Pricing can be a very complex issue.
It sounds like you have calculated a fair price for your labour.
Some other things to consider when pricing are:
- Where is your market located?
- If your market is located in a more affluent (wealthier) location you are much more likely to receive a higher price for your products. People in wealthier locations have more disposable income available to spend on ‘luxury’ (non-essential) products.
- Whereas if your market is located in a working class location where ‘disposable’ income is lower you may have to wait a little longer to find the right buyer for your product. There is absolutely nothing wrong with this. If your elephant remains on your stand for multiple markets it is still good ‘advertising’ for the other items on your stall and draws potential customers to your stall.
- If your market is located in a small country town versus a ‘city’. Again the amount of customers visiting your stall in a country town will likely be considerably smaller than if it’s held in a city with a larger population.
- Who is your target customer?
- If your target customers are children (under 18) you may struggle to get “what you are worth” because those under 18 generally have limited income and are more dependent on their parents to purchase your products for them. Unless they come from the more affluent (wealthier) families.
- How you market/promote your business.
- If you market/promote your business as artisan, handmade, limited edition, unique, one-of-a-kind, and use decor and signage to reflect this, you should receive a higher price for your products.
For me, personally, I feel the use of the word ‘plushies’ reduces the perceived value of our handmade products (ie: plushies = kids stuffed toys = disposable = low value). I prefer the use of ‘amigurumi’ as this is the technique we use and is the correct term for what we make. The use of the word ‘amigurumi’ is not common or known unless you are a crochet/knitter. Therefore it gives that hint of curiosity and mystery. Potential customers will wonder, “What is amigurumi?”, “I need to go and see what this is all about”. It feels artisan, unique, exotic. (ie: amigurumi = artisan, handmade, unique = artwork/keepsake = higher value).
Whatever you believe is right for your situation/circumstances is the right choice for you.
Good luck with your market.
I look forward to hearing how it went. 