Informed Pricing Strategy

Carol Duvall Show : Episode CDS-126 -- More Projects »

Suzanne McNeill's keen awareness of the craft marketplace is apparent, and here, she shares her knowledge of pricing methods and the prime craft outlets. in one of her books, How to Make Money With Your Craft, Suzanne submits even more detail and equations for determining pricing, such as:

Set an hourly rate for your labor. If it's a craft, then take your supplies plus your Labor and add 20 percent to that.
If it's a floral design, multiply the cost of your supplies by 3.5 and add the labor cost and 20 percent to that. Floral arrangements are priced differently because the supplies are more expensive than for some other crafts.
If you have a service craft, such as one that requires you to frequent the consumer's home, then multiply your supply cost by 10 to cover travel and incidental expenses.
Investigate market prices. Conduct extensive research in this area so that your costs are not off-base.
Offer related accessories with your craft. For example, if shirt design is your main focus, scarves or pins might be considered as additional selling points.

Also in this Episode

Carol Duvall Show : Episode CDS-126
•	Informed Pricing Strategy
•	Beaded Necklace
•	Building A Clientele
•	Ring Around The Collar

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Informed Pricing Strategy

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Crafts

Informed Pricing Strategy

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