Today's Silver Price: $34.89/t.oz.
One of the most difficult things in selling your creations is determining how much to sell them for! If you do some research there are all kinds of formulas out there to figure out what to price to put on your product. Obviously I have to cover the cost of materials. And then there's labor. Should I use an hourly rate? How much is my hard work worth per hour? $20? $50?
One of the ways I determine my pricing is to think of how much I would spend on the piece if I were buying it in a store. I'm pretty knowledgeable on purchasing sterling silver jewelry... I've bought a ton in my lifetime! So I try to think about how much would I spend on a pair of sterling silver earrings and price my earrings accordingly.
A tricky little curve ball here... the price of silver has fluctuated tremendously in the last two years. Metal markets have been a roller coaster ride recently. So if the price of silver goes up, should I raise my prices? I guess not for pieces that I have already made from materials that I bought when prices were low... but any pieces made with new materials should be priced higher... but my customers wouldn't understand why there is a difference... arrrgggghhhhh.
The objective is to keep merchandise prices low so that people are more likely to make a purchase. However if prices are too low I won't make any profit and it won't be worth all the time and effort. Finding the happy medium is quite a challenge!
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