Everything to Consider When Pricing Your JEWELRY for Maximum Profits
Does this sound like you?
You make beautiful jewelry!
People want to buy everything you create!
But Wait…You aren’t making any money!
There are a few reasons why you may not be bringing in the profits you desire. One of the biggest mistakes that we see jewelry designers make is that they underprice their work.
There are a bunch of factors to consider when pricing your jewelry that are sometimes overlooked:
1. Cost of Materials
Hopefully, you are meticulously accounting for the cost of materials into your pricing. Be meticulous by figuring out exact amounts down to every jump ring and inch of wire.
One of the things often overlooked into pricing (especially with makers) is labor. The best practice for pricing is to include your labor fee into the pricing formula you chose.
Adding overhead into your markup is a controversial topics. Some schools of thought teach to figure out your overhead to the penny and add it into your pricing. Others say work backward with healthy margins to make sales goals that get you to your break even point. Both methods work. The point is, “don’t forget to consider your overhead when you are pricing your work.”
4. Perceived Value
What do your DREAM clients consider your jewelry to be “worth?” The price of your product is directly related to your originality, the materials you use, and your proprietary techniques. Your ability to communicate the value to your customers will allow you to elevate your price point.
5. Retail vs Wholesale Pricing
The biggest mistake we see jewelry designers make? They price their jewelry at a wholesale price point instead of retail. You must understand how the to price for retail and only sell retail on your website or ETSY.
At the end of the day, to build a profitable jewelry brand, you need to be pricing your jewelry correctly.
Tracy and Robin are back at it with Flourish & Thrive Academy! They just launched their 2nd video in a free trainings series.
The first one taught the “4 Essential Steps” every jewelry designer needs to take to build a strong foundation for your jewelry business. If you missed it don’t fret, it is still live!
Their newest video is called “Our Stories” bespoke jewelry designer Tracy Matthews @ sales maven Robin Kramer of Flourish & Thrive Academy break down their past business experiences. They share their success, their failures and everything they have learned in between.
These ladies are the real deal! Why? Because they share some of their deepest, darkest secrets and the shortcuts to success that no one in the jewelry industry is willing to tell you. Trust me, they are breaking down barriers here.
P.S. The free video training series isn’t all Flourish & Thrive Academy has to offer. Their active community of success driven jewelry designers is one of the best out there. Don’t you think it is time to check it out? HERE