I would appreciate any advise on selling hand crafted jewelry. I
don’t want to “mass produce my jewelry, but would like to make a
profit and decent in come from my craft.I recently read the article
in the Feb 2010 issue of Lapidary Journal “Pricing and the Internet”
and a certain statement blew me away… it is " As a business model,
25 cents on the dollar is a pretty good rule of thumb. for example,
if you’re shipping 100,000 of merchandise, you’re taking home 25,000
to live on” Do you all agree on this pricing?
( PS…really don’t want to beat a dead horse on the pricing issue,
I know there are many posts dealing with this,just wondering if you
all agree with the above statement?) and also, as far as venues…
Juried festivals?, approach galleries / high end gift shops? right
now I’m planning on trying Etsy, I have one item listed there
25% is low but should be OK if you have already factored in ALL of
your costs (material, labour, studio space and expenses, book keeping
overhead, business taxes, oops fund, etc. An the list should probably
be longer.) That 25% is the business profit. If you can work less
hours for the same or more $ that is preferable.
Run the numbers for 60/40 gallery consignment, a very good reality
that’s not pricing, that’s estimating return on investment. statement
says that you are earning 25 cents on every dollar charged, meaning
that your total costs including design, mental thought as well as
manufacturing, sales, and shipping account for 75% of your price. In
today’s economy a 25% ROI is great.