As a budding jewelry designer faced with the challenge of setting prices for your handcrafted beads/jewelery, you are faced between making the right choice between the cost of production and an affordable budget of your target customers.
One must consider the following criteria before settling on a price to sell your finished bead designs, wire works or handmade jewelery.
1. Time involved ( Going to source for supplies in the market, hours in creating and finishing the jewelery piece).
2. Complexity of design and efforts put in to make quality jewelry.
3. Cost of jewelry supplies (Tools, beads, wire, gold, stoppers, hooks, clasps, fishing line). The total cost can not be put on the finished product, only a fraction,especially with tools that can be reused, but one must consider the law of diminishing returns and eventually the tools must be replaced when the are worn out or misplaced. Also buying supplies in bulk reduced the average cost of producing one unit of jewelry.
4. Shop rent
5. Marketing costs (Sales rep commission).
7. Any other overhead expenses
8. Difficulty or ease of replacing the jewelry materials.
9. Your level of expertise and experience
10. How much your intended customers will be willing to pay for the finished products.
Tips for Beginners
- Never overprice your products, start with a moderate fee but never under price either, that you make the jewelry design worthless and spoil market for the bead/jewelry designers.
- Join a bead association or network with other bead designers and seek advice to determine the current selling prices for trending bead designs.
- There are some Nigerian bead designers, in their frantic effort to make money at all cost or recover money spent on their bead training, tutorial will offer beads at ridiculous prices, this is bad for bead business. And undermines their integrity.