How to Know your Value & Pricing Your Products

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How to price your Handmade Products

If you’re just like everyone else, pricing your products can be quite a headache.
You want your product to be inexpensive enough that people can afford it. But you also want to make some profit on your hard work. Included below is a pricing formula you can use to help you know exactly how to price your handmade items.
Let me show you a good way to easily price your handmade products.

Don’t undervalue yourself

This is so important. What would the point of pricing your items low be? Just to bring in a $1, are you even charging enough to cover your supplies?
Let alone the time you spent creating it, the efforts you put into finding the perfect materials from the perfect supplier, your time away from
your family while you worked on this handmade creation, and of course the talent it took to create that perfect product.
Don’t undervalue yourself. Your creativeness and time spent making sure that the item was perfect, is worth the full price.
Plus, selling your item too low is bad for so many reasons.

• Your customers will think your product is cheap, which could make them think it’s cheap quality also.
• Your customers will always want to pay that low price!
• You wont be paying yourself, resulting in time wasted, and going no where in your business.
• If you are not pricing your items well enough that you are profiting, you do not own a business, you own a hobby. Know your worth! You wouldn’t go into a job interview without having an idea of what you would
• Be willing to be paid if you are hired. Keep that in mind when you are pricing your products. A customer wanting something specific should be willing to pay for that customer product.
• You will have people come along and say that you are charging too much. Just remember that they are not your customers. People that value your worth don’t question your prices.

Here is a simple calculator to help you price your items.

Break it Down

Time is what you would like to get paid hourly. So if you value yourself at $10/hr and the bow took you 1 hour to make, it’d be 10+(cost of your materials used on that one item)= What it cost you to make it.

Then, you’d take that total, multiply it by two and that’s what you could sell the item at wholesale (meaning the customer would be ordering in bulk. It’s a good idea to decide if this is something you will offer or not, and if so, decide what your minimum order you would require to allow a wholesale order. Such as they must purchase a minimum of 50 of the same product to get the wholesale price.
Hopefully, that breaks it down a bit for you. If you value yourself and talent higher, GET IT, GIRL! You KNOW what you deserve!
Doing it this way may seem like your items are pricey. BUT if you are confident in your product, your quality is good, you know you’re not selling a cheaply made product that is going to fall apart. Have confidence that you are worth your prices.
Please don’t cut yourself short. Your time is worth so much, you are creating custom one of a kind pieces. Once you implement this formula, pricing your products will be a breeze.

Want to Learn More?

If this post was helpful for you, and you’re interested in more tips & tricks of growing your business, going live, and more check out some other posts here:

• How to Have a successful live sale
• Growing your customer base
• Cute Product Packaging
• Setting business goals
• Organizing your Craft Space/Office

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Hope you are having a productive and goal crushing week!