One of the hardest parts of being a self-representing artist/artisan is pricing. Depending on who you ask, the strategy for pricing handmade textiles (handknits, wovens, etc.) is anywhere from 1.5 to 3 or more-times the cost of materials. If I followed the 3x rule my goods would be ridiculously priced. As it is I sometimes feel that, objectively speaking, my prices are pretty high. But then again what one is paying for is a one-of-a-kind, original designed, handmade work of art. If you want affordable get something mass produced off the rack at TJMax. Right?
The more stubborn and proud artists price high and refuse to negotiate. I envy those people with their amazing confidence. And sometimes they are even successful, but sometimes not. For me it really seems to be hit or miss. In business school I learned all about economies of scale. I found the topic to be both surprising and intriguing; to know that some very successful retailers actually sell some items at a loss but take such huge margins on others that they are, in the long-run, profitable! Keeping all of this in mind I look at an item and grapple with all of these conflicting "rules".
My usual strategy: Okay...how much were the materials for this? Now how much is that x2? Would I pay that much for this? Now. What would I expect to pay for this?...and on and on...It is a very scientific process indeed...But bottom line (no pun intended) I do what I do because I love to do it, not because I depend on what I earn to survive. Not yet anyways. All the same it is a very expensive habit I have and I always need more yarn so that I can keep on creating. And so...
As of tomorrow morning and through June 1st, I am taking 20% off the top and across the board. My gift to you for taking an interest in my hobby, my passion. Thank you.
PS. Don't forget to comment on the GIVEAWAY by Friday 5/22nd to enter to win Blue Cabbage Scarf for FREE!