the cost for me to make an item including my materials, sales costs and time broken down to 10 minute blocks. Then make 2 prices... Cost to make x2 and cost to make x4. I then look up competition and if competition price is between or above those numbers, I base my price off their price. If it is lower than the CtMx2 I don't even bother.
It sounds like you have a solid system in place, Falney!
Thank you very helpful and honest post..
Thank you so much for watching, Veronica!! ❤️
What's your take on pricing for an automated process - like laser engraving? I might have 30-60 minutes in actual work prepping the machine and the material for the process, but the machine might take 45 minutes to 12 hours to complete an item. I can certainly do paperwork, social media, or other work aside from the laser, but I can't generate any more product until the laser finishes. How should i approach pricing for this? Figure in a 'salary' for my laser alongside myself?
Love your "Tiny Hands" stuff, love your videos.
Hi Jake! Great question. If you can work on other portions of your business while it is running then that's wonderful however I get that this also limits what you can produce. I would include any time spent checking on the progress in the pricing. The idea of a "salary" for the laser actually makes alot of sense!!
@@CreativeHiveCo thank you!
Thanks Mei. New subscriber and here to stay. Your videos are very informative and helpful.
Welcome, Ramya! Thanks for subbing!! 💖
What should I do about delivery charges? Should I charge customers or should I pay all of that as well? The problem is that if I would pay for delivery charges as well then I won't get profit and if I would charge the customers then they would not buy it
I have a feeling...
Hi! The link below might be helpful for you. Feel free to check it out. Hope that helps! 😊
www.quora.com/When-selling-online-is-it-better-to-include-shipping-or-to-mark-it-as-an-extra-cost
Oh wow...hi from Kenya 🇰🇪 ...I also studied Actuarial Science in uni and I have a handmade business.. what a coincidence 😅
Oh wow! That's awesome! ❤️
Ahh thank you so much for making this video!! I just have one question T^T I’m planning on selling art prints but I’m not sure if I should still times the cost of materials and hours by four because I feel that would be a bit too expensive for a 5x7” print :,))) however I don’t want to undercharge my art and it’s worth. How would you go about pricing that???
What is the time it took you to make the design, and how many prints do you think you will sell? If it's 1 hour and you charge $20 an hour for your time, then one print would be $20 for time, while 100 prints would be $0.20 for time.
Creative Hive OHHH I SEE!! Thank you so much for the response!!!!!
I have a question. Where do you put your overhead? Fees, etc. Do you add them in at the end or do you put them into your material costs?
You would add that to the end. The price of your product is the price you would sell it as it is alone. If you are selling in a place that includes fees, you would add that in specifically for that place.
@@CreativeHiveCo OK...that's what I've been doing...phew! 😁
Hi! Thanks for another great video!
I have a question...how should I price my upcycled baby clothes if all the fabric is either given to me by friends/family or thrifted. Would each piece I create have to have a totally different price?
Hi! Great question! In terms of pricing your handmade products, you can refer to the links below as a reference. Let me know if you have any further questions. 😊
www.creativehiveco.com/pricing-handmade-items-guide/
th-cam.com/video/H3r9M3QhnNQ/w-d-xo.html
Hello I have a question about rounding up or how most retailers will mark everything $12.99 or $12.95. It's always .99 or .95. Is there a logic behind this? I used your formula to price my product a pair of earrings. it came to $22.08. Should I go to $22.95?
Hi Nina! Most sellers do this because people read from left to right and we tend to register the first digits we see first so this makes the items look cheaper than they really are (ex: $13.00 will appear more expensive than $12.99 at first glance when in fact there really is not much of a difference). As for your pricing, it doesn't really matter if you go with .99 or .95
All the best to you and your business!! ❤️❤️
How would you price hand painted glassware? Been struggling on a suiting price :(
This pricing guide might help you, and there's a plug and play calculator, too. www.creativehiveco.com/pricing-handmade-items-guide/