>Home>Craft Business>Craft Pricing

Another Craft Pricing Problem

Pricing a Unique Craft

I have designed a craft that I believe would do well with spas, tanning salons, anywhere where you give out gift certificates.

I am looking toward the holidays. It just decorates the envelope much prettier.

I just do not know what to charge.

It is time consuming; that is my biggest problem.

I try to cut corners but I can’t too much or it will take the effect away.

Can you give me any idea what to do?

Thanks.

Lisa

---

Boy, it’s really hard to help with such limited information!

I realize you are trying to protect your idea, so I won’t pry. The best I can do is offer some suggestions on how to think through your pricing strategy.

The market (or what the market will bear) sets the upper limit on what you can charge. The lower limit is the sum of your costs – including compensation for your valuable time.

I’ve done holiday gift certificates for stores. They were self-envelope cards – you know – the type that folds in thirds to make its own envelope. They had nice little holiday stickers to seal the flap. I priced them based on what a card of similar size and material would cost in the local card shop; plus a little extra for the customization.

Unless your “envelope decoration” has some further use, I don’t think you can charge more than a very fancy card would cost.

So go browsing in boutiques and card shops. Look for hand made cards or envelopes that are somehow similar to yours – whether because of the materials or time required to craft it.

If your envelope decoration is something the recipient would save, like a refrigerator magnet or a Christmas tree ornament, you can add a charge for the extended use.

For example, say you decide that the envelope by itself is worth $1 and the detachable ornament by itself would cost $2; you could expect to get $3 for your decorated envelope. If the idea is really unique, you can sometimes get a little extra for the cleverness.

For more detail, please read

Maximize Your Price

In that article, I cover some books and other resources to use to become more proficient in reaching the right price.

Also read my answer to Elizabeth's similar question about pricing her craft.

Finally, I recommend you read The Basic Guide to Pricing Your Craftwork for pointers on how to set an ideal price.

Don't give up. We crafters have to keep pushing the envelope!

  | Top | Craft Business Articles | Home |