Crafting for Extra Cash: Master Techniques, Ensure Profits!
ฝัง
- เผยแพร่เมื่อ 17 มิ.ย. 2023
- I'm going to share my secrets behind transforming my craft into a booming business that has turned my passion into a steady stream of income, including the crucial aspect of pricing. I'll guide you through the process of accurately valuing your creations, considering factors such as materials, labour, overhead costs, and market demand, to ensure you're not only creating beautiful pieces but also building a sustainable business that allows you to thrive financially. Whether you're an artist, a maker, or an aspiring entrepreneur, get ready to unlock the potential of your craft and start making your bank account grow. Let's dive in!"
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Or see the individual links below for the items used in this video:
LINKS FOR MATERIALS USED FOR THE (USA👍), (UK✊) ARE BELOW:
⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇
LINKS FOR USA (USA👍Only)
(USA👍) Resin: jdiction.online/?ref=w6l74mbw04
(USA👍) Pendant Mould: amzn.to/463vADg
(USA👍) Earring Mould: letsresin.com/products/earrin...
(USA👍) Jewelry Findings: amzn.to/43FlkiR
(USA👍) Resin Pigments: letsresin.com/products/15-col...
(USA👍) Mica Powders: letsresin.com/products/36-col...
LINKS FOR UK (UK✊ Only)
(UK✊) Resin: jdiction.online/?ref=w6l74mbw04
(UK✊) Pendant Mould: amzn.to/3JczmAo
(UK✊) Earring Mould: letsresin.com/products/earrin...
(UK✊) Jewelry Findings: amzn.to/43Y72d2
(UK✊) Resin Pigments: letsresin.com/products/15-col...
(UK✊) Mica Powders: letsresin.com/products/36-col...
Warning: Important Health and Safety Notice:
Resin is an industrial chemical and as such should always be treated with respect and the manufacturers safety advice taken. Here is a video I have made on how I keep myself safe: • Stop Making Yourself I... - แนวปฏิบัติและการใช้ชีวิต
I so agree on this. Made a emerald choker and was offered $100. Lol paid over that for the emeralds. Made in sterling silver too. Had it appraised after and that was at $5k. Blew me away. Once a gemstone is set, it’s value basically triples but rare gemstones can go for thousands. If I put diamonds in earrings I raised the prices no matter what I paid for them. Just depends on the gemstones. ❤ this video. Explains a lot to people that haven’t sold or priced their wares yet.
Thank you so much for doing this video. It's the first time somebody's explained it in a formula that makes sense to me. I have finally reached the point where I need to price my items and figuring it out has been maddening! ❤️ You are my crafting hero! ❤️
I know this is over 4 months old and I’ve already commented, but wanted to add for “booth/table rental” at fairs - I typically take the price of the rental and divide it by the number of pieces I know will sell and add it to their cost. So, if I have a $20 rental and I have 10 things I know will sell, I add $2 to their price. So, if a tray is $12 cost, I make it $14. Just thought I’d add that in because winter time is when most of us are making-making preparing for the spring festivals to arrive. It’ll be 20F here tomorrow 🥶
I bought something from my nieces etsy shop and she wanted to give me a family discount.
I insisted on paying full price.
I told her she was already underpricing things because they were top quality, and she was only factoring in the cost of materials and postage.
Every time I get down on myself for not feeling confident in my work, you post a video that helps & gives me a new perspective. I've certainly been selling myself short. Now I'll rectify that, thanks to you! You're the absolute best Steve! ❤
This was a really interesting video. I have to say, my pricing is quite a bit less mathematical, but then again, my jewellery is quite different, too. I make my own findings 90% of the time, I mostly make unique pieces, and I use sterling silver and copper with beads and / or resin or polymer clay. I price my polymer clay and resin pieces lower, because they aren't necessarily as long lasting as jewellery with stone beads and metal. For other pieces, if they include soldering, the price goes up, and it's a more simple design, the price goes down. And, of course, there is an added 24 % VAT on everything (because Finland). My cheapest earrings are 15 €, and that is as low as I can go, realistically.
There are times, when I think I should lower my prices to get more sales, but I feel encouraged every time I check what other crafters here ask of their pieces.
This was very well done - where were you when I first got my sewing business up & running?! Lol.
You’re absolutely correct with all this, I had to learn the hard way to remember to factor in the extras as well as the obvious - so yes, fabrics, leather/cork, thread, machine needles, wear & tear on my machine, etc etc etc, plus postal costs (here in Canada our postal prices are INSANE!). Tbh, at first I strictly sold within my own country as I didn’t need the headaches of trying to explain our postal system to people outside of my country. Now that I have an established client base some things have changed a bit, but I was lucky & my customers recognized quality merchandise.
Factoring in my time remains the hardest thing for me - with most handicrafts, we NEVER seem to want to pay ourselves properly for our time, experience & work.
I found this really interesting and informative too. I would never have thought of half the costs you’ve included. I do wire wrapped jewellery using both stones and resin cabochons I’ve made, but I’ve never been brave enough to try selling anything yet. Thanks for all the time you put into your very entertaining and helpful tutorials etc.
Thank you young man !
This is so helpful! Thanks Steve x
This was wonderful! I do the same for my time, materials items and packages, never thought to add in the resin, didn’t know you can weigh it after it’s cured! You make me want to get more organized😅thanks for sharing!
Thanks, Steve! You are truly a great man! 😊😊😊
As a previous business owner as well as selling retail, I always tell others figure out what your cost was per pc to make then double it. That’s what stores do. They do 2-2 1/2 x’s what they purchased it for. That $8 pkg of food you bought, literally cost the seller $3-$4 to purchase. Some pcs you may go to 4x’s-10x’s the amount. Depending on time total spent. Including complete curing time. That part will be one of the hardest to figure. Because unless it’s uv resin it’s really costs nada after you fill mold and set aside. Unless you are using air conditioner in summer and heat in the winter where you have to keep the temp precise. Then that’ll literally be another hassle to figure out unless you decide cost amount of electricity per day. So in this videos case, he could sell that item for a minimum of $5 up to $7 per pc. If your doing craft fairs, ALWAYS price a little higher so when buyer haggles you down to just below what you would have asked for, you will not lose much cash flow. Example, I want to sell a pendant necklace I made for $4 in total, but want to sell for $7 I’ll put price to $8-$9. Buyer haggles me down to $6, I still made profit by only losing $1. Where they think they got a $2-$3 bargain.
I generally just figure out my resin cost and multiply x4. That always seems to work for me and wire working is the same way. Cost of supplies x4 and i know that i am always making my money back plus all the extras. If course there are always exceptions to the rule. 😂
This was great information I’m in America so of course I had to go to the currency converter. You are so uplifting listening to you😊
I would absolutely love to see your spreadsheets. I am soooo bad at all this and have super bad imposter syndrome. I make things and then don't sell them because I don't think people would like them.
Me too hon!!! No one understands it either, they say you’re so talented! I mean I know I’m okay but am I that good? 🤷🏻♀️
Yes, overhead supply and your time and talent is very important to account for when you price your handmade items.
Thank you!
Thank you for this amazing video!! I really did not realize how much goes into pricing items. Some of the things you wrote down never crossed my mind to take into account. Your video and the way you explained things made perfect sense to me! When it comes time for me to try and sell items, i will rewatch this helpful video 😊 Thank you so much.
Thank you! This applies to all crafts, I just realized, not just resin! Very helpful!! Subscribed!
❤❤You are a wonderful teacher. Best Wishes ❤❤
your channel is invaluable! Thank you so much for all the areas of business you cover as well as your beautiful artwork!
I sat down and crunched numbers for the items I make and found I am way undercharging for items so next few days will be spent pricing up everything in my studio that I sell. You mentioned things I never thought to include in prices.
Thanks!
You always make me smile! Thank you and keep up the good work!
Thank you, glad I can make you smile. I do love what I do 😀
Thank you for doing this . I haven’t seen anyone else do this . Now I need to figure out what a pence is .
I'm so glad you shared your processes with us!!!
Also, I was quite surprised to find out that you are using the same basic brake down that I use. I learned to do this from my dad when I was working with him in a lawnmower shop!!! The added charge for the color and bits you added to the pieces was something I was not doing... Thank You for pointing it out to me.
The pieces are lovely!!
Stay safe, you do you, and stay crafty 👍👍🛎️🛎️🦋🦋
Thank you that was some great information👍🏻❤️
Thank you❤
Time is always my biggest issue, I do a lot of wire wrapping, and some of it can take hours, if I calculated the hours that I put into a piece in my costs, I don't think I would ever sell anything. For example, 6 hours plus materials, then adding extra time for selling, I'd be over priced before I even tried to sell anything. I use gem stones mostly, though I do also work with resin and anything else I can get my hands on. This was SO SO SO helpful though, I will just have to adjust based on your method of calculation. Love you Steve, keep being you! :)
This is a fantastic informative video, Steve - I really appreciate the time and effort that went into this. Many thanks!
I’ve subscribed and this is my 2nd video. I love it here! Thank you for being so informative!
Hey, Steve! Thanks for the information!🤗 👍
I watched your video comparing 1 to 1 resins. So, I thank you very much for sharing your discount at JDiction. I just placed my first order from them and saved $16!
Yay! 😁
✌🤟
Doing my first craft fair in a week and this has been sooooo helpful! I love all your videos and appreciate all the work you put into them to help me, a novice. I absolutely love you!
Thank you
*Very informative!!* Thank you! 💕
Bloody hell. Definitely selling myself short. I did some memorial jewellery a month ago, just charged for my basic costs of mounts and a wee bit for materials. 2 mens leather bracelets with beads plus Sterling silver cores and clasps, 3 bespoke Sterling silver pendants , £45. I feel as I’m just starting out and never sure how they will turn out I don’t want to charge too much, certainly don’t charge for my time. Very interesting Steve, I will make some spread sheets, will also keep a log of what I’ve bought
Thanks for this video. I came back a second time to make sure I got it right. ❤
I'm so happy I stumble to your channel. Thanks for sharing your knowledge. I'm following and all ears
Great vid'! I struggle to actually price my stuff, and i didnt think about some of the smaller things that should be added, and also charging fairly, both for me -and- the buyer.
Thanks!
Thank you so much for this video. I never feel confident about how much to charge for my art. Always thought I have to underprice my pieces. Never knew how to really do the math with the costs and how much I could charge. Thanks again. You have helped me so much with your videos. I started this journey a couple months ago because I need to make ends meet. I have 3 teenagers with autism and is hard to find a job out there that can give me the flexibility to be able to care for my kids. This will help me be able to get some income and be able to stay home with my kids. 1:55
Absolutely. Our expertise cost us lots of time and materials.
Thank you for the great information. You have a great talent that Jesus gave you !
Thanks Steve. This information is very helpful to a lot of us. So far, I have just given the things I make away to friends and family. You have definitely helped me with the imposter syndrome. Which is something I feel but didn't have a name for 😂. Now I won't overprice my things if I sell them. ❤❤❤
Thank you so much! I didn't know how to go about pricing my things! Thank you again!
Fabulous information and so appreciated! Thank you!
Thank you for sharing all your useful tips x🥰
Thank you for this breakdown!!!
Many bits I didn't think of.
Wonderfully thorough
This was a brilliant presentation well thought out x loved it thanks Steve x
@Steve McDonald Arts and Crafts You forgot to mention covering the cost of fees if you're selling on an online marketplace and for taxes you may have to pay on your income at the end of the year. There's so much that gets chipped away when you add it all up
Yes, our local markets are between £10-£20 per table and most now want you to have public liability insurance which is at least £5 per month, probably more.
This is really helpful for me, because I just started resin jewelry and I didnt really know how to add up the costs until now. You've really helped me alot! From the philippines!
Thank you, Mr.Steve. this has been very helpful.
Thanks very much, Steve, for explaining how you break down the costs - that is very helpful!! You do a marvellous job on your videos, and the information is much appreciated! :-D
Great advice. Thank you!
Ill probably have to watch this video a couple times with notebook in hand, lol. Bbut thank you for explaining how to do it! I love your channel & I'm still working on building an inventory to sell, but ive been told i undercharge for my time & talent so im having to readjust my thinking about what things are worth. Keep doing awesome & beautiful work & great videos!
you are amazing thank you ...
I found your channel last month and inspired me to try and make something and how you work out things lost me lol 😂 but I try and catch up watching your first videos you are so talent and explain everything you demonstrate thank you keep up all your time on you tube amazing channel love from Manchester xx
Thanks
Love your updates Steve, always well informed and knowledgable. Thank you :)
Hi Steve, great video! I think I’ve missed something though? You covered costs and time… so when you take those off the sell price and travel time, fuel, craft fair fees… what percentage profit are you at? I’ve always worked on retail price is 3 x total costs. Thanks C 😊
Thank you for sharing. Your jewelry was beautiful. Have a blessed week.
What an amazing video, I mean after a while you will automatically know what your repeat items need to be priced at. Fabulous video thank you Steve
Thank you so much Steve, this really has been helpful, I started doing resin during lockdown, I have sold a few pieces, but wasn't confident enough with pricing, and im struggling with thinking if my projects are good enough. I set up a Facebook group to try a sell bits,
It definitely needs work but I'm slowing trying to improve it all.
Thank you for all your videos. I absolutely love watching them all xx
Thanks! This was helpful!
Aren't you looking particularly handsome today good sir!😊
Thank you for this because I hate charging or at least deciding the price of my items! Sometimes I look at some other people selling and their items are ridiculously high or low.
Thank you so much for this video. ♥️
Thank you so much, Steve. I have been thinking about trying one of the holiday fairs.
Thanks for that. Found your info really info. You made it look so much easier especially like time and wear and tear. I always found hard how to decide how much resin I’ve used per item when I’m making a large batch for a few items. Thanks.
Great video thank you so much. I struggle with this so much and then i don’t add them to my shop 😞 this helped me greatly thank you again for sharing ❤
Thanks a very useful and informative one. Laurie NZ. 🎉🎉🎉
Thank you for the info! I've never been good with coming up with prices for things so this breakdown was really helpful! Thank you!! ^.^ ♥
So helpful and such detailed information. Just wondering about factoring in other things like power bills ie. For lighting and the electricity you use in your studio, etc
Ty for sharing this information it's been very helpful I really haven't found my spot in this world and selling anything yet but I plan on going to the street fairs or something with some of my artistic work
Thanks Steve! Such a wonderful, informative video. Priceless advice!
Such a big help. Thanks Steve 😊
HAPPY FATHER'S DAY ❤️💐
Very useful. Thanks Steve.
Great info... thanks ❤
Great, great info. Steve! I appreciate your time.
Nice to spot a fellow ice cream fiend 🤘
Thank you so much.
So so useful Steve. Thank you 🙏🏻
Can anyone tell me the brand and name of that green color? It's GORGEOUS!!!
Steve, you are very informative and your videos are well made. Thank you.
Thanks so much for sharing this information out was extreme helpful. It was much more detailed than the way we've be doing it. I think it will be very helpful for us.
Thank you so much. Very informative......🥰👍
Good video! I was already doing pretty much the same thing. However just shared it with some polymer clay groups on FB, since it's almost the exact same concept. 😁
This is a great breakdown Steve!
This was so helpful! Thank you! ❤
I want to thank you for sharing this with all of us!!! I found it helpful and informative!
Just like making jewelry I'm in the U.S.
Thank you for that info, never thaught of all of the little items we put in the jewlery.
Thank you so very much for producing this lesson. Great information.
❤As I contemplate selling stuff I know I never kept track of my costs. So hats off Steve, I can use your math to get an idea of costs. I may need you to price out other stuff you sell😂😎
Thank you for sharing. Your calculation is very clear.
But I have a question: You calculate the price of each individual piece. But what I mis is that you do not calculate the pieces you never sell. If there are each time a few pieces you won't sell, your profit will reduce. What do you do with that?
Very informative
Great guide
This is great! Does this cover costs like craft fair entry fees and business cards and so forth?
Thanks Steve! Very informative and exactly what I needed.
great video Steve! Do you maths it out for every time? Or do you kind of average them out, now that you're used to your additives and time spent? Maybe only calculate it out for when you're doing custom or complex pieces?
Good looking out on that deburring tool you mentioned a few videos back- I picked one up and it's been a lifesaver.
Do you have a sample copy of you budget/cost sheet that you might share. Love your videos you are so helpful and do beautiful work.
Really really helpful advice.
Awesome as always 😀
Ian & Kathy