Deciding how you will price your crochet work is one of the hardest decisions you’ll make as a crochet-for-profit seller.
When I began making items to sell, I had no idea where to begin.
Should I multiply my cost of goods by three?
Should I charge for materials?
What about shipping?
Am I charging too much?
Am I charging too little?
When I began making items to sell, I continuously lost money for the first six months because I had no idea what to charge, and I was afraid to “compete” with others who sold similar items on places like Etsy.
I wanted to actually make money selling my work, so I came up with a really easy formula that I could apply to any item I made.
When I stick to it, I have a clear price for my work, and I always get paid what I’m worth.
Step 1) What do I NEED to make per hour?
$10 an hour?
$15 and hour?
If you were to have a job elsewhere, what would your wage need to be?
Think about it; you can only crochet so many hours per day, per week, per month. That precious time is valuable. An hour spent crocheting can take a toll on your body; your hands, wrists, arms, shoulders, neck, back…
This is your skill, and it’s laborious. Your time spent on a project should be documented by the hour, and that is worth a fair wage.
Step 2) How much time will it take you to complete the item?
Let’s say you’re making a baby blanket, and it takes you 8 hours to complete.
Let’s say you’ve decided that you need to make $10 per hour.
You should charge $80 for your LABOR. Make sense?
You’ve spent 8 hours of your time making an item, and you know what you need to earn for a day’s work, so don’t be afraid to charge accordingly.
“But I crochet really slow…”
I hear this a lot, believe me.
But, your time is your time. Your skill is your skill.
You are making one-of-a-kind items by hand, and your time matters. If you are making a consistent array of items then you will naturally streamline your process to speed up just a bit.
But, don’t skimp on the value of your time, and what it’s worth. You are worth a fair wage!
Step 3) Factor in the cost of materials.
Are you making a blanket with $12 in acrylic yarn?
Add that in to the overall price.
Are you shipping the item?
Add that in, too.
Let’s see what that looks like…
- You made the baby blanket, and your LABOR charge is $80.
- Add in the cost of materials, $12.
- Add in the cost of shipping, let’s say $6.50.
The total you should be charging for that blanket is $92 + $6.50 in shipping.
Some of you will immediately have a sense of sticker shock.
“But, nobody will pay $92 for a baby blanket…”
If this is your profession, you’re worth a fair wage.
Your time is valuable, and you deserve to be paid a wage that makes this business a successful one for you and your future.
Want to try this simple formula for yourself?
Watch my video below for even more on this subject!
Peace + Love + Crochet
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