Crafting for Extra Cash: Master Techniques, Ensure Profits!

So today we're going to be talking about how to price up your handmade jewelry and I'm going to be specifically looking at UV resin jewelry but the same principles can apply to anything that you're making with resin now price in handmade jewelry can be a difficult task but actually you can make it really simple and something that you can use constantly to ensure that you're covering all your costs and making a profit because it's really important that if we're going to do this as a business that we're selling stuff and making a profit on it and there are a lot of hidden things in there that you might not realize are important to consider so it's not only the cost of the materials the effort that it takes but as there's also the time and you need to value in your expertise as well because that's really important because don't forget you are an expert and our biggest hurdle we have to face often is imposter syndrome don't let that get in the way of getting the right value for your products and the other thing I also take into account is the current market trends my target audience and my competitors prices which is really important because if we're all selling something similar and I'm like 10 or 15 pounds over their prices I'm never going to sell mine but also I don't want to be too cheap either I don't want to be cutting myself out of the market because I'm either too cheap or I'm not making a profit these are all really important things to consider you also need to consider the Rarity of the products that you're using in there so we're using gemstones and things like that time and effort involved in selling the pieces as well needs to be put in there because that's all your time as well so how long it takes to upload to your website take photographs of it all those sorts of things and your time fares and places like that where you're selling because don't forget you're working for one of a kind you need pizzas for instance I have a higher price because they're more desirable but if I'm creating a set or there's several pieces that are very similar then I tend to have them at a lower price they're the things that are accessible to a broader audience as well additionally I may offer discounts on things so I may put a 10 discount on something or if people are buying in bulk then I'll adjust the price accordingly as well now if I'm using nail art this stuff is really reasonably priced if I'm using this in resin and that's what I'm going to use today in the pieces I show you so rather than individually valuing that if I'm using that along with these colors which do last a long time I will put products use generic and then I will charge that out at 25 Pence per piece of jewelry because I know that'll easily cover what I'm doing there because these molds don't last forever we do have to buy them we do have to replace them I will also add on for the mold that I'm using another 25 Pence on each piece the other thing that covers is things like gloves and lights for curing the UV resin so I'll then take into account the time that it takes for me to do these pieces now if I'm doing more than one piece at a time then obviously you can get it done a lot quicker so I'm thinking I want to make these pendants here today I'm going to be using two different types of resin here one of them which is the classic by Jay Dixon and the great thing is you can buy that in much bigger bottles and it's much more economical but I'm going to work it all out on these 100 gram bottles for you I've already looked at the time and I know what time I started making these items so I know how long it takes me to make these so I can calculate my time into these things from jewelry makers what I do recommend is that you be a little bit flexible with your pricing as well you've got to look at what the Market's doing and who your target audience is if your target audience are more the people that don't have a great deal of disposable income then overpricing your products is not going to allow you to sell to them you also need to consider the level of demand is there a demand for what you're making if the demand is quite high at quite a low price then that's great you can sell lots of and lots and lots and you might be making a lower profit on them but because you're selling a lot you're bringing a lot more money in but if something you're making like other jewelry makers silversmiths goldsmiths and people like that you know it may take them a long long time every piece is really unique and they might just have that one customer wanting that one piece therefore they can charge a much higher premium on those things as well and if you're making something for someone for like a bride or a special occasion they've commissioned you to make something for them so don't undervalue what you're making for them and how they are prepared to pay for that as long as you're not losing money and you're making a profit and you're covering your time that's what we should be looking for so I've got all my patterns in there now that didn't take long about 10 minutes and the reason it only takes 10 minutes is because I have everything set up for me ready to go when I want to work I know exactly what I'm gonna do and then I do it these ones will definitely feature a craft fair sometime in the next couple of months I want to say massive thank you to everyone that got me coffee if you'd like to buy me a coffee just say thank you for this video or any of my videos or any of the support I give the link for that is in the description below and also thank you to all my members whose names are coming up now so before I go ahead and put any finishings or anything on these I need to weigh them to see how much resin I've used I'm gonna weigh the pendant separately from the earrings they weigh 43 grams I know there's a few embellishments in there but I'm not worried about that so I'm now going to write down I've used 43 grams of resin and I've made 10 items not doing them individually I don't go down to that minutia and then for the earrings I've used 14 grams of resin for the set and I'll write that down and I'll show you how I get to the final price at the end it's taken me 30 minutes in total to make all these pieces I've got a set of earrings one two three four five six seven eight nine ten pendants now it's taking me a little bit more longer than normal because I'm stopping I've been recording and normally I would make probably a lot more earrings probably 10 pairs of earrings as well and that would normally take me about 30 minutes but I'm pricing it up on what I've done now so my time here is 30 minutes so I've got 30 minutes there and I always calculate whatever the time is it takes me to make that's how long it's going to take me to sell so either taking photographs uploading them or selling them on a affair or somewhere like that so again I've put there 30 minutes now I normally have this all done on a spreadsheet but I'm showing you how I do it now so I have all my costings on a spreadsheet for different bits and pieces like the Bales and the earring backs and any other bits and pieces that I might be using so I use those figures per item so if we're going to work out the cost of these earrings for instance I know that those earring backs will cost me five pence each because I buy a hundred of them for five pounds so that's five pence each so the earring backs for two of those and I always do them per set are 10 pence so that's the earrings I know for the earrings I used because I weighed them 14 grams of resin I know that the resin costs me seven pound fifty for 100 grams and I take it as that cost regardless of which of the UV resins I use so that works out about eight pen per gram so if I've used 14 grams all I need to do is times 8 Pence by 14. so that works out at one pound twelve and I now need to add my time in there so it took me 30 minutes to make all these items and I made 11 items I work on 25 pounds an hour so that's 12 pounds 50. divide that by the amount of items I made my time cost one pound 14 per item selling will be exactly the same thing one pound 14 30 minutes at the same cost I need to put my generic inserts in 25 Pence and that's for the color and the gold leaf in here I then need to think about the packaging now if I just do a simple bag which is what I do most of the time which is one of these types of bags I will pop the earrings into one of these bags like this I would send that out like that and that cost me five pence at a fair I would also put them into something like that so that would still cost me five pence I know I've got to add my mole juice in in there that's 25 Pence and that is what my cost is my time and everything for making that so that comes to four pounds and five pence so I know I need to sell those for four pounds and five pens I'll be covering all my costs and making a profit but I think to be perfectly honest that might be a little bit cheap so knowing that I will actually put those out at four pounds and 99 Pence I've made my profit plus I've made a little bit more and that will compensate for something that when I add it up might be a little bit more expensive than what I thought it was going to be so for instance I love that pendant really simple to make came out lovely both sides but cost virtually nothing to make that one is much nicer than possibly the smoky quartz one so let's work out the price of that and I'll show you so we know that we made 10 pendants using 43 grams of resin so we divide that by 10 so that gives us 4.3 grams per pendant and we're charging now eight pentagram so all we need to do is charge 4.3 by 8 Pence or eight cents whatever you're working in it's all exactly the same so we've used 35 pence worth of resin per item so now we need to go time selling generic insert packaging mold now for this one we've got a pinch bail and we've also got a cord and they're really really cheap I use quite good quality pinch bails so they don't come undone and those pinch bails I get 15 for seven pounds so they work out at 45 Pence each and cord I get 120 of those for 12 pounds so they work at a 10 pence each so I need to put that 10 pence each there I know I'm gonna put 25 Pence on for wear and tear on my mold and then now I'm going to put five pence on there for packaging and I know I'm gonna put 25 Pence on there for the generic inserts into that and all that was with a bit of UV resin color I used in there so that comes to total of three pounds 73. now to me that one there is worth more than three pounds 73 so I would look at that and I would say right I'm gonna sell that at 4.99 including the chain but that one I think is a lot smaller and with a clasp on it it's still going to work out at three pounds 73 so I'll probably charge three pounds 75 with a cord on it for that so I'll look at these as long as they're all caught priced up over three pounds 73 then I'm really happy and I'm making a profit I've covered my time I've covered my expenses and I've covered everything else that I need to cover um when you're putting into effect sometimes craft fairs you have to pay to go into those all these things help to pay for that craft fair as well now I don't give free package and post if I do things on the internet I charge plus package and post for things I don't rip people off I do it at whatever it's gonna cost me to actually post these things through the post I don't like charge another three pound package in post but that's entirely up to you how you want to do that if they order over 50 pounds worth of stuff then I generally do Do It free packaging post pricing handmade jewelry doesn't need to be complex what it needs is if you to be aware of all the costs that are involved in it make sure you've got a note of those down somewhere so you can have a clear level of understanding of what each piece costs now I don't do this exactly for each piece as you've seen in this video but what it does allow me to do is be profitable and remain profitable for anything that I'm making and selling and that allows me to remain in business and keep covering my costs earning a living which we all want to do and be able to pay my bills which we all want to do as well so please if you've got ideas or you do things differently to me share your experiences in the comments it'd be really interesting for me to read and for other people to read as well well I hope you found that really useful I'm glad I've been able to share that please boot the like button if you found that useful take care enjoy your resin make sure you make a profit bye

Channel: Steve McDonald Arts and Crafts

Views: 19,213

Keywords: epoxy resin, resin for beginners, steve mcdonald, How to use epoxy resin for beginners, resin art for beginners step by step, resin for beginners tutorial, epoxy resin tutorial for beginners

Id: ypp5OgNj3Z4

Length: 12min 51sec (771 seconds)

Published: Sun Jun 18 2023