A simple formula / guideline to help you price your handmade products. Get the free printable here: http://hollycasto.com/free-resources
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Thanks a lot for this! I've been interested in opening an etsy shop for a long time, and now I'm decided to push it up, I came across your chanel and it's great. I'm going to get tips and handle information before starting it, and might I update you about my movements! I couldn't find your Instagram account, did you changed it?, Thanks a lot
What about your overheads .. bills, rent/mortgage, electricity etc.... surely you need to factor that in too? Otherwise how will you be able to sustain a business? Or will that be covered whrn "times two"?
Question - How to you calculate materials that you don't use all of on a single work. ex. paint, colored pencils, etc. I know how much the canvas was, but how do you average it out over several pieces? TIA :) As always - thank you for your videos!
Thanks for your videos! I consider them very helpful but I'm having trouble with the formula.
I wanna sell sticker(sheets) on etsy. Let's say I wanna pay myself minimum wage 8,5€ and need 0,3 hours. That would be 2,55€. That x2 would be 5,1€ and THAT x2 10,2€. Now who would buy a 10€ stickersheet? 🤕 I'm thinking about pricing them around 2,80€ because that's more or less the average.
Do you or anyone else have some advice? Thanks!
I don’t see how this formula is accurate an amigurumi doll i have priced is looking at £22.35 for materials and it would take around 7 or 8 hours to complete even at only £5 an hour (which is less than the national minimum wage in the UK) your formula would price it at £265! How can that be correct - have i gone wrong somewhere?
So I set up my stationery HQ account... and I've got your pricing guide... however... I'm still not sure what to tell someone if they want to order like 50 of one of my invitation cards or what have you. Say I want my pay rate to be 10/hr and then the cost of having printed from HQ is $2 so I come up with about a $48 retail... I'm just a little unsure I mean i would say just double the cost of HQ then multiply that by quantity and then add hourly rate to that. Then 50 custom invites would be actually still a lot....lol like $210... I myself would not pay over $100 for 50 invites. But I'm cheap.
See... I've heard this before but I'm not sure I believe it would work. Take knitted hats, for example, which I used to sell on etsy. If i knit fast, let's say it would take me 2 hours, at a minimum wage of $10 an hour. Plus some cheap yarn at $5 per hat. That's a ballpark cost of $25. Double that for wholesale and double it again for retail and you've got $100!! There's no way anyone would buy a knit beanie for $100. This is where pricing formulas have always frustrated me. The average price for this product on Etsy is $5-30, so customers are conditioned to want to pay that. Someone selling the same thing for $100 would never sell anything!
So just double the cost of materials, (x)qty + hourly rate.
$5x2=10 -dbl cost
10(1)=10 -qty ordered
10+10(2)=$30 -added pay
$30 for one knitted beanie that took you 2 hrs to make with only $5 materials.
This is a nice simple formula, but I don't think I can use it. Not because of the reasons you stated, but because no one would want to buy a hand made book at about $700. Any ideas? I know you said to look at what others are selling theirs for, but I just wanted to know if you had any other ideas. Thanks.
I know Brian, same for me. I create figurines and nobody would want to pay 150£ for one. I just use the simple material+expenses+labour+fees. I can’t even add profit because I feel it would be way too much.
Thanks for sharing, Holly. I think I almost have my prices worked out (same formula with some adjustments). For Etsy shops, do you think it's better to "open shop" with 10+ items or to just open and post what you have as you go along? I was trying to build up an inventory and, long story short, I had a set back and don't have many items. I just don't want to delay any longer.
Trinican Bee I would always recommend starting your shop with at least 10 items, yes. Otherwise you have the ghost town vibe going on and that's not the best first impression for a shop. You can always add more as you go along, but you should have at least some sort of starting inventory for the first opening, to give people a good taste of what your shop's going to be about. Think of it like a grand opening for a brick and mortar store. You wouldn't open with just one item. You'd have a bunch of stuff and make it a big event where you're unveiling a bunch of stuff at once.
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