Need Advice on pricing my pretty shiny creations

[Andit]

As many of ya'll are aware, for the last 6 months or so, I've been making jewelry (earrings, necklaces & bracelets). I use it as physio to keep my hands limber (& stave off the arthritis).

I`m in a state of confusion right now (yep, even more than usual). My friend is working on a silent auction for a charity she volunteers with, so I offered her the little pearl bracelet for them to auction off. The charity is thrilled. But (there is always a but, isn't there?)...they want my business info, in case others want to buy my wares. So...I guess I have to start selling my creations. Looks like my project for the week will be discovering the ins & outs of Etsy. & yes, I know I have to take better pictures.

I need everyone's help, please.

First, can anyone give me a really dumbed down version of Paypal? Do I have to have it linked to a bank account? I don't even like online banking (yes, I'm in the dark ages), so the prospect of someone gaining access to my banking info makes me nervous.

Second, I have no clue about pricing. I want to be fair, but I'd like at least the cost of supplies & a bit for my time & effort would be a bonus (the money could give me a chance to make more things to help a couple of charities I know of who have silent auctions). The art shows in my neck of the woods cater to tourists with big wallets, so I'm not about to use their pricing system (sticker shock just about killed me the first time I saw a pretty bauble that I knew cost about $3 to make going for over $100!).

This is what I`m thinking. The little freshwater pearl/silver-plated bracelet, would it be unreasonable to ask $15? Is $10 too much for the rose quartz & silver plated cone earrings? Is $25 too much for the necklace with shell & silver plated chain?

Am I asking too much? Too little? How much would you pay for a pretty little bauble?

[GoddessDigi]

How about cost plus $2-$3 per hour for the time you put in?
So say you spent $5 for supplies, and then 2 hours, charge $9-$11?
Cause they'll also have to pay for shipping.

[GoddessDigi]

Oh, but if you're selling it in a store or something (just not online) you could charge a little more, as there'd be no shipping fee.

[Andit]

How about cost plus $2-$3 per hour for the time you put in?
So say you spent $5 for supplies, and then 2 hours, charge $9-$11?
Cause they'll also have to pay for shipping.

Interesting. & I actually thought I was underpricing. I suppose I've been hanging around the artists in the tourist area too long (even the simplest pair of earrings that takes no more than 15 minutes to make cost over $25).

One of my dilemmas is that I can't price anything too low, or if folks check out my work, the charity I'm donating things too might get far less than they should. If that makes sense?

Thanks so much for your input, I truly appreciate it.

[VeeVee]

Um I think you are underpricing...I would go 15 for the earrings and bracelet if not 20 and 25 to 30 for the necklace. Heck I would 20 for those earings ,I think there cute...mind you I don't have pierced ears lol

[GottaLoveFreeebies]

Perhaps a good place to look and compare for prices may be etsy? It is hard to name a price as I have no idea what supplies cost and how much time you spent making each piece. They are very nice though! I esp, like the necklace!!!

[papillon]

Firstly I love those earrings. I would pay about $20 for them if that helps you out. That's probably what I would expect they would cost.

As for the other jewelry $35 for the necklace and $25 for the bracelet.

[lekate]

Honestly, overpricing can`t hurt. If you have to `reduce` something, people are more willing to buy it (even if it`s higher than your cost of production). That little red slash and a lower price work wonders.

[couponcrazy]

I sell on etsy and have found that this calculator helps in determing a price for my items. You can put in your suggested price, materials and it will determine your profit.

http://www.rolbe.com/etsy.htm

As well, take into consideration whether you want this to become a business, and potentionally wholesale your product. If that is the direction that you would like to go, then you will need to include that into your pricing. Wholesale pricing is generally 40-50% less than retail.

I have my paypal account linked to my bank account and have been selling on line for about 3 years. I have not had any issues with linking the 2 accounts, but mind you the account that I have linked to Paypal is not my regular bank account. I have one that I just use to transfer my money out of Paypal from.

If you have any questions about selling on Etsy, just send me a PM and I would be happy to answer any of your questions!

[barginshopper]

I think your pricing is about right. I do love the earrings and tbe barcelet

[GoddessDigi]

Interesting. & I actually thought I was underpricing. I suppose I've been hanging around the artists in the tourist area too long (even the simplest pair of earrings that takes no more than 15 minutes to make cost over $25).

One of my dilemmas is that I can't price anything too low, or if folks check out my work, the charity I'm donating things too might get far less than they should. If that makes sense?

Thanks so much for your input, I truly appreciate it.

Well, you could always charge more for your time, if you think it's underpricing, that's just a good formula to use, I think.
So always cost+ something per hour of time it took to make.

[mle]

Hoenstly, I'm not quite sure but the prices mentioned by the previous posters seem reasonable. If you do think you're underpricing there's no hurt in trying them a bit over what you were expecting, as you can always lower it.

Those pieces look lovely by the way, I like the pearl bracelet especially!

[gourmetsue]

All I can say is start with the number you want to make! Don't under value your time, trust me on this one!I got caught in that one!. Remember you can reduce or put items on "sale" but once you set a price people would be put off with an increase!

Don't price based on what your materials / time are, price stuff based on what someone would pay for a beautiful, handmade item! Which is what you are creating.

I think $20 for the earrings or the bracelet wouldn't be unreasonable at all and $25 for the necklace is fair! But the biggest question is are YOU happy with your profit on those items?

[FallenPixels]

All I can say is start with the number you want to make! Don't under value your time, trust me on this one!I got caught in that one!. Remember you can reduce or put items on "sale" but once you set a price people would be put off with an increase!

Don't price based on what your materials / time are, price stuff based on what someone would pay for a beautiful, handmade item! Which is what you are creating.

I think $20 for the earrings or the bracelet wouldn't be unreasonable at all and $25 for the necklace is fair! But the biggest question is are YOU happy with your profit on those items?

I agree with this

[abbasgirl]

Whatever you do, don't charge less than what you were thinking. I think you may be underpricing a bit but you can always try a few pieces out and see what happens. Do look around on Etsy to see what other people are charging.