Today's Silver Price: $35.05/t.oz.
I found a new resource this morning while I should have been getting ready for work but instead opted to log on to Facebook and see what was new. Well, this is what was new. A website called Home Jewelry Business Guide. I mean, if ever there was a website that I was supposed to find, THIS IS IT. A crafter had posted a FB link to an article on this website that discusses how to price your jewelry. So of course I immediately clicked on the link. It's like some ancient mystery- how to price your work. These folks seem to think they have found the magic formula.
Jewelry Wholesale Pricing
Pricing Handmade Jewelry for Retail Sales
The two links above will bring you to the articles which contain the afore mentioned secret formulas. Let's discuss the first formula (I'm not going to post the formula, you'll have to go to their page to check it out- the differences between the two are explained).
At first the formula seems a bit silly. The hourly rate looks a bit steep, and the genius pay is stretching it. They actually factor in an emotional distress fee. Really?? If you're under emotional distress while making jewelry, maybe you shouldn't make jewelry!
This did however bring up a very important factor that I had not before considered. This individual calculates profit AFTER they have totaled up cost of materials and COST OF LABOR. I've always just figured that if I'm making a piece using $10 worth of materials, and I sell it for $20, then I'm making profit! I generally don't consider time and labor as part of my price calculation. So in a sense, I've been working for free. Yes, I have made some money by selling the piece, but I have not been paid for my labor.
These formulas are great for pricing your work. They cover all bases and give any crafter or artisan at least an idea of how to price a piece. However I think there is one very big factor that has been left out. Quite often I base my pricing on what I think I would pay for it in a store or at a fair. In our struggling economy shoppers are not looking at expensive items, they are looking for deals and bargains. While there is the niche of consumers that are willing to pay high prices for unique handmade pieces, I feel that most people these days are on too tight of a budget.
If you look at the formula for retail sales pricing, this blows the word 'bargain' or 'affordable' right out of the water. Apparently I should be charging much more for my jewelry than I currently am.
So is this a magic formula for me? No, but it's a good place to start. I have yet to explore this new website in depth but I am excited to have stumbled upon it!
An Entrepreneurial Adventure
Showing posts with label metal market. Show all posts
Showing posts with label metal market. Show all posts
Thursday, March 1, 2012
Thursday, January 19, 2012
Fire Mountain Gems and Resin
Today's Silver Price: $30.55
Fire Mountain Gems
I've been doing some browsing on Fire Mountain Gems today. I got one of their catalogues in the mail yesterday and dammit I was suckered in. What drew me in was the glass heart shaped beads on the cover for $2 per strand. Check em out! While Rio Grande is great for metals (wire and components), Fire Mountain Gems has some awesome deals on beads.
Probably the most badass thing about Fire Mountain Gems is that when you buy a large quantity of items, you get a discount. Now I'm not talking about bulk pricing per item. When you buy a large quantity of any assortment/combination of items you get a discount. I believe the first price break is at 15 items. And that's ANY 15 items. 15 bags of wooden beads... or 10 bags of glass beads plus 5 charms... or 2 bags of glass beads plus 7 strands of pearls plus 6 sets of earwires... you get the idea!
Anyway, those heart beads are an awesome deal and just in time for Valentine's Day items. I'll be placing my order next week!
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Resin
I was watching videos last night on creating pendants and components using resin. Resin is a clear liquid that is poured into a mold and then left to harden. The cool thing about it is you can put items into the liquid and the item will become encased once the resin hardens (think mosquito encased in amber... a la Jurassic Park... although I won't be using mosquitoes). The resin has to be mixed with epoxy in certain measurements in order for it to cure correctly. I'll have to do a little more research, but my understanding is that you can drop anything into the resin and it will become part of the pendant. Once the resin has hardened you can drill a hole in it to insert a bail or jump ring to hang it from, or it can be wrapped with wire. I could sell them alone or put them on chains to sell as necklaces or bracelets. Lots of possibilities here!
There are also different colors of resin that can be used both to color the pendant and also to create designs. I'm looking into getting a resin starter kit from Rio Grande which is $145. I'll have to purchase some molds separately but they are not expensive (around $8 for a tray with different shapes).
There are so many materials and techniques out there that I am dying to learn about! I've only just begun my relationship with wire, and now I'm looking at a totally new material! I think having a diverse set of skills will only help my business as I would be able to offer a wider variety of jewelry to my customers. Bring it on!
Fire Mountain Gems
I've been doing some browsing on Fire Mountain Gems today. I got one of their catalogues in the mail yesterday and dammit I was suckered in. What drew me in was the glass heart shaped beads on the cover for $2 per strand. Check em out! While Rio Grande is great for metals (wire and components), Fire Mountain Gems has some awesome deals on beads.
Probably the most badass thing about Fire Mountain Gems is that when you buy a large quantity of items, you get a discount. Now I'm not talking about bulk pricing per item. When you buy a large quantity of any assortment/combination of items you get a discount. I believe the first price break is at 15 items. And that's ANY 15 items. 15 bags of wooden beads... or 10 bags of glass beads plus 5 charms... or 2 bags of glass beads plus 7 strands of pearls plus 6 sets of earwires... you get the idea!
Anyway, those heart beads are an awesome deal and just in time for Valentine's Day items. I'll be placing my order next week!
*************************************************************
Resin
I was watching videos last night on creating pendants and components using resin. Resin is a clear liquid that is poured into a mold and then left to harden. The cool thing about it is you can put items into the liquid and the item will become encased once the resin hardens (think mosquito encased in amber... a la Jurassic Park... although I won't be using mosquitoes). The resin has to be mixed with epoxy in certain measurements in order for it to cure correctly. I'll have to do a little more research, but my understanding is that you can drop anything into the resin and it will become part of the pendant. Once the resin has hardened you can drill a hole in it to insert a bail or jump ring to hang it from, or it can be wrapped with wire. I could sell them alone or put them on chains to sell as necklaces or bracelets. Lots of possibilities here!
There are also different colors of resin that can be used both to color the pendant and also to create designs. I'm looking into getting a resin starter kit from Rio Grande which is $145. I'll have to purchase some molds separately but they are not expensive (around $8 for a tray with different shapes).
There are so many materials and techniques out there that I am dying to learn about! I've only just begun my relationship with wire, and now I'm looking at a totally new material! I think having a diverse set of skills will only help my business as I would be able to offer a wider variety of jewelry to my customers. Bring it on!
Tuesday, January 17, 2012
If I Had a Nickel...
Today's Silver Price: $30.21/t.oz.
I've been looking at some nickel alloy wire on Rio Grande's website. The wire is 65% copper, 17% zinc, 18% nickel. It has a silver-tone finish. It comes in a 200 ft spool for $27.00. They also sell nickel jump rings which should work well with the wire- I don't want to mix metals too much, I'm not ready for that! LOL.
One of the advantages to using this wire over silver-plated or silver-filled is that there is not a different metal at the core of the wire which would show on the wire ends. If I were using a silver-plated wire I would have to have a way to hide the ends of the wire to not show the brass or copper core.
A disadvantage would be that this particular wire only comes in dead-soft. I prefer to work with half-hard wire as it is more rigid. I am a little concerned about the wire holding its shape in jewelry designs. However wire is supposed to be come harder as you work with it (and becomes most hard when hammered).
I think I will give this wire a try- you can't beat the price! I'm going to try some linked hearts necklaces and bracelets and see if I can come up with some other linked shapes. Maybe Celtic knots? I have to make some prototypes out of craft wire to see what the designs will look like.
So now I can say... if I had a nickel for every time I've heard that... I'd make necklaces!
I've been looking at some nickel alloy wire on Rio Grande's website. The wire is 65% copper, 17% zinc, 18% nickel. It has a silver-tone finish. It comes in a 200 ft spool for $27.00. They also sell nickel jump rings which should work well with the wire- I don't want to mix metals too much, I'm not ready for that! LOL.
One of the advantages to using this wire over silver-plated or silver-filled is that there is not a different metal at the core of the wire which would show on the wire ends. If I were using a silver-plated wire I would have to have a way to hide the ends of the wire to not show the brass or copper core.
A disadvantage would be that this particular wire only comes in dead-soft. I prefer to work with half-hard wire as it is more rigid. I am a little concerned about the wire holding its shape in jewelry designs. However wire is supposed to be come harder as you work with it (and becomes most hard when hammered).
I think I will give this wire a try- you can't beat the price! I'm going to try some linked hearts necklaces and bracelets and see if I can come up with some other linked shapes. Maybe Celtic knots? I have to make some prototypes out of craft wire to see what the designs will look like.
So now I can say... if I had a nickel for every time I've heard that... I'd make necklaces!
Thursday, December 29, 2011
Silver, Copper, Brass, Nickle, Pewter... All of the Above?
Today's Silver Price: $26.89/t.oz.
Wow-za! Silver prices are pretty low right now! It would be a great time to by materials, but I just don't have the money right now. Christmas tapped me out. Hopefully these prices will remain low into the new year and I can get a good deal when I'm ready to stock up again.
I've been looking at silver-filled wire and components on Rio Grande's website lately. Silver-filled is a silver coating over a base metal such as brass. The coating is thicker and supposedly more durable than silver-plated. I'd like to get some wire and experiment with it. The only problem is an exposed edge would show the brass core, so I would have to be creative to hide that.
I think I will also start using metals such as aluminum, nickle and possibly pewter. Many jewelry suppliers have a large selection of lead-free pewter components. I have to get over the idea that I was only going to make sterling silver jewelry. It just isn't realistic given the price of silver these days. Also I have seen that people will buy costume jewelry, and they will buy it like it's going out of style. Women seem less concerned with high-priced accessories these days.
I've gotten a lot of positive feedback and several sales with copper items, so I will continue to include copper jewelry in my collection.
Another material I need to examine is glass from broken wine bottles. I think with the right tools, ie the right Dremel bits, I can shape and smooth the broken glass pieces into jewelry components.
2012 should be a very constructive and productive year. I plan to learn a lot of new jewelry making skills so that I can expand my product line and attract wider variety of customers... and to satisfy my own creative curiosities! I love learning new things and I love creating something new. I am looking forward to the challenges and triumphs that 2012 will bring!
Have a happy and safe new year, I'll be back in 2012 with more adventures in entrepreneurship!
Wow-za! Silver prices are pretty low right now! It would be a great time to by materials, but I just don't have the money right now. Christmas tapped me out. Hopefully these prices will remain low into the new year and I can get a good deal when I'm ready to stock up again.
I've been looking at silver-filled wire and components on Rio Grande's website lately. Silver-filled is a silver coating over a base metal such as brass. The coating is thicker and supposedly more durable than silver-plated. I'd like to get some wire and experiment with it. The only problem is an exposed edge would show the brass core, so I would have to be creative to hide that.
I think I will also start using metals such as aluminum, nickle and possibly pewter. Many jewelry suppliers have a large selection of lead-free pewter components. I have to get over the idea that I was only going to make sterling silver jewelry. It just isn't realistic given the price of silver these days. Also I have seen that people will buy costume jewelry, and they will buy it like it's going out of style. Women seem less concerned with high-priced accessories these days.
I've gotten a lot of positive feedback and several sales with copper items, so I will continue to include copper jewelry in my collection.
Another material I need to examine is glass from broken wine bottles. I think with the right tools, ie the right Dremel bits, I can shape and smooth the broken glass pieces into jewelry components.
2012 should be a very constructive and productive year. I plan to learn a lot of new jewelry making skills so that I can expand my product line and attract wider variety of customers... and to satisfy my own creative curiosities! I love learning new things and I love creating something new. I am looking forward to the challenges and triumphs that 2012 will bring!
Have a happy and safe new year, I'll be back in 2012 with more adventures in entrepreneurship!
Thursday, October 27, 2011
The Price is Right... Or Is It?
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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