❓✨I have a question for you guy's re: pricing ✨❓

Hello beautiful people! :heart_eyes: Lately I’ve realized that for some of my items I’m not pricing them high enough!!! :scream::scream::scream:

Usually when I crochet something new I think about how hard it was, how long it took and by looking at it what would I pay for it? And up until now that’s worked for me! Then if it’s an item I’ve been making for a while for markets I’ll adjust the price! :money_bag:

But now that my business is growing I need to figure out a way to calculate the price for the item :thinking: :speech_balloon:

So I was wondering if you guy’s had any tips or a price formula you use to figure out pricing! :sparkles::sparkles::sparkles:

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Ok so sorry if I’m abiut to blurb

What I Do first is take the cost of the total materials, ( yarn, safety eyes, stuffing etc ) then add my hourly wage ( it depends on where you are, in Quebec Canada it’s 16$ a hour but I only charge myself 12$ ) and multiply it by however many hours it is. I used to just do this but reliezed I hadn’t been making any money! So. Make. Sure. To . Add. Your . Profit . Margin!!! :clap:t3:

This depends on how much you want, like 10%, 30% or 50% to your total!

So let’s do a little plan. I make a leggy froggy, the TOTAL material cost is 4.50$, it takes me 25 minutes to make (idk the exact cost, but let’s just say 2$) adding 50% profit margin, that makes 9.50$! I like to round up so I charge 10$ each! Thats just how I do it to make sure I’m charging my self enough because it takes time and effort!

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this is a great explanation!

@duckycrochet0318 can you help with this topic? i saw you explain it somewhere else as well :)

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My suggestion is that you give yourself a price per hour. So if you spent for example 2 hours on a plushie, you could price it $20, ($10 per hour) plus the supply fees which could be about $5-$6 so you could put it as $26.

Hope this helpss

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If you are talking about pattern pricing for your shop on here, I see most prices between $3-$6

For beginner patterns that are small, $3 is a fair starting price, but on here, you will have to contend with the fees for selling the pattern and stripes fees, which may eat up a portion of what you get.

So starting at $3-$4 is probably the best bet! For bigger things (like Steve) you can price it at $5-$6 fairly.

The more detailed the pattern is tho, the more it’s worth. You could make bundles of your patterns too! Take $.75-$1 off the price of each pattern and combine the price of all the patterns you are bundling. To make the bundle like a little discount.
For example: say you have 3 $6 patterns you want to bundle…take $1 out of each pattern price and add them all together at $5 per pattern and it’s $15!
This way, they are getting all three patterns at a little discount for purchasing the bundle where as all three purchased separately would be $18.

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ofc! a good way to price items consistently is by using a formula. for example, let’s say “x” is the number of hours the item took to make, and “y” is the cost in materials. one formula you could use is 6x + y = cost. this is basically paying yourself 6$ an hour. hope this helps!

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Lol you read my mind I was about to ask how should I go about pricing patterns :rofl:

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I love that you came up with a formula like this! This is really helpful thank you!

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Thank you so much! I should really have a stopwatch going when I crochet to see how long it takes lol :rofl:

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Thank you so much! I should really consider the material cost :thinking:

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Absolutely!

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