Hourly rate for handmade beaded jewellery?

mapleleaf1010

I need to calculate the price for my handmade beaded jewellery, but don't know how much my hourly rate would be.

Any suggestions please?

Cheers.

Reb2016

I would want at least minimum wage, but the craft market is very competitive so you might find that you are charging more than most others making this type of jewellery. (That's why I stopped making Jewellery)


Might be worth looking around at places such as Etsy and Local craft markets and working out what you think those people charge themselves.


Reb

mapleleaf1010

Reb2016 wrote: »

I would want at least minimum wage, but the craft market is very competitive so you might find that you are charging more than most others making this type of jewellery. (That's why I stopped making Jewellery)


Might be worth looking around at places such as Etsy and Local craft markets and working out what you think those people charge themselves.


Reb

Yes, I agree that it should be at least minimum wage. I'll have a look at Etsy and see what people are charging for their jewellery.

It's a shame that many people expect crafters to sell their jewellery cheaply (boot sales or ebay prices).

Pun

Hourly rates aren't always the most helpful way to price a handmade craft item because individual rates of working/the quality of the finished item vary so much. You could seriously underprice if you are a fast worker turning out fabulous quality items which are bang on trend. Alternatively, you could price yourself out of the market !

Try the 'rule of thirds' - one third of the price covers components, one third covers overheads and one third is profit - and see what sort of return that gives you in relation to time spent.

Tealblue

Forget trying to work out an 'hourly rate' - just sell for the maximum the market will stand. If that doesn't bring in a return you are happy with (whatever benchmark you set, which may equate to the minimum wage if that's your measure of success), think again about whether it's worth the effort. A quick look at the selling prices on ebay tells a depressing story about how much (or rather how little) people are willing to pay for hand crated items.

Jo_F

I do a lot of bead weaving, which obviously takes a lot of time, my pens take 5 hours each, so there is no way I could charge for the time. I tend to base the selling price on the cost of materials, either x3 or x4 depending on which I think the item would sell for