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BUSINESS: Pricing your Handmade Goods
by Larissa of www.giggleicious.com
When I started my business 2 years is the point where you must decide
ago one of my biggest hurdles was that it is time to raise your prices, Once you have a total this is your
how to price my goods. I spoke to become more efficient, redesign or wholesale price. Your retail price
my friends and family and they all drop certain products, or swallow should be double this as this takes
said different things. Eventually, I the loss for a while.” into account retail mark-up.
stumbled upon an article I found • Factor in the WHOLE cost
written by a lady in the US named of making your goods; both waste At this point I can hear cries and
Mary Pagel-Boyd who runs www. and used materials (such as off- shouts across the land of “I’ll NEVER
ohboydenterprises.com. She had cuts), shipping (to you), your tools sell my goods at that price!!”
written about pricing your wares and equipment costs, rent, repairs,
and what I read struck a chord. Her phone, internet, website costs, If you are trying to make a living from
basic principles are: electricity, advertising and office your craft you have a few obstacles
equipment. (You will need to make to overcome. If you have ever done
• You ARE a business person, educated guesses with regard to a craft fair or tried to sell your items
no matter what your craft and should utilities, especially if you work from in independent high street stores
organise yourself as such. home.) you may have heard “Oh that’s too
• You should pay yourself
no less than the minimum wage
“people cherish the craftsmanship,
and this should be factored into
the prices of your goods. She notes
design and care that go into a
“after you add up all your time you
may find that you are not paying
speciality item”
yourself even minimum wage. This
2 | ukhandmade | Summer2009
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