I know we are all creative here, and that a lot of us even sell our handmade products on Etsy shops., craft fairs, etc. But, have you ever thought of expanding your little indie craft business by teaching others?
Marie Segares has a post on the Creative Income blog sharing 5 reasons you should strongly consider adding teaching to your creative business. Teaching is a great way to share your skills, stimulate interest in your work (and your craft), and earn more money for your business.
Learn more here: 5 Reasons to Add Teaching to Your Creative Business + eBook Giveaway!
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Why is it so important to get the pricing right? If your handcrafted product is not priced right, you will not make a profit. It will be tough to keep your firm running without a decent profit margin, and it will be hard to make a living from it.
Many skilled craftspeople base their labor costs on a rate of $12 to $20 per hour. To get the retail price, many people recommend multiplying the base price by 2.5 or 3. Do you wish to sell your homemade craft product in bulk? Then use this formula to pricing. 2 x Materials = Wholesale Price
Retail Price = Wholesale Price x 2 (or, in other words, Supplies x 4).
But wait you are not done yet! Remember to provide your hourly pay rate – how much do you wish to be paid each hour?
Simply multiply the number of hours it took you to create the product by your hourly rate to determine how much you should charge for labor charges (on top of the supplies cost).
One last thing to calculate is your overhead costs, this is not supplies but other little things like Electricity, fuel to the market, and tools you have bought to produce the crafts. If you are selling on Etsy then make sure to cover the Etsy fees as it is often overlooked.
Etsy is our preferred online seller for handmade items and crafts, Etsy is a familiar shopfront that makes buyers comfortable and confident in making purchases. Looking for other options to sell your crafts than Etsy? Check out this article – Alternative places to sell your crafts online .
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