custom order jewelry pricing
View previous topic | View next topic >
Post new topic Reply to topic
M.A.I.L. Forum Index -> Knitting Circle
   
Author Message

Joined: January 17, 2008
Posts: 2
Submissions: 4

custom order jewelry pricing
Reply with quote
Posted on Sun Oct 19, 2008 8:21 pm
Link to Post: Link to Post

Does anyone have a method for pricing custom jewelry order requests for customers? I have a workable method for non custom orders. I need something so that when a customer says they want a byzantine bracelet in 20g sterling eight inches in length I can easily calculate a price say per inch with my own fudge factors ( ie price of silver etc) thrown in. I appreciate any and all help on this.

Silver Crow

Joined: October 14, 2007
Posts: 149
Submissions: 3

Reply with quote
Posted on Sun Oct 19, 2008 9:11 pm
Link to Post: Link to Post

Ok, I am definately no expert on selling things, but my grandpa said that you should multiply however much it cost to buy the materials by three and that should be your price. Now with chainmaille this theory needs a bit of expanding, cause we like to buy in bulk. So:
1. You will need to count the rings you use (make sure to have seperate numbers for each type of rings you use)
-If you made your own rings you will need to find out how many rings per foot and then cauculate how much it cost
-If you bought the rings then just divide the price by the amount of rings you bought (not used), this will tell you how much each ring cost (CPR), then simply multiply the CPR by how many rings you used.

That is just one way, check out the articles section under buisness for more ideas.


"Who is to say that I am who I say I am if no one knows who I am not to become but me."
-Azrenn the Draconian

Maille Code V1.0 T5.2 R5.1 Fbyz Mfe.s Wcs Cjaw G1.6/0.3 |25/1 Pa Dacdj S06

Joined: August 14, 2006
Posts: 1890
Submissions: 50
Location: McPherson, Kansas

Reply with quote
Posted on Sun Oct 19, 2008 10:07 pm
Link to Post: Link to Post

The only problem with any "materials times number" formula is it does not take into account the time required.

Materials*3
Simple example:
Bracelet A takes $3.00 worth of materials and takes 1 hour to make. Price: $9.00.
Bracelet B also takes $3.00 worth of materials, but takes 3 hours to make. Price: still $9.00.

Why make bracelet B if bracelet A is a better return on your time?

Materials+(Rate*Time) should be the absolute minimum you should use. Use a multiplier on materials, if you want. Add in overhead, if you think it's significant. Add in profit, if you want to (although, for an individual, they can probably get by with wage is profit).

I'm not a business major, however. There have been plenty of discussions on this over the years. Probably ought to browse through the Gallery forum, as people often post "I made this, what should I charge?" threads. Knitting Circle, also, perhaps. Cynake can speak volumes on financial matters, and has frequently chimed in on pricing discussions.


Comprehensive Diameter Database: Web Page | Online Spreadsheet | About the database

"When you have bigger wire, you make bigger maille. It's neat like that." -Cynake, January 15, 2009

Joined: April 29, 2002
Posts: 3213
Submissions: 93
Location: Albany, New York

Reply with quote
Posted on Sun Oct 19, 2008 11:09 pm
Link to Post: Link to Post

Here's a convenient article from our library: Business 101: Maille


"The fact that a believer is happier than a skeptic is no more to the point than the fact that a drunken man is happier than a sober one."

— George Bernard Shaw
___________________________________

Maille Code V1.0 T5.7 R5.1 Fhd MCu Wc Cd G2.03/.56 I9.75/3.25 Pn Dacdjs S97 CCi

Joined: August 10, 2005
Posts: 7093
Submissions: 337
Location: UK

Reply with quote
Posted on Mon Oct 20, 2008 9:45 am
Link to Post: Link to Post

The article above is good.
This is how I work out price:

Materials X2 +
A fair hourly rate +
Any and all overheads (like power, wear on tools, everything) +
A profit (this can be big or small, totally up to you) =
Price


Maille Code
V2.0 T7.3 R5.4 Ep Feur MAg/Cu Wm$ Cbjpw$ G0.5/3.0 I1.5/12.0 N322.150 Pajs Dacdjsw Xa7g631p4t24w64 S88 Hipsu

Joined: June 26, 2008
Posts: 308
Submissions: 2

Reply with quote
Posted on Mon Oct 20, 2008 3:59 pm
Link to Post: Link to Post

my usual formula is:

materials + labor * 2

labor is time spent times what you think your time is worth... i go with $20 an hour most of the time.

then i take the above and double it again, and charge somewhere in between the two.

then there's an adjustment for what would sell (or what does sell, once you have experience in that).

one example where i have to adjust prices downward - i make AA keychains in various weaves & lengths. There's only so much you can get for a keychain - i think i have the most expensive one at $20. however, i know that people aren't going to pay the same for a 2" keychain as they would for a 4" one, so even though the 'formula' pricing comes out pretty close, i have to drop the price a little on the short ones so they will have a better chance of selling.

note that this example is theoretical when it comes to what actually sells... i'm going to a certain extent on what my kids (teenagers) like and what their friends seem to be interested in. my theories might change after a couple of christmas shows.

Joined: January 17, 2008
Posts: 2
Submissions: 4

Reply with quote
Posted on Mon Oct 20, 2008 5:44 pm
Link to Post: Link to Post

Thanks for all the replies. I guess what I'll need to do is just sit down and figure out how many rings of each size I use to make 1" of a weave. Then when I get customer inquires I can just plug in cost per ring x # of rings per inch and then x length desired and that will give me a quick material cost and then I can just add in the fudge factors ie. hourly wage etc.

Joined: March 20, 2008
Posts: 2009
Submissions: 57

Reply with quote
Posted on Mon Oct 20, 2008 5:59 pm
Link to Post: Link to Post

You may also grab 100(or more for even more accurate results) or so rings in each wd, ID, and material you use regularly and weight them to get an Idea of that cost(don't forget to calculate for waste), so when you have mixed pieces (like 30% copper/70% silver)you will be able to fiugure out the cost easily.

Post new topic Reply to topic
Jump to:  
Page 1 of 1
All times are GMT. The time now is Wed Jul 17, 2019 9:15 pm
M.A.I.L. Forum Index -> Knitting Circle
Display posts from previous: