This week on all of my jewelry making groups seems to be ask how you should price your goods week, and hoooo boy the differing responses that have come from this, along with the debates. No hostile debates, mind you: I’m lucky to have my first wire wrapping group be a very supportive understanding one, but just seeing everyone give their opinions was interesting. And it made me realize something.
There is no right answer.
Sure, I knew that before: I have a formula I like to use for base price, then adjust accordingly. Granted, I haven’t tried selling anything yet: I just did this as a mach pricing exercise a while back, and saw that the prices added up to a logical conclusion. I realize though, that pricing is the tip of the iceberg. Your mindset heavily goes into whether you feel good about charging a certain amount for a piece, whether you factored all of that in with a formula or not.
I realized something for myself during all of this. I’ll just charge what I want! Like, why not charge what you think the piece is worth and not worry about it? The way I see it, the person is either going to buy it or not, no matter what price you have the piece at. I remember being at a craft fair a few years ago and seeing a jewelry vender, falling in love with their work (it was a style of necklace I always wanted) and although I didn’t have the money the day I saw it, the next day I went back to their booth at the fair and bought the piece. This was before I started making jewelry, and looking at the piece now…it’s still nice, but I see what components the necklace was made of, and all the materials really weren’t that expensive. Did I know that at the time? Nope! Did I know how much experience the artist had when I bought it? Not at all: I just saw the necklace, fell in love, and bought it. In fact, I almost bought two!
I know I go back to this a lot, but it’s really important to not let your self-doubt make you underprice yourself, and your hard work. No matter what experience you have, you’re still offering a piece of merchandise that you spent your time, effort, and money on making that should be priced accordingly. Maybe someone won’t buy it, sure, but if not then ask them why, see if you can improve on the design and hit the grindstone again. But never, never, never undercut yourself, because the hardest thing to do is start charging higher prices when you’ve set a pay rate for yourself.