Knowing price your crafts can be a challenge. But once you establish a system, setting a price for your crafts becomes much easier. Read these steps in order to learn price your crafts.
Instructions
1. Make a four column table. Label the first column: "Craft Materials." Label the second column: "Price Per Piece." Label the third column: "Quantity of Pieces Necessary Per Craft." Label the fourth column: "Price of Supplies Per craft."
2. List the materials required to make each completed craft item in the first column. Include all the supplies necessary to complete the craft project, such as paper, glue, buttons, bows, wood or paint.
3. Determine the cost of each craft supply item on a per piece basis. Divide the price you paid for each item by the quantity purchased. For instance, if you purchased ten sheets of felt for one dollar, you would divide 100 (the cost of the item) by 10 (the quantity purchased). The cost of one sheet of felt is ten cents.
4. Jot down the cost of items in the "Price Per Piece" column. For example, you would write ten cents in the column next to felt. Figure out the cost of each item on your list.
5. Write the figure of the appropriate quantities in the "Quantity of Pieces Necessary Per Craft" column. If six sheets of felt go into the finished project, write a numeral six in this column.
6. Calculate the price of supplies per craft for the fourth column. Multiply the figure in the "Price Per Piece" column by figure listed in the "Quantity of Pieces Necessary Per Craft" column. For example, if your list has ten cents listed in the second column and the quantity of six entered in the third column, then you would multiply ten by six. Enter the figure, in this case 60 cents, in the "Price Per Piece" column.
7. Determine the total price of your craft supplies. Add each entry in the "Price of Supplies Per Craft" column.
8. Calculate how much time is necessary to complete the craft. Estimate the time in terms of hours. Figure prep time into your total. If the project requires 30 minutes prep time and 30 minutes to complete, then each project takes one hour to complete.
9. Decide on what you will charge for your hourly rate. Consider your skill set, training and knowledge when setting your hourly rate.
10. Calculate the price of your craft. Multiply the total price of supplies by the time necessary to complete the project, then add your hourly rate. If the total price of supplies equal five dollars, it takes one hour to complete the project, and you want to charge an hourly rate of seven dollars, then you would multiply five by one and add seven. The answer, twelve dollars, would be the minimum price to set for your craft.
