How to set a price?

Hello fellow hooksters,

I received my first real custom order a while back and I wondered how you would go about at calculating a price.
I used one whole skein which was €3,08.-
Otherwise just bits from pink, dark brown, and white.
Stuffing ofc.
I am not yet completely done but I might’ve worked 3hrs on it?

Cheers everyone :slight_smile:

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Congratulations on receiving your first custom order :blush:

Pricing is really up to you, but what you might want to factor in could be these things;

  • Price of yarn
  • Price of pattern (if you needed to buy one)
    • Time
      Or
    • Materials/stitches
  • Sometimes, if you sell on a website, you want to count in any sort of fees, too
  • Sometimes, you want to add some percentage for profit

Some people calculate price based on how long they spent on a project, some calculate material cost x 3, some calculate a price based on the stitch count of the project. For some, the minimum wage/hour in their area/country is what they charge as their hourly rate, but some go above that.

Also, you want to add in the shipping cost (if applicable).

So, what is your time worth?
Say that you take €12/h. Then 3 hours would be €36+€3= €39 (+the cost of the pattern) :slight_smile:

There are so many ways to price things (some go up or down in price based on how big/small the item is, too), and there’s no “correct” way to price things; it’s entirely up to you and what you feel comfortable with.

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Congrats on your first order!!

There’s lot of different ways to calculate prices, but I personally charge for time + materials + sales tax because it works really well for me.
I try to charge at least minimum wage in my state ($12.30/€11.20), but I do go lower with certain items.

Let’s take my no sew bees for example:
I charge $12/€10.92 an hour for them.
They take 30 minutes.
They use about $5/4.55 worth of yarn.
Sales tax in my state is 4.225%.
So $6/5.46 for time, $5/4.55 for materials, and about 46 cents for tax.
Comes out to $11.46/10.42 and then I just round up to $12/11 to make it easier :]

I hope you find a pricing technique that fits you!!

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I also would try to take into account the cost of the actual materials to ship the custom item itself cant forget that lol boxes have gotten expensive :sweat_smile:

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The pricing guide I use is this:
Total hours x hourly rate + material costs! Hope this helps someone!

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