Your paragraph says it all
Sometimes, my family thinks that, since I don't yet have a
business, that I shouldn't charge much for my time because they see
this as currently being more of a hobby. But if I don't start
charging for my time now then it's going to be really difficult to
charge for it later, and since I am wanting to do this as a
business charging only for materials isn't going to be enough to
get me out of the hobby level.
You are right. Tell your family to support you in the style of which
you’d like, or…
tell them you’ll pay them HALF of what you charge for labor for
working for you. That’ll get’m.
First off. too darn long, You’re too slow or you need to make this a
better assembly line.
How to price your work:
Figure you hired someone and you pay them $10 an hour. this
important. Not YOU, them.
As an employee there are TWO costs to add to the 410
The matching fica/medcare and vacation you’ll pay in addition to
their wage. Add an extra 10%
So they cost you $11.
No one works a straight 8 hour say. Talking on phone, going to
bathroom, talking to you, scratching their behind. They only work 5.5
hours. So you have to add 25% to whatever time they worked for the
So here ya go
Cost per hour $11 Time to do it (you said) 100 hours. Add 25% because
you are PAYING them to work 125 hours.
125 hours x $11 hours, your cost to have someone make it = $1375.00.
YOUR COST baby!
Minimum markup (minimum!!!) is 50%.
Labor sells for $2062.
I have no clue on copper but if copper cost $50, you should double
or triple it. Triple = $150
Selling price $2062 +$150
total selling price = $2212.00
if you can’t sell it for that, go find another job. if you say "I
can’t sell it for that, it can only sell for $700.
That’s still a lot of money, to your family, but…
Lets do this, subtract just the cost of copper from $700
= $650 for labor.
You can’t discount the hours, your mouth to God’s ear was 100 hours
$610 divided by 100 = $6.50 an hour
You’d be doing this for $6.50 an hour.
Minimum wage is $7.25.
New subject, same line.
I am helping a moth/daughter team with QuickBooks. They started
making fun costume jewelry like many of you do. cheap beads, cheap
wire. They make necklaces and earrings, bracelets.
They know nothing of jewelry, but it sells, they go to shows.
SOMEBODY told them a while back
Sell your contract labor people’s hourly rate who assemble this
stuff at $100 an hour (they pay the help $12 an hour.
if the daughter makes it, charge $150 an hour.
Markup all material, no matter what 9 times!
I met them and told them they are so novice, they are few and far
between that markup like that. I wasn’t telling them to change, just
telling them most people markup 2, 3 5 times and would triple their
they don’t know any different.
this past weekend at a fare in Fla in just 3 hours they sold $19,000
of this fake jewelry at these prices.
No one told them what the jewelry industry sues so they just did
what they were told.
if they were told year ago to mark up stuff at 3 times rather than 9
times and labor would be $50 an hour, the $19,000 weekend would have
been a $7000 weekend.