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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