Pricing your crafts is an interesting subject and I’m finding that the more I visit craft fairs, look at Facebook business pages etc I am often saddened by how little some people charge for their handmade items. I’m not aiming to tell you how to price your items with this article but to get you thinking and discussing it, I want to know your experiences and opinions on pricing?
In my opinion, many people seem to undervalue what they make, usually with the excuse ‘it’s just a hobby’ or ‘as long as I make back my materials costs I’m happy because I enjoy what I do’ and other such reasons. When I talk to most people about how they price their handmade items, most tell me they just pick a figure they think is reasonable or similar to prices in the shops. Some even worked out their cost of materials, the time it had taken to make the item plus any overheads and then when they had picked themselves up off the floor, (and that’s without adding on any profit!), they still chose to ignore the realistic figure and chose a figure which they thought was ‘reasonable’ and comparative. It seems most people err on the side of caution when costing their items and charge too little rather than too much, I know I’m guilty of that! Also, even when their prices are already low they often reduce them again due to poor comments from the public or lack of sales, rather than having the confidence to stick to their own beliefs of what the item is worth.
But, here’s a thought. Can charging too little for handmade put buyers off? It seems some people who appreciate handmade can be put off by an item that is under priced. I know you can sometimes think if you price something cheaply enough it will sell well, but when you price handmade items too cheaply, the first reaction by some buyers can be what’s wrong with it, why is it so cheap, must be made from cheap materials, maybe it’s not really handmade?
People who appreciate handmade, the amount of work involved and the quality and uniqueness of an item will gladly pay the right price for it. People who don’t appreciate handmade, no matter how high or low your prices, will pick up your items and gasp when you tell them the price and go on to tell you they can buy it in Primark or other such shops for less than half that, do you really want to keep lowering your prices to please these people. I say let them shop elsewhere?
So how do you price your crafts? I would love to know your thoughts and opinions?