I have been reading the posts of how to price jewelry from a
perspective of veteran jewelers who have already established their
lines but how about for new jewelry makers just getting into the
business? I realize I will be making errors along the way but would
like it to be kept to a minimal and learn from you veterans who had
made mistakes. I am hoping that you can pass on your wisdom and “if
I could do it over again I would it like this” method would be
appreciaed if shared. Here are my questions and I am sorry if this
sounds elementary to you but like I said, I am a newbie.
I have the cost for my jewelry item. You say that I have to add
my “time $” into the cost. How much should I add? By the hour? By
the piece? What? I don’t want to undervalue my piece of jewelry.
Once I determine the costs for my jewelry item, does that include
everything like how much I have to pay for my business license,
credit card percentages that I pay the company to use it,
electricity, etc. do I take this all into account?
If I am selling wholesale to a boutique, shoppe, department
store, how much should I expect they are going to need to mark it
up? This way I know if my wholesale price would be in their range
and I can also target the stores that can take the price and have
the clientele I am focusing on. Plus I would know what to expect
them to sell it to the public. Does the markup differ between a
small boutique versus a large department store?
If I want to participate in a craft fair, and I have my items in
a big department store that I feel is over pricing my items. Do I
have to sell my items at the craft fair for the same price as the
department store even though I think its inflated? If so, should I
try and come up with a different line for craft fairs and/or when I
sell it on my own? For argument sake, if the retail price is
appropriate, do I still have to sell it at the retail price of the
stores or can I sell it a little cheaper? I don’t want to shoot
myself in the foot, know what I mean?
Jewelry buyers may ask me for bulk pricing, what is considered
bulk pricing? If the wholesale price is $30.00 and the pieces are
all a little different, should there be bulk pricing and if so where
do I draw the line and how would I determine the bulk pricing?
Instead of giving them a lower price per say on the item, would it
be accepted to give them better payment terms or pay for shipping?
What is accepted payment terms and shipping for the jewelry
business? I was a clothing buyer long ago and found that vendors
were paid in 60 days rather than the net 30 specified.
Any guidance, advice, and is appreciated. Regards, Dolphin
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