Pricing Handmade Jewelry
Wholesale Price: The price of a good set by a wholesaler. The wholesaler will usually charge a price higher than what he/she paid the producer, and the retailer who purchases the goods from the wholesaler will increase the price again when they sell the good in their store\
Retail Price: The list price, also known as the manufacturer's suggested retail price (MSRP), of a product is the price at which the manufacturer recommends that the retailer sell the product. The intention was to help to standardize prices among locations
Cost: the required payment of money before a product can be acquired
Time: the fourth dimension of space time, or in this case how long it takes a producer to produce a product for sale
Materials: what an producer uses to create a product; cost of materials is most important in calculating wholesale price
Pricing Questions
The minimum wage in California is $10.50 per hour, although in places such as San Francisco and Los Angeles the minimum wage is much higher
In my opinion, my time is priceless, but I can't say that when applying for a job, so I would say my time is worth about $20 per hour
If you don't check the market (along with inflation of money value), you can end up overpricing your products, to the point where no one will purchase from you, and would rather go to other sellers for the same product.
If you under-price an item, you can sell more than other competitors. This is good in markets where it is cheap to produce your products (Ex: Fast Food), but if you are selling expensive things cheaper than the rest of the market, it will be more difficult to make a profit, since most of the sales profit will go towards material, rather than time spent producing the product.
If you overprice, well hardly anyone will buy your product. This is okay in a more expensive market (First world country, expensive products), but if you rely on sales for a living, it can be almost impossible to keep up with living payments.
