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I posted this on business topics, but many people seem to be unsure of how to price crochet, so I thought I'd ask you guys (Hope it's alright)
I just listed this giraffe, and I feel like it's priced too high! I'm pretty confident in my other prices, but this giraffe is causing me a lot of grief!!
Prices still stress me out, and I have a price calculator, but right now I am only making a 20% profit on each item (including this one) and have even been taking 30 minutes or more off of the time it takes for me to make each one, and therefore the amount I pay myself.... I don't want to sell too low because it takes me forever to make each item, but is that better than pricing too high and not selling at all?
How much % profit do you guys calculate into your prices? (If it's not too rude to ask)
Posted at 2:32 am May 16, 2012 EDT
It is a dilemma and one I am still trying to figure out. Most of the time I make my expenses, materials, time, no more than 40% of the item. So if I want to list a sweater I first calculate how much it will cost me to order the yarn and have it delivered. I then add in my Etsy and PP fees, and take that number and divide it by 40% and that gives me a 60% profit and time spent for the item. Not sure if that is right or not but it seems to working for me.
Posted at 12:49 pm May 25, 2012 EDT