Etsy Postings for 6.2.13

Today's Silver Price: $22.26/t.oz. (WOW!)

I've had a tough time getting back into blogging. I'll do an easy one tonight... below are the latest additions to my Etsy shop. A lot of the silver-plated components used in these designs I purchased from Etsy sellers, so that's pretty neat. Also, I'm liking the solid black background in the newer pictures. I think the older pictures are using backgrounds that are too busy and they take away from the jewelry. I think I'm going to continue using solid black backgrounds, or white backgrounds with a very subtle design on them. I'd like to re-shoot the older listings eventually to create a uniform look in the shop, but who knows when I'll get to that!

Just posted these on Etsy tonight:

Silver Leaves Necklace

Silver Leaves Earrings

Diamond Shaped Earrings 

Hematite & Silver Earrings

Quick Tip- Raise It Up!

Today's Silver Price: $32.70/t.oz.

NEW CONCEPT ALERT!

Today I read a very brief tip on wire-sculpture.com that suggests jewelry makers raise the height of their tables at fairs and craft shows. This way the customers do not have to bend over to look at the jewelry. By simply adding some PVC piping to the legs of your folding table you can raise your display up closer to eye level. Brilliant!

I suppose this does present a challenge when trying to find a table cloth for your new MacGyver-style table, but I guess an extra long piece of fabric from the craft store will do. I'll have to try this out! I think that actual eye-level would be too high though. Maybe a foot above regular table height would be good. Chest-level, maybe?

Any time you can bring your product closer to your customer you are increasing your chances for a sale!



~~~{Blog Playlist}~~~
Modest Mouse, "Float On"
Franz Ferdinand, "Take Me Out"
The Chieftains w/Sinead O'Connor, "Foggy Dew"

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!

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!