So recently, I’ve been browsing around Etsy and such and for me, looking at some of the items and prices and I’m start to think about how I’ve been pricing things.
Sometimes, I see studs (polymer clay ones mind you) that probs cost less than $5 to make , sell for $20
So now I’m thinking, am I pricing my creations wrong? Is it too cheap ? My Totoro bottle took about 4 hours to make (according to the time stamps of the original images), and it takes even more material than those studs and I’m selling for $15 USD.
But at the same time, I know how hard making these are, and they do take a lot of time and skill and I guess that’s what make people sell them for that much
So then I decided to go and do some more research. I’ve done this before setting up my etsy, but I actually calculated everything this time:
See this article [Link], it’s Etsy’s page on how to price your creations.
Taking my Totoro bottle as an example:
- Polymer Clay : About $2 ( considering I take small chunks off different colours)
- Glass bottle: 80 cents
- Packaging: 50 cents
- Bubble wrap: 40 cents
- Sellotape: Lol probs like 5 cents
- 4 hours ( according to online, should be the minimum wage of my country = $13.75)
- = $55
- After tax = 47.83
- Etsy listing fee: 0.23 NZD
- Etsy sale fee = 3.5% of sale price (assuming I sell at $15)
- Profit would be nice. Lol
= Wholesale x 2 (what does this mean? All those calculations x 2?)
- If so : Adding all those previous ones = 52.33
- x 2 = 104.66
$ 104. 66
So. Assuming I did all the calculations correct, my glass bottles should sell for $104.66 , which is ridiculous.
Let’s try another one [Link]
Time x $NZ minimum wage:
- 4 hours * 13.75 = $55
- After tax (15%) = $47.83 (2 dp)
+ 2(cost of materials) from the above calculations of materials + expenses
= $ 9.02
x 1.1 =
Wholesale price (everything added together)
Retail = wholesale x 2
= $ 115.48
Okay, so this is even worse , $ 115.48
So what am I doing with my pricing? I honestly don’t know.
For me, I’ve always set the prices at the price I would pay for the creation.
Like, if I set my bottles at $30-50, I really don’t think anyone would pay for them. Adding the shipping overseas, the total cost for this 4cm glass bottle = $40-60 USD.
I honestly don’t think I would end up selling anything at all. The listings that I put up cost me 0.20 USD each and expire I think after 3 or 4 months. If no one buys anything, then that just means more of a loss for me.
And also, I guess I’m just not too worried about gaining any profit because most of these creations are just made as my hobby. Since I’ve started crafting with polymer clay, I have spend hundreds on materials alone (up to now) and I never really kept track of all my expenses (which I should do – but hey I was 14 at the time).
Can you tell I’m really confused right now ?
Also, I’m pretty sure a lot of people don’t follow those (above) methods to a T.
What do I dooooooo ????
WHAT DO I DO SDFKJHSDFKJKHSDJF
I’ll end this post here because I actually have this thing due for school tomorrow.
Thanks for reading to the end !