Can anyone who sells things give tips on pricing?

[fattymuatty]

I've been making things out of felt for a while. Recently people have expressed interest in buying. The problem is that I have absolutely no idea how to price things? Can anyone give me any tips? Obviously I don't want to price people out of it and keep it fair but would like to make something on the things that I make. A lot of time goes into some items in particular with lots of detail and beading, where as other things would be much quicker like a few hours to make.Any tips would be appreciated,thanks.

Time yourself & work out your preferred hourly rate - make sure that includes ALL time put into the project - any admin etc etc

Cost of materials - include things like % of electricity etc

10% onto for "invisible costs"

• tax (if it works out you will need to factor that in as part of the price)

look at the items in relation to other things you might see around in craft or upmarket type shops - remember you can't compete with over seas stuff so don't even try - its British made (presuming thats where you are) & its handcrafted so don't under price yourself - but looking around should give you some idea too - but it should never add up to less than the total of the above formula for your wholesale price - retail price should be quite a bit higher

hope thats some help

Why not start by asking one or two of the people who have expressed an interest in buying, how much they would be prepared to pay?
A price usually represents what people are willing to pay as opposed to bearing any relation to the actual cost to make the product, e.g. perfume!

Have a look on etsy and folksy so see what other people are selling similar items to yours for. That's what I do.