This can be a tough question, but I will share some things I use to help me price my arts & crafts. There is no "one way" to do this.
I know standard retail is way different, however, I am an advocate of artisans of all kinds (since I am one and I know the time and energy put into my creations.) I am not just talking about art as in drawing/painting, etc. I am talking about any item you create that you sell. This could be a scarf or other piece of apparel, jewelry, a painting or drawing, handmade purse/wallet/diaper bag or other accessory, a clay pot, a bra, or whatever you create. You are an artist. A unique creative individual. You are probably an expert or specialist of sorts in your art/craft abilities. You have probably put many hours and/or years into studying and honing your unique craft. Most likely you create unique and maybe one of a kind items or take special requests, and you probably put a lot of detail and time and energy and love into what you create. Your expertise and uniqueness is worth a lot!
Here are a few questions you can ask yourself to help decide how much you want to receive for your unique creations.
Are you new to selling your items? If so, do you want to feel good about the money you are receiving or do you just want to sell things cheap to get a customer base started? Keep in mind, these customers may become accustomed to your cheaper prices and when you feel it is time to raise them, they may not understand. I feel it is better to stay consistent and adjust prices as supplies increase and you should also allow yourself an increased markup as inflation happens naturally.
How many hours (weeks) did you put into your creation? This is a tricky one, as most artisans seem to find it difficult to price their items this way.
Do I want to make a specific dollar amount per hour, or do I want to make a specific price per piece?
Do I want to give the impression to my buyers that I don't value my uniqueness and/or my time?
Isn't my time just as valuable as the next person (artist or not)? Your time is valuable as an expert in your field. People are paid for their expertise, we are all an expert at something.
Would it feel good, in the pit of my stomach to put (fill in dollar amount) price tag on my creation?
This is the question I use the most! If it doesn't feel good, I go up or down to find a price that feels good. I trust my innate inner wisdom to guide me. That is what it is there for. I feel that it would help a lot of people in all situations make better decisions.
Who are you selling to? Who do you want to sell to? (Who is your target market?) Are you just selling to friends (which may not always be the best choice for customers, another article, another time.) Do you want to sell to customers who are just looking for cheap selling items, or would you like to have a customer base that values you as an artist & expert in your field? The latter will return to you for specialty items who appreciate your talents and expert service. And, they will refer their friends to you as well. They will be on your side. And, yes, selling to friends can be fun and get your item shown, however, in my experience, it is not as beneficial. I have been in many business ventures over the last 20 years or so. I've tried selling makeup & beauty products and other things, hoping to have a home business and got burnt. I had makeup parties where I had friends host for me. I ended up giving away promised product in hopes for sales and no one ended up buying. So, I ended up giving my hostess gifts to my host out of my own pocket and barely receiving enough to cover my cost for the hostess gift or worse, paying out of pocket. And, I never had a return customer. I know this doesn't always happen, but it happened to me quite a few times. And, I have given or sold my arts & craft items to people I know in hopes or promises of them showing everyone and helping me get sales, and this has backfired as well. I ended up feeling used so they could get something cheap from me. I felt undervalued as a friend. This can hurt your relationships. Also, shouldn't the people you care about value you the most? Shouldn't they want you to succeed? I want the people I care about to succeed and feel great! I heard a story once about a man who was finally able to open his own mechanic shop, it was his dream. He was very good. However, people he knew were always asking for him to do the work they needed for cheap or free. Of course he agreed since they were people he cared about and wanted to give them a great deal and figured he would get referrals, too. Well, what ended up happening was his friends would tell people to go to him for cheap labor. He ended up broke. This is not the way I want to show my friend that I care about them and value them for who they are as a being. If your friends truly value you, they will refer people to you because they believe in you and are excited to help you succeed. And, they should not be quoting prices for you either. This is another area that could cause major problems.
Are you selling an item at this cost just to rack up the sales numbers in your online shop?
Or do you want customers who value you from the start for your creativity, that will return to your shop for more unique purchases and will refer their friends, because you have an amazing quality product and your excellent service? I have seen this done in some online shops where I sell my products. I see others selling their products for the cost of the supplies or even cheaper (I'm not sure how they do this, it appears they are paying people to take their merchandise off their hands to me). Or it appears they only tack on a dollar or two, when I know fair well, the item took them hours to make. This not only sells themselves short, but it also is unfair to other artisans who expect to make a profit for their time and effort and creativity (which if you haven't got it by now, is completely fair, you should make a profit) and help make a living for their family. An artisan selling things for super cheap just to get sales in their shop is just unfair. There's nothing wrong with having a great sale, that is not what I am talking about here.
What are similar items from artisans selling their items for (not retail, mass produced items)? (This question is the one I concern myself with the least, as I don't like to compare myself to anyone else...this doesn't feel good. And, I personally don't believe in competition in this area. There are plenty of people who will be interested in your creativity or mine. It is all a matter of choice. I have told this to people who are artists that I know that have a lower self esteem and worry that no one will be interested in their art. This idea is wrong! First of all, everyone that sees this persons art, is absolutely blown away and falls in love with it. This is where the issue of self worth plays a part. This person has been an artist at heart for most of their life and could be in galleries and is too scared to put their work out there for the world to see and possibly get rejected by someone. I have repeatedly told this person that it is a matter of choice. There are BILLIONS of people in the world. I am sure some of those people, (probably a lot) will love this persons art! I have yet to find a person who has put down this persons art, ever. Many people have this persons artwork hanging in their houses for free (yes, free) because this person will only give their art away due to fear of charging for it. You can also refer back to the last question. I don't know how they priced their item or why. And, frankly, I don't really care. They have to place a value on themselves, their time, and their product. That has nothing to do with my value of myself, my time or my creation. I have different values and reasons. Maybe they just haven't put the time into researching or don't know where to begin on how to research or price their items. That is OK, too.
These are just some of the questions I use when pricing my creations. And, I am very diverse, so I have to really put myself into this. I create smaller items like wallets, scarves, infant hats all the way up to portrait drawings that begin around $300 minimum. That being said, I know portrait artists who sell items similar to mine and their minimum price is about 3X-4X that amount. They command it and receive it and their customers are ecstatic. Am I worried, concerned or jealous? No. I want that person to feel good and succeed beyond their wildest dreams! Will I adjust my price? When it feels right for me to do so.
Love, Joy and Peace to all!
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