Hello!
HELP PLEASE! What should I charge for this ring. The ingredients cost me £9.50. The ring base (size 8) is sterling silver and the crystals are swarovski 6mm and the pins are also sterling silver. I see them on sites at around £8-£12
What would you pay?
Happy Weekend All.
Will be putting up some more pictures on MISI and FOLSKY and Talking Beads sites this weekend.
When my brain has worked out how I will be putting up those clever picture links everyone else has.....
Can one of my followers please tell me, in words of one syllable, how.
Good Night x
I would say to make it a viable product, you need to charge at least 2.5x the ingredients cost, so you're talking around £24. I would personally pay that and more for a sterling silver ring. It's gorgeous and handmade, which is even better xx
ReplyDeleteI would consider it a bargain at £8-£12. I have paid between £10-£30 for a silver ring but the majority of the rings I own have cost about £15-£25. If you are selling it on the web I think you need to take postage and packaging into account. People don't want to pay £30 for a ring and the £5-£10 and upwards on postage. It's a bit excessive for a small item. Hope this helps!
ReplyDeleteYou should use a formula for each piece of jewellery you make so they are all in line with each other on price. Firstly think of an hourly rate that you are willing to work for. A good formula is materials + time x 1.5. You are then working for an hourly rate and also get a good profit because after all you are trying to make a little for yourself not give your work away. Eg, you work for £10 per hour and the ring took you 1 hour to make you would be looking to sell it for £29...you can always reduce/increase your hourly rate to what you think is appropriate.
ReplyDeleteHope I've helped a little :O)
Oh by the way, that ring is beautiful!
I am useless at pricing, as you can tell by my folksy shop, but the advice that has been given here will help me aswell. I think the ring is gorgeous.
ReplyDeletelove n light
Chris