Today's Silver Price: $31.44/t.oz.
I've been wanting to purchase some copper wire so that I can make more of the heart link necklaces. So far they've gotten some great responses. I had a coworker ask if I could make one in a different color (besides the nickel silver) and I have a friend that wanted one but is allergic to nickel. I've gone to both Michaels and Joanne's to try and find 18 gauge copper wire but haven't had much luck. I am looking specifically for non-tarnish copper wire.
I came across a website just now that sells non-tarnish copper wire in a large variety of colors. They also sell silver-plated wire that I may try out as well! The website is http://www.parawire.com/. I actually stumbled across it in an Etsy forum while doing a Google search on Zebra Wire reviews (I found the Zebra Wire on Fire Mountain Gems but it doesn't say 'non tarnish') Seems to be decent pricing, they have a 200' spool of 18 gauge copper wire for $19.00. I think I'll be purchasing some wire this weekend!
It's been a long week, I deserve a treat, right? The silver-plated wire was $35 for a 200' spool, so I'd be spending about $60 total. With 200 feet of wire I can make about 18 necklaces, so that's 36 necklaces if I get both kinds of wire! Totally worth it!
An Entrepreneurial Adventure
Showing posts with label pricing. Show all posts
Showing posts with label pricing. Show all posts
Thursday, March 22, 2012
Thursday, March 1, 2012
Pricing Decoded?
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!
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!
Thursday, February 23, 2012
The Next Level
Today's Silver Price: $35.24/t.oz.
Silver is up $1.09 today... UGH!
I sold a necklace at my office today! It was a nickel wire heart link necklace. All I had to do was wear mine to work and someone wanted to buy one! Easy peasy.
I realized today that my day job is NOT making ends meet. After an expensive car repair this week I've decided that something has to change. I've already cut back on a lot of things. I don't buy new clothes, I bring my lunch to work, I don't go out much on weekends. The problem is I'm not binging in enough money to pay for Life in General. So it's time to kick the jewelry biz thing into high gear. I really need to designate time each week for making jewelry and getting it posted to Facebook and my Etsy page.
These wire necklaces could be a big money maker. At $25 a pop, or $29 through the Etsy page (includes shipping), they have the potential for creating greater income than the smaller jewelry items (obviously!).
I do have two events on the horizon... but actually only one of them would be for jewelry. Last year I did a craft fair at a local bar that was having an Earth Day celebration featuring female musicians, dancers, crafters and artists. It was a really cool event! There was no table fee for this event so every sale was profit, and I made several sales that night. I've heard from the organizer that the bar will be holding this event again on April 21st. Sweet! I think I may have mentioned before- people buy more when they've been drinking!
The other event is an outdoor art festival. Artists are able to purchase booth space to sell their work in. This one is scheduled for Memorial Day weekend, though I have not yet found the registration form or pricing information.
Both of these events look promising. I just have to be ready with a LOT of inventory! It works out well though, in April I can focus on making jewelry, and in May I can focus on paintings. It's nice when The Universe lays out a path for you to follow!
Silver is up $1.09 today... UGH!
I sold a necklace at my office today! It was a nickel wire heart link necklace. All I had to do was wear mine to work and someone wanted to buy one! Easy peasy.
I realized today that my day job is NOT making ends meet. After an expensive car repair this week I've decided that something has to change. I've already cut back on a lot of things. I don't buy new clothes, I bring my lunch to work, I don't go out much on weekends. The problem is I'm not binging in enough money to pay for Life in General. So it's time to kick the jewelry biz thing into high gear. I really need to designate time each week for making jewelry and getting it posted to Facebook and my Etsy page.
These wire necklaces could be a big money maker. At $25 a pop, or $29 through the Etsy page (includes shipping), they have the potential for creating greater income than the smaller jewelry items (obviously!).
I do have two events on the horizon... but actually only one of them would be for jewelry. Last year I did a craft fair at a local bar that was having an Earth Day celebration featuring female musicians, dancers, crafters and artists. It was a really cool event! There was no table fee for this event so every sale was profit, and I made several sales that night. I've heard from the organizer that the bar will be holding this event again on April 21st. Sweet! I think I may have mentioned before- people buy more when they've been drinking!
The other event is an outdoor art festival. Artists are able to purchase booth space to sell their work in. This one is scheduled for Memorial Day weekend, though I have not yet found the registration form or pricing information.
Both of these events look promising. I just have to be ready with a LOT of inventory! It works out well though, in April I can focus on making jewelry, and in May I can focus on paintings. It's nice when The Universe lays out a path for you to follow!
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, December 8, 2011
Shipping and Handling
Today's Silver Price: $31.80
I've been learning a bit about shipping lately. So far I have only shipped bracelets as those are the only items I have sold on my Etsy site!
I first wrap the bracelet carefully in tissue paper, then place that little package inside a small plastic bag with my business card inside, along with a hand-written note thanking the customer for shopping at Silver Current Designs. Everything goes inside the plastic bag so if the envelope gets wet everything should stay dry. Now I'm not talking about Ziploc sandwich bags here, I have purchased small 4" by 5.5" bags from a craft store. I've been using small padded mailing envelopes from the post office- I think they are 6" by 8" (not sure on that). The envelope costs $1.19, and I get shipping confirmation which costs 80 cents, and the whole thing costs between three and four dollars.
I shipped a package yesterday and it surprisingly arrived to my customer today. She only lived a few towns away but still that was pretty quick for the USPS. At the post office I was expecting lines, people trying to mail huge boxes, general chaos and screaming but there were only a few people in there yesterday. I guess the holiday mailing madness hasn't started yet!
Here's a little secret for you. On my website my items are listed with free shipping. The fact is, I have included the cost of shipping in the price of the item. If I were to sell a bracelet at a craft fair, I would charge the customer $15. When selling the same bracelet on my Etsy site, the price is $19.00 with "free shipping." I think there is something about the phrase "free shipping" that encourages customers to make a purchase. Most people of course will probably realize that the cost of shipping has been calculated into the price of the item... but still that word FREE has magical powers...
I am looking into opening an online account with USPS. This would allow me to print postage labels from home and just drop packages off at the post office rather than waiting on line to pay for postage. I would have to get a scale which could connect to my computer in order to get correct postage for my packages. I don't know that I'm ready for this phase yet. I think if I start shipping orders on a regular basis I will set up an account, but for now I'll just run to the post office on my lunch break.
I've been learning a bit about shipping lately. So far I have only shipped bracelets as those are the only items I have sold on my Etsy site!
I first wrap the bracelet carefully in tissue paper, then place that little package inside a small plastic bag with my business card inside, along with a hand-written note thanking the customer for shopping at Silver Current Designs. Everything goes inside the plastic bag so if the envelope gets wet everything should stay dry. Now I'm not talking about Ziploc sandwich bags here, I have purchased small 4" by 5.5" bags from a craft store. I've been using small padded mailing envelopes from the post office- I think they are 6" by 8" (not sure on that). The envelope costs $1.19, and I get shipping confirmation which costs 80 cents, and the whole thing costs between three and four dollars.
I shipped a package yesterday and it surprisingly arrived to my customer today. She only lived a few towns away but still that was pretty quick for the USPS. At the post office I was expecting lines, people trying to mail huge boxes, general chaos and screaming but there were only a few people in there yesterday. I guess the holiday mailing madness hasn't started yet!
Here's a little secret for you. On my website my items are listed with free shipping. The fact is, I have included the cost of shipping in the price of the item. If I were to sell a bracelet at a craft fair, I would charge the customer $15. When selling the same bracelet on my Etsy site, the price is $19.00 with "free shipping." I think there is something about the phrase "free shipping" that encourages customers to make a purchase. Most people of course will probably realize that the cost of shipping has been calculated into the price of the item... but still that word FREE has magical powers...
I am looking into opening an online account with USPS. This would allow me to print postage labels from home and just drop packages off at the post office rather than waiting on line to pay for postage. I would have to get a scale which could connect to my computer in order to get correct postage for my packages. I don't know that I'm ready for this phase yet. I think if I start shipping orders on a regular basis I will set up an account, but for now I'll just run to the post office on my lunch break.
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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