Wednesday, February 27, 2008

More information about pricing

The pricing question keeps coming up on the PMC group in Yahoo! and I wanted to post an answer here that I gave based on one artist's concern about being newer at MC and so there for taking more time to create items then she thought she should. The concern is that in trying to make sure that you "pay yourself" the price for your jewelry does not some how turn into something so outrageous that you are no longer competitive.

Lynne Richardson wrote a great article called "Jewelry Pricing: The Time Factor." that Rene Klingenberg posted on her web site "Home Jewelry Success Tips". The issue of time for jewelry artists is difficult not just for newbies but for any level artist. Some times things don't go as planned or a design does not work the way you thought it would in your head. You have to find ways to factor out the learning curve or mistake correction issues - called Cost of Quality in the manufacturing world - and only account for your time that really goes into the piece (like you can't count the kiln time while your are throwing in a load of laundry during the firing LOL - okay so my studio is downstairs next to my laundry room).

As for being slower because you are newer at the task (like sanding) this is where charging a fair and reasonable price for your time fits in. Like in any business - if you are new - you should be paid a lower amount per hour then some one who has more experience or some one who is a master at it. One writer in the jewelry business talking about pricing suggested that if you are new to the field you might only charge $10/hr for your time while some one with more skill should charge $15/hr and a master might charge $20/hr. This makes some allowance for the slower pace you might have tackling a new technique.

So how much are you paying yourself?


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