Handmade Product Pricing Facts You're Not Considering 😱 That's Costing You Sales ❌

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Pricing your handmade products is part art, part science. The science part is easy to follow, but the art of it can be dangerous if you’re not thinking about it correctly. Watch this video to learn more about some handmade product pricing facts you’re not considering that’s costing you sales in your handmade business.
If you’re new to me and my channel, you probably don’t know this about me but I went to college for a math degree. So numbers and I are very comfortable. Now, before I freak you out. Math is only really helpful for the science part of business. So if you’re not good at math, don’t worry, you don’t have to be to be successful with your business. What we’re going to cover today is more of the art side of things.
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#productpricing #handmadebusiness #craftbusiness

Опубликовано:

28 сен 2024

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@CreativeHiveCo 4 года назад

🚨NEW FREE WORKSHOP FOR 2022🚨 Learn how to create a PROFITABLE handmade business online without keeping up with social media 🔽 Watch the free workshop here: bit.ly/3OyWpGC

@Rabbitholeart55 4 года назад

Thank you for the kind offer. I am 58 and have just now started my home business. I sell resin and mixed media art as a vendor via events This is very new to me

@CreativeHiveCo 4 года назад

I hope you find it helpful, Patricia!

@aquafina6544 4 года назад

The ability to walk and move about and create without debilitating pain. 😢

@aquafina6544 4 года назад

How do I get into your group

@moniquetannis9134 4 года назад

Good evening! How do I join your group? 😊

@shmawh 3 года назад

I totally agree. I just heard an Esty shop owner say that when she offered free shipping, the kind of people she attracted were different.

@CreativeHiveCo 3 года назад

Yes! It doesn't seem like it would be that much of a difference but there really is!

@JingoCrochet 2 года назад

I have definitely noticed the low prices that many handmade creators put on their creations, I crochet and I've seen people price a lot of their items for $15 or less and I always feel really bad because I know it probably took them more than an hour or a few hours just to make the item. When I first started making crochet commissions I initially made the same mistake, I remember charging someone only $50 for something that took me several days to create, luckily the person was also a creator and noticed this and told me that my work is worth much more than that and gave me a lot more than I originally charged her. I think sometimes many creators get sucked into the consumerism mindset and think about how people could get a similar item for much cheaper, but no, I really wish more crocheters charged more for their items, its a unique texture that (thankfully) can't be machine replicated (unlike knitting) which means that crochet items are guaranteed to be handmade and many items take incredible skill to create.

@CreativeHiveCo 2 года назад

This is so true. It also helps that when you realize that charging a more accurate price actually shows the worth of the product and differentiates it from something mass-produced.

@KM-yw2yb 3 года назад

Thanks for the lesson! Take away: Pricing is an art and tells a story of where I stand against the competition and sets a tone for how the customer responds to the product.

@CreativeHiveCo 3 года назад

Well said Karl!

@annelysonski8912 3 года назад

Hi Mei, I always had a sense that pricing a product was more than just calculating materials and labor, but you effectively communicate the real ART of pricing. I love what you do and feel inspired to raise my prices to match the quality of my work (overcoming fear). Thanks for sharing your expertise with us. I wish you continued success with your business!

@CreativeHiveCo 3 года назад

I am so happy you were able to connect with the info Anne!

@nefertitiben 3 месяца назад

What i find most valuable as a mother and a small crochet business owner, is time😭 i crochet in the car or while waiting for my husband in the car, or after my baby has fallen asleep. Im like, who needs sleep? 😂 TIME. So precious!

@CreativeHiveCo 3 месяца назад

Keep up the amazing work-you're doing a fantastic job juggling it all!

@queerkyra2684 4 года назад

I've always wanted to start my own crafting business but never set the time money and commitment to do so! Until this pandemic hit and made me realize if there's an opportunity to start over it is now! I am so grateful for your videos not only for the amazing advice but the honest truth behind starting your own business which so many people tend to ignore or sugarcoat. I'm so appreciative of your integrity and generosity! I've been sharing your videos with other small business crafters and cant wait to see this channel grow! :)

@CreativeHiveCo 4 года назад

Thank you so much for your kind comments, Kyra! I really appreciate it, and thank you for watching and sharing!

@sparklypoet1454 4 года назад

Wow!! I never would have thought about which type of customer I was attracting before! You really made me think about WHO I want to attract! Thank you Ps new subscriber and I love this information. It is invaluable to me who is just starting out. THANK YOU

@CreativeHiveCo 4 года назад

That's awesome! Yes, your target customer is super important and you need to think about who that should be. And thank YOU for subscribing!

@sparklypoet1454 4 года назад

Creative Hive 😊

@lindenjenesse5078 6 дней назад

Okay, but I think what we *really* need is to see that chocolate doughnut engagement ring!! Srsly, though, I'm making my way through your Pricing Handmade Products Playlist, and it has all the information I've been looking for! Thanks!

@CreativeHiveCo День назад

Haha, I love the enthusiasm for the chocolate doughnut engagement ring! 😂 I'm so glad to hear you're finding the Pricing Handmade Products Playlist helpful. Thank you for watching!

@nellysimpressions5514 4 года назад

I am so happy to find some one like you whom gives and shares this information for those who really need this education and cannot afford it, let alone have money to get all the materials and make this passion greater. Thank you so much...I will definitely be following you all the way.

@CreativeHiveCo 4 года назад

Thank you so much for that, Nelly! I'm so glad to be able to help other creative business owners.

@littleravendesigns5587 3 года назад

Thank you so much for your advice! I feel like many of us got the art and craft part down but are never taught how to do businesses! You gave me great ideas that I can’t wait to try out!

@CreativeHiveCo 3 года назад

I'm so happy to hear that! Thank you so much for watching!

@karenbradford4314 Год назад

You are so eloquent when you speak and you simplify things. Love your videos. I make natural skincare. Wish you would do something where someone like me make my products and how to price them. I want to look at all your videos as you're great

@CreativeHiveCo Год назад

Thank you so much for the kind words, Karen! ❤️ In terms of pricing your products, you can check out my other video here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H3r9M3QhnNQ.html Good luck!! ❤️

@LoveBud1765 4 года назад

Really enjoying your videos! I listened to about 4 of them while doing dishes and it made that chore go by so quickly! I know your focus is marketing physical items, but if you ever did a series on service marketing, that would be very interesting as well! :)

@CreativeHiveCo 4 года назад

Thank you for the suggestion, LoveBud!

@CreativeHiveCo 4 года назад

Are you in a service-based business? What do you do? I'm curious!

@LoveBud1765 4 года назад

@@CreativeHiveCo I'm in health/ rehabilitation therapy services! =)

@KouzyFox 5 месяцев назад

Oof, im just thinking of starting to sell stuff I make and I have sold a few things here and there and was always told I severely undercharged. I feel bad hicking up my prices bc I myself would buy handmade goods if they were more affordable. I just don't have a budget or the ability to save to buy an item or gift priced higher than $25. It breaks my heart to pass up on things I wish I could buy. This leaves me feeling like I may not be the only person like this. Even tho I value handmade items more I just can't afford them at higher price points. I'll have to keep thinking on it and see. Ty for this information, well executed.

@CreativeHiveCo 5 месяцев назад

I totally get it! You want your handmade goods to be accessible to everyone, especially when you yourself value them but struggle to afford higher price points. It might be worth exploring different pricing strategies or finding ways to streamline your process to keep costs down without sacrificing quality. Don't forget to value your time and talent too! It's a tricky balance, but I'm sure you'll find your way.

@AmyPavese Год назад

I really appreciate you sharing this about pricing. It was helpful information.🌸🌿

@CreativeHiveCo Год назад

Thank you so much for watching!! ❤️

@ChouaHur 3 года назад

Thank you so much for all your words of support!! It makes me more confident about how I feel about my pricing.

@CreativeHiveCo 3 года назад

I'm so happy to hear that! Pricing is so important and I'm so glad that you are feeling confident in your numbers!

@yaaanimaappiah8223 3 года назад

I love it that you talked about the value handmade products bring to the customer. i have personally never really considered that. Thank you again.

@CreativeHiveCo 3 года назад

I'm so happy to hear that - so much is perspective! Thank you so much for watching.

@charliebraganza8754 3 года назад

It helps a lot like now in my year level 3rd-year college the professor already start to assign us to make our business proposal I don't even have any idea how the business proposal running and what are the tools that I need to get the start and yeah when your YT pop up in RU-vid I don't hesitate to click and watch it now I have an Idea thank so much

@CreativeHiveCo 3 года назад

I'm so happy to hear that! It makes my day to hear that these videos are helpful! Good luck with your proposal, Charlie!

@Karibee61 3 года назад

I adore you Mei. I have a ton of beads and jewellery all hand made and your videos are so easy to understand that I will soon get my act together to sell.Thank you for sharing such valuable knowledge; love the fact that these are free as I couldn't afford to pay. Thank you so much. Love and Peace from London UK😁😁😁😁😁😁

@CreativeHiveCo 3 года назад

I'm so happy that you've found these videos helpful, Karen! Good luck getting your business started!

@cathyfarmer3691 Год назад

I am truly grateful for all the tips and information provided by small business owners on you tube.

@CreativeHiveCo Год назад

Thank you so much for watching, Cathy!! ❤️❤️

@Rogerabushh 3 года назад

Finely someone who gets it. You are very articulate. Absolutely Fantastic. 100 stars

@CreativeHiveCo 3 года назад

Thank you so much, Roger! I really appreciate that!

@TaraandSky 4 года назад

This is excellent I really need to learn this, I always under price my products to the degree many customers tell me that I do. I am always afraid if I mark my items up then people won't buy.

@CreativeHiveCo 4 года назад

It's such a hard thing to overcome, Tara, but once you do I think you will see that your target audience WILL pay what your products are worth. You can do it! ❤

@TaraandSky 4 года назад

@@CreativeHiveCo Thank you!

@yangelthomas Год назад

This was extremely helpful.....love crafting & I stumbled upon your video. A new subscriber ❤❤❤

@CreativeHiveCo Год назад

Thank you so much! I'm SO happy you’ve found this helpful! ❤️

@tylerhardiman8269 4 года назад

Just ended long-term employment with a Fortune 100 company and started a sticker company with my wife to support her art ^.^ I can tell you from experience your information is sound. Very happy to see such detail and thought. I appreciate all the information!

@CreativeHiveCo 4 года назад

Wow, Tyler, that is a huge jump! I wish you both so much success with the new venture!

@ruwanthicharuka1638 3 года назад

Thank you soo much.. today I watched your 5 videos🤗. From 🇱🇰 . I hope to start my own business . So ur videos are very very helpful for me. Thank you again.. 😍😘

@CreativeHiveCo 3 года назад

Thank you so much, Ruwanthi! I really appreciate that. Starting your own business is so exciting!

@ruwanthicharuka1638 3 года назад

@@CreativeHiveCo thank you dr.

@TheNiblia 4 года назад

im watching for youtube already a year, every day, different people, different videos, and i can say that u are one of the best, u have great content and u are honest, and this is the gold! honesty and simplisity. i love that u are not begging to like and share ur videos in the beging and some times, even not saying it :)) so, wish u luck and im sure ur channel will be very popular, very soon🍩

@CreativeHiveCo 4 года назад

Thank you so much, nini! I am so happy to hear this and I thank you so much for watching. 💖

@edxr12 3 года назад

Great video. I learned that I need to not be afraid to ask for what I know my products and services are worth. In sales, my products are unique and well made and good looking. Relative to this, earlier this year I decided to not have a “normal” job anymore so I got on TaskRabbit and offered my services. I started at $25/hr even though I knew that was completely undervaluing my skills/quality and efficiency. I hardly got any work. One day against TaskRabbit’s insistence, I doubled my price and I’ve never been busier! Thanks for all your great videos!

@CreativeHiveCo 3 года назад

That goes to show you that knowing your worth AND following it is so important! I'm so glad that you upped your rate, Edgar, and are seeing the results.

@maureensierra 7 месяцев назад

Thank you very much for your content. I'm a macrame artist breaking into some brick and mortar shops, i have had an order placed, and I'm trying to figure out my pricing for all of my small/simple, and medium-large more-unique pieces. I'm deciding that I am going to sell my products at a wholesale rate, using your formulas for guidance, but I am still learning and understanding what that means, and trying to figure out what my minimum order quantity would be?! The thing is, I don't buy anything at wholesale cost yet...maybe eventually down the line I can figure that out. Anyways, I am finding all of your advice quite helpful in making me more confident in finding a specific consistent formula and ways to alter certian variables in how I might mark up different pieces based on uniquness/customer value/etc. Again, thank you for giving me a place to start!!

@CreativeHiveCo 7 месяцев назад

You're welcome and thank you for watching! You're on the right track with your approach to pricing and understanding the intricacies of wholesale orders. As for minimum order quantity, consider your production capacity, material costs, and the potential demand from your brick and mortar clients. It might take some trial and error to find the right balance, but you're already making progress by taking these steps! :)

@maureensierra 7 месяцев назад

@@CreativeHiveCo thanks so much for your feedback!

@elianamckee Год назад

This makes sense a 100% In my first market ever I had my prices do low that buyers asked me why it was so low, what was in my products. I doubled the price and haven’t stopped selling since!

@CreativeHiveCo Год назад

That's really amazing, Eliana! ❤️

@ramonalewis5163 3 года назад

Your pricing videos are so educational, I'm learning a LOT! Just wanted to know, do I add all expenses (i.e. overhead, etc.) before or after x4 or deduct from x4 total?

@CreativeHiveCo 3 года назад

If you divide up the cost for per piece then you can add it in before.

@mscreativewonder8000 4 года назад

I have a question...can you do a video on how handmaker's can find materials for fresh start up business to help with production.

@CreativeHiveCo 4 года назад

That's a great suggestion - thank you!

@altahancock6916 2 года назад

amazing, I have soo much passion for sewing and being creative at the same time. Watching this video for the 1st time to understand pricing is just what I needed and soo long ago. Now I can focus in the correct direction and will definitely follow some more videos to stay with this advise. Amazing...💌💯

@CreativeHiveCo 2 года назад

Aww, Thank you so much! I'm so happy that I'm able to help! ❤️

@whitneyvalentine9160 3 года назад

Learned sooooo much. The nuance of pricing was very helpful and easy to wrap my head around.

@CreativeHiveCo 3 года назад

I am so happy this was helpful Whitney!

@kristindoja44 4 года назад

this explanation was simple and so clear. Thank you a lot! You're the best

@CreativeHiveCo 4 года назад

Awww, thank you, Kristi! I'm happy it was helpful to you!

@shondablanks6529 3 года назад

I have alot of thinking to do. I selling copies of my paintings and also want to sell them as puzzles and cups . I don't want to charge too much for my paintings when they are copies because I will eventually sell the original paintings. However there is the cost of painting supplies, the time I put in to create the paintings and the cost of the shop/ business .🤔 There is alot to think about .

@CreativeHiveCo 3 года назад

Yes, you have to factor in the time it took to create the original painting. I have a playlist with several videos on selling art that you might find helpful: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-FBQPrKboPYc.html

@feliciahudson815 4 года назад

Hi there. I just found your channel and I'm loving it so far! Your pricing formula is super helpful, but one problem I'm still having is how to price materials. I"m working on building a business for laser cut boxes and things. Pricing the wood is easy, but what about the items that I will use for multiple projects, like glue and sandpaper? How do I factor in that cost? What about the cost of my laser cutter? Should it be included? What would that look like? Basically I would love for you to break down figuring out your material costs because I"m not sure how to do it. Thanks!

@CreativeHiveCo 4 года назад

That's a really great suggestions, Felicia, and something I'm sure a lot of people struggle with.

@tabiaimran1382 3 года назад

Your videos are so easy to understand, thank you! I have no idea about business but want to start up a business. Doing research and your videos are very helpful, by far the best! Thank you xx keep up the hard work xx

@CreativeHiveCo 3 года назад

Thank you so much, Tabia! Doing your research before you start is awesome! Good luck in starting!

@lauriewillis1402 4 года назад

I started making wreaths for fun and I had so many compliments on them so I decided to sell them. I didn't take the time to calculate the cost when people starting asking for prices. I said $50 and sold a few of them for that until I sat down and figured all of my expenses in each wreath. My expenses are about $42 on average. The problem is that I always feel uncomfortable asking people to pay $$. How can I get more comfortable with selling my wreaths and asking them for more $ so I can make a profit? Thank you for this video. I don't have an ETSY or Shopify or any place to sell them other than Facebook so I don't know if I'll draw the crowd that can and will pay more.

@CreativeHiveCo 4 года назад

It sounds like there are some choices you have to make here. If you don't think you can draw the crowd that is willing to pay more, is it worth it to continue on as is? Do you think it would be a good idea to try out an Etsy shop to see how it goes at higher prices? As far as getting comfortable with pricing, you will not get there without true belief in yourself and your product and your willingness to not sell at a lower price. You need to decide that your item should garner you a profit and stick with it. If you're looking for more support on this, my Facebook group is a great place for solid advice from over 24k creatives - I'd definitely encourage you to join. facebook.com/groups/creativebizmarketing

@CheePono775 4 года назад

Hi Laurie, so my Grandma purchases these beautiful handmade Santa dolls as part of her Christmas Decorations, she's collected maybe about 10 or so over the years. They're all different, and have lighting, she pays a few hundred and up for each one. You can do this!!! you can price up, don't be afraid to give value and worth to your products, the right customer base will pay.

@stitchesandsashmee 4 года назад

Wow! I make handmade stuff for years now and always say to myself my labor is free...I wouldn't charge much for my labor....but after listening to you in this video! I'll be charging for my labor using your formula☺️..thanks so much for all your honest advice....you are awesome....I would like for you to see my handmade products and tell me how much you would pay for it though...

@CreativeHiveCo 4 года назад

Meera, you should always charge for labor! Don't undersell your skills and abilities! Definitely start adding it in.

@mosaiartjewelry5113 Год назад

I'm learning a lot from this. Thank you soon much 😘 💜

@CreativeHiveCo Год назад

Thank you so much for watching!! So happy to be of help!! ❤️

@ritalove9728 4 года назад

I make crafts from recycled materials. A product I make is tote bags from plastic grocery bags. How should I be pricing these crafts. I also can use the plastic bags to make purses. Thanks for your help.

@CreativeHiveCo 4 года назад

Hi Rita, you may find this post from my blog helpful, and it includes a plug-and-play calculator: www.creativehiveco.com/pricing-handmade-items-guide/

@ritalove9728 4 года назад

I understand the formula of multiplying four times the material cost plus per hour for your time. I use the plastic bags from grocery stores. How should I change the formula to account for the fact that I am not purchasing the material for the craft. The material for the craft is a consequence of grocery shopping.

@CreativeHiveCo 4 года назад

If you aren't purchasing materials, then your materials cost would be $0. You may want to account for the time it takes you to collect the bags, though.

@mariammaatouk179 3 года назад

I love your videos! Thank you so much for sharing you experience :) Insightful and not generic.

@CreativeHiveCo 3 года назад

Thank you for those kind words Miriam!

@nohomenomad1427 3 года назад

I make and sell bracelets, necklaces, and stamped pieces. All my products sell for under $10.00 w/ free shipping, I have my own website for 2 years and have only sold to 2 ppl during that time. I think people must think that since I don't charge much my merchandise is cheap junk, but on the other hand, I feel that If I charge higher prices I'm taking advantage of people AND since my products are made of glass and not high-end material like real pearls etc they find my product garbage so. I have all but given up on making anything else (I've got box's full of this stuff just sitting) can't even give it away.

@CreativeHiveCo 3 года назад

You are definitely not taking advantage of people for charging your item's worth. If everything is under $10 with free shipping, how are you able to make any profit? You are definitely undervaluing your skill and your time. Be confident in your work and raise those prices!

@fatnijim8301 2 года назад

Big help for me as an aspiring businesswoman😇. Hope I can use it once I got started. Thanks a lot🥰

@CreativeHiveCo 2 года назад

I'm more than happy to help! Thank you for watching! ❤️❤️

@carmenaubry4370 3 года назад

Love your videos, your experience and generosity in sharing is so valuable. Thank you :) x

@CreativeHiveCo 3 года назад

You are so welcome! Thank you so much for watching! 💖

@ejayfernandes8121 3 года назад

Thank you very much! First time watching your videos and the content is very valuable.

@CreativeHiveCo 3 года назад

Welcome, Ejay! I'm so happy to hear that the videos are helpful to you!

@Jay-bi8kn 3 года назад

This is so helpful. Do you recommend the same formula even if you’re paying another company to build a product for you?

@CreativeHiveCo 3 года назад

In this case, since you are going to be paying a company to make the product, I would take out time and insert cost for the manufacturing of each piece.

@Somashi481 3 года назад

I am learning so much right now and I’m officially hooked 😓😵😂

@CreativeHiveCo 3 года назад

I like to hear that! 😂 Thank you so much for watching, MrsMT!

@alanmcneil5044 3 года назад

I think the world of Commerce is things that appreciate value, versus things that appreciate with value. People tend to wont the things that appreciate with value over time that means things real and times are more valuable like real gold real silver, or diamonds not imitations

@CreativeHiveCo 3 года назад

Yes, there are definitely those who look for quality and things that will last.

@sarawines3967 2 года назад

Super helpful video! Would you keep the same pricing formula when you are selling your products somewhere that takes commission? Or do you raise your price even more to ensure that you walk away with the retail price?

@CreativeHiveCo 2 года назад

You are factoring that in in the first step, with your wholesale price. You want your products to be the same price wherever you sell them. When you have someone sell them for you at another location, that second markup accounts for their commission.

@SammiSweetz 2 года назад

Love this video thanks

@CreativeHiveCo 2 года назад

Thank you so much for watching Stepha!! ❤️

@AMsart-rk2lo 2 года назад

What should I do about delivery charges? Should I charge customers or should I pay all of that as well? The problem is that if I would pay for delivery charges as well then I won't get profit and if I would charge the customers then they would not buy it I have a feeling...

@CreativeHiveCo 2 года назад

Hi! The link below might be helpful for you. Feel free to check it out. Hope that helps! 😊 www.quora.com/When-selling-online-is-it-better-to-include-shipping-or-to-mark-it-as-an-extra-cost

@monique9134 3 года назад

Your videos are so helpful.. Thank you so much!!!! ❤️

@CreativeHiveCo 3 года назад

I really appreciate that! Thank you so much for watching!

@DalyCaves0807 3 года назад

Hi Mei. Just want to start off by saying that I am really enjoying your videos. Very helpful and informative especially for someone who is just starting out, like me. So one question I have is, considering I am new to making homemade products, how do I know I’m pricing my product correctly and fairly where I don’t push my luck and end up not getting any customers but do get enough revenue to make this a full on business. How do I find a balance? Thanks!

@CreativeHiveCo 3 года назад

Price your products according to the pricing formula. www.creativehiveco.com/pricing-handmade-items-guide If you price correctly, you will bring in the right audience to appreciate your handmade work.

@DalyCaves0807 3 года назад

@@CreativeHiveCo Thank you

@kayots 3 года назад

What price range do you think is best to get into as someone who hasn’t chose what to sell yet

@CreativeHiveCo 3 года назад

This really depends on what you make. The basic formula involves the materials you choose and the time it takes you to make one piece. Those two things are going to directly relate to your price point.

@kayots 3 года назад

@@CreativeHiveCo i mean before deciding the product we want to sell, there must be a price range that does best on shopify and can be scaled. I feel like trying to sell things over a certain price wont do well. If i have the choice of making coffee tables or ceramic pottery- am i gonna reach a cap selling $300+ tables vs $50 pottery that anyone can afford? I read that products over $160 dont do well on fb ads also thanks for answering all my comments

@TimewithLivi 4 года назад

So great! Thank you

@CreativeHiveCo 4 года назад

You're so welcome! Thank you so much for watching!

@ShannonRochon 4 года назад

I have a question. Where do you put your overhead? Fees, etc. Do you add them in at the end or do you put them into your material costs?

@CreativeHiveCo 4 года назад

You would add that to the end. The price of your product is the price you would sell it as it is alone. If you are selling in a place that includes fees, you would add that in specifically for that place.

@ShannonRochon 4 года назад

@@CreativeHiveCo OK...that's what I've been doing...phew! 😁

@mytinyjewelsbangalore842 3 года назад

Hey Mei.. Guess what, today is a Mei day. I discovered you recently and I am on a marathon watching all your videos back to back. Especially with pricing(i have been using the formula from day1 when I launched a month back). But honestly haven't been able to make even one sale (all I have done are pity sales from friends). Although I find all your videos inspiring and informative (and I have all in place good products, pictures, insta regular posts, pricing formula) something seems amiss. I think its geographical constraint as in India ppl seem to be attracted more to cheaper quality and price. Fingers crossed I am still waiting for reasonable customers (not even premium). Wishing you best of very luck. And hoping if you read this and you may have some advice for me to follow, thanks.

@CreativeHiveCo 3 года назад

Thank you so much for bingeing my videos - that's an honor! 😊 Do you sell your products online so you are reaching countries outside of India? You may see more appreciation for handmade prices that way.

@mytinyjewelsbangalore842 3 года назад

@@CreativeHiveCo I just had my first bulk order in India of 9 pieces, yay! and yes I am selling only both on etsy and shopify and yet to see some traction there- and honestly would like more international conversions for long term. Its competitive for sure. I will stick longer to see how it goes.. thank you for responding, feels like opening up to a friend who understands you and guides you in the process !! Bless you!

@gardenglory6624 4 года назад

weird such little views for such incredible advice.

@CreativeHiveCo 4 года назад

I hope that did see it used it to their advantage! 😊

@hellomd5046 4 года назад

I watched a video on Masterclass from the owner of Spanx. She says mark needs to be 5 x cost price to cover all expenses and still make a profit. Ha! Mt mark up on antiques is about 30% - I just can't get it any higher

@CreativeHiveCo 4 года назад

You definitely have to know your market, and it sounds like you do. Some industries can have a higher markup but some can't. It all depends on the demand for the product.

@ShoshanahShear 4 года назад

Thank you, that was helpful. Do you have tips for pricing hand knitted items? We have a number of different items, beanies, sets with beanie and cape or beanie and handbag. We also have handknitted teddy bears that have hand knitted clothes on. I tried getting opinions in a FB group and the suggestions for prices are not worth even starting to knit.

@CreativeHiveCo 4 года назад

I touch on that in this video! www.creativehiveco.com/how-to-start-a-crochet-product-business/

@jade71301 4 года назад

i have a question. Lets say material costs to make a 11oz candle is 4.89$ and I pay myself 20$ per hour, it would cost me 24.89$ to make the product. It takes me the same time to make 1 candle or a batch of lets say 8 or 12. Then I multiply that usually by 3 or like you say by 4, that would be 99.56 for 1 candle. How does this make any sense??? I buy from a candle supplier. I am in the process of figuring out my pricing for my candles right now researching. Help LOL

@CreativeHiveCo 4 года назад

The difference would be if you make 1 candle an hour at $20 an hour then your time charge will be $20 + $4.89 materials, but if you make 12 candles an hour at $20 an hour then your time charge would be $1.67 and hour + $4.89 materials. $99.56 vs. $26.24. This is why you want to simplify and streamline your processes so you can make more in less time.

@strawverries3214 3 года назад

Never thought about the multiplying factor.

@CreativeHiveCo 3 года назад

That is definitely a key element in the formula!

@jordanwhite5470 2 года назад

So, I need to add my opinion that your pricing strategy may work for jewelry, or items with low labor costs, but not for others. For example: my best selling product (a lined custom city tote/purse) made of waxed canvas may have the following costs: $30 wholesale materials + 5 hours labor. If labor is only $15 an hour, that comes to $105. Multiply that by 4 & get $420.00. No one is going to pay me that for one of my awesome bags, as my name is not Kate Spade. So, maybe a more realistic strategy would be to add your desired profit amount/% to your costs. Example: $105 costs + 25% of that = $131.25; a price much more likely to be paid. I believe that my work quality is excellent and definitely worth buying, but I'd rather sell 3-4 bags than make 1 and have it sit.

@CreativeHiveCo 2 года назад

If each of your bags takes you 5 hours of labor to complete, then you probably just aren't a great candidate for wholesale, which is fine. If you are not planning to wholesale your products then you can use a different markup. Alternatively, you could look into outsourcing some of your labor so that it is more cost-effective to make each bag.

@gardenlarder 4 года назад

I would never buy a handbag for a hundred dollars. it is just a container. I can never understand why other women put such value on bags. Not meant to be a criticism, I just surprised.

@CreativeHiveCo 4 года назад

Totally understand this thought, Quaotic. It's amazing how some products achieve such a status in society based on name alone, though some of those pricier products do last forever so it ends up being a wise investment. One $100 handbag made of leather that will last for 10 years vs. a new $20 bag every year for the next 10 years is actually a better buy.

@CindyRussi. 4 года назад

I know west you mean, but For me, I have a Louis Vutton bag that was 2000. Not the most expensive but i have been using it everyday for 8 years. Amazing quality. Thats why I chose it. 🧡💫

@CreativeHiveCo 4 года назад

So you're already down to $250 a year, Cindy, and I bet that bag will last at least a dozen more. That's why they call them investment pieces!

@tiawilliams6187 4 года назад

Cindy Russi 💕

@arkofimagination 4 года назад

People buy a Roll-Royce for hundreds of thousand dollars. It is just a car. They could have just bought a Toyota.

@Hi-cz3nv 3 года назад

Is Alibaba a good place to buy materials from? And what website do you think i should sell on as a beginner? I loovvveedddd your video, style, cuteness and everything

@CreativeHiveCo 3 года назад

It depends on what you're looking for. Quality may be an issue and you need to do your research well. I always recommend Shopify for building out your website.

@jussid2604 4 года назад

I do silver rings, first to make the ring and polish it something like 2 hours, then i cut and polish my stone for it one hour. 3 hours for ring and i charge something like 60-80e.. not even the materials included. Plus I would like the value the process wich is quite unic. I do make some profit, but the time im using is too much. Im little worried to ask something like 150e from the rings even it might be the best case. lets see..

@CreativeHiveCo 4 года назад

You are selling yourself short if you are not pricing correctly. You are saying you make silver rings completely from scratch. That is definitely worth a higher price and you need to find the customers who will appreciate that work. If you are able to find a way to trim time off your process then that can help your formula but you don't want the quality of work to suffer.

@rainbowrabbitclubhouse1408 2 года назад

Hi! Thanks for another great video! I have a question...how should I price my upcycled baby clothes if all the fabric is either given to me by friends/family or thrifted. Would each piece I create have to have a totally different price?

@CreativeHiveCo 2 года назад

Hi! Great question! In terms of pricing your handmade products, you can refer to the links below as a reference. Let me know if you have any further questions. 😊 www.creativehiveco.com/pricing-handmade-items-guide/ ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H3r9M3QhnNQ.html

@thatgoose2639 3 года назад

Holy smokes, I'd never sell my products at those prices. Guess i should reconsider my market

@CreativeHiveCo 3 года назад

You would be surprised. There is definitely a market out there for higher-end products. You just need to find that audience and treat your brand as such.

@ItsJasmynMarie 3 года назад

Per your formula... just ONE of my items is worth $373.96 and the highest price I sell it for is $69.95. The problem: I sell on Etsy and other sellers who also sell this item sell them starting at $45. 😭

@CreativeHiveCo 3 года назад

What is causing the increase here? Is it the cost of your materials, or the time to make each piece? What are you making?

@ItsJasmynMarie 3 года назад

@@CreativeHiveCo It's the time. I make bedazzled items like tumblers, mirrors etc. . It takes me at least 5 hours, sometimes more, depending on what the customer wants.

@PrincessTessaFabulousLife 4 года назад

Great video very helpful

@CreativeHiveCo 4 года назад

Glad you think so, Princess Tessa! Thank you so much for watching.

@himeko_nya6812 4 года назад

You guys can also see alibaba, maybe you’l find something there cause there’s a lot of manufacturers there

@CreativeHiveCo 4 года назад

So many. Alibaba is so tricky, though, because there are lots of sellers there that also steal handmade artists' work. 😬

@himeko_nya6812 4 года назад

Creative Hive ohhh 👁👄👁

@mariama1157 4 года назад

Omg. Thank you 🌺

@CreativeHiveCo 4 года назад

You’re welcome 😊 Thank you for watching!

@reneedimera5061 Год назад

How much should I charge for my hats as i make hats from preemies to adults and styles are animals Characters and regular hats?

@CreativeHiveCo Год назад

Hi Renee! Great question! Here's a video of mine that can be helpful for you: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H3r9M3QhnNQ.html You're also welcome to download a free copy of my Online Pricing Calculator here: www.creativehiveco.com/pricing-handmade-items-guide/ Let me know if you have any questions. 😊

@carolineli848 3 года назад

I have a question: I have just started crocheting a month ago and my two friends are interested in my product :) I'm so happy. Now, the material I'm using is currently in promotion, so should my retail price be lower too in that case?

@CreativeHiveCo 3 года назад

That's awesome - congratulations! I would price it on the average price you're going to be able to make it for. You can't count on it always being on sale when you need more. Or, stockpile a bunch and then when you run out, you re-price with a new material.

@carolineli848 3 года назад

@@CreativeHiveCo Thank You so much for reply and advice ☺️ BTW I'm impressed how You business expanded 👏💜

@Purplefrilly 2 месяца назад

What if your handmade goods take an average of 14-24 hours to make by yourself(handmade jewellery bags) so the pricing would be extortionate if I times it by 4 😭

@CreativeHiveCo 2 месяца назад

Hi there! Check out my pricing guide here: www.creativehiveco.com/pricing-handmade-items-guide/

@princesssaguisa 3 года назад

hey! what wholesale website do you trust and recommend?

@CreativeHiveCo 3 года назад

I would check out faire.com.

@madisondegiuli404 3 года назад

Hi I'm new to your videos and I am interested in the business side of making my own jewelry. I would like to know what your thoughts and suggestions are.

@CreativeHiveCo 3 года назад

Hi Madison! Welcome to the channel! I have a video for that: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE--9m54B0nYRE.html

@atriaskye 4 года назад

Hi! How do I join the free workshop?

@CreativeHiveCo 4 года назад

Try this! www.creativehiveco.com/workshop-for-youtube-fans/

@firebird2485 3 года назад

I'm finding helpful.

@CreativeHiveCo 3 года назад

I'm so glad to hear that! Thank you so much for watching!

@EmpressChavonynne 3 года назад

wrong...math is ALL bookkeeping too please incorporate that... smiles

@CreativeHiveCo 3 года назад

Bookkeeping is simply keeping track of numbers, which can be done with software or with the help of a bookkeeper. My point here was that people who don't love math shouldn't fear it in business.

@robinswaytoday 9 месяцев назад

👍♥️

@CreativeHiveCo 9 месяцев назад

Thank you so much for watching!

@RICDirector Год назад

The way you explain the first portion is confusing; you make it sound like creators should price their materials at wholesale despite getting them at retail. The *actual* cost of materials should always be used in price calculations, even if your costs have changed since that lot was purchased.Tracking prices by lot is important. I am NOT happy with, 'in this case we aren't counting this, that, and the other thing'. If you think that you can intelligently discuss pricing without addressing ALL the involved factors, you aren't being honest about what creators should expect to make. Nice video, well done, but incomplete and to me, a bit misleading.

@CreativeHiveCo Год назад

Hi! Thank you so much for sharing your opinions. I really appreciate it! This video is focused more on the things we need to also consider in pricing our products. With regards to the Pricing Formula, I have a separate video here where I talked about it in more detail: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H3r9M3QhnNQ.html

@rastaman39 4 года назад

You’re smart and gorgeous 😍🔥💋

@CreativeHiveCo 4 года назад

Thank you for watching, Johnny!

@veraingram5570 3 года назад

My material that I'm using for my jewellery I accumulated over time I'm how would I price my merchandise I have no receipts

@CreativeHiveCo 3 года назад

If you can do some research into what those materials would cost for you to purchase today, you can use those numbers instead.

@ellenharvischak6550 4 года назад

This is great. I have been following your jewelry business for years (I'm a caker) and found you coincidentally on RU-vid. Love your products and your videos now too. People don't understand why my cakes might cost $200 when it is just sugar, flour eggs and butter. Pricing is about overhead and wages with room for a profit margin. So a cake that takes me $10 in ingredients, but I am paying a baker, a cleaning person, utilities, insurance, rent, advertising, cost of my education, skill, equipment investment and tools.....well, I've gotta add that stuff into the price as well. And I need to make a halfway decent profit or why even bother? If you are not making real money it's a hobby, not a business. Anyway, love your cute jewelry! Thanks for the great insight. I appreciated your videos on Etsy and where to sell handmade stuff as I am looking for a new venture.

@CreativeHiveCo 4 года назад

Sooooo much of this, Ellen! 👏 There is so much more that goes into business than the supplies. I think the more we talk about that with customers, too, the more we help ourselves and other creatives.

@panipoori8961 4 года назад

Omg a cake cost all this and more...!!!!! That’s why people think it’s way too expensive a custom made cake than a store bought ..

@rutgenesis 3 года назад

Ellen Harvischak you are so right. Same thing happened to me. In the cake business like you had (and I did) it is just not scalable for those reasons you mentioned. If it is not scalable well you cannot make a good living out of it. Like you, Im looking to other ventures in which with less investment and maybe less effort and overhead costs I can make more money and actually make a real living.

@44DHernandez 4 года назад

You were a math major! That's why you make so much sense to me! (from a math teacher - handmade crafter working towards being a business owner!)

@CreativeHiveCo 4 года назад

Math creatives unite! ➕➖✖➗😂

@lindenjenesse5078 6 дней назад

Same! (Except the teacher part...)

@happytailshappylife 4 года назад

Thank you for your Videos Mei! I just found you literally 4 days ago... Im just starting my arts & craft business, so new that I only have 2 art pieces. I am preparing myself for when I do have more Id know what to do and you are really helping me out!!!! Thank you so much and please continue making helpful Videos! Namaste 🙏

@CreativeHiveCo 4 года назад

That's awesome, Veronica! I hope you are finding these helpful! I also have a lot more information on my site at creativehiveco.com. You may want to check that out! 👍

@gracedeming7028 3 года назад

thank you for explaining how to pay yourself labor - and how $15 can actually be more than it seems in your formula! that makes a lot of sense and I was hung up on this idea for a while trying to price my art prints. looking forward to more info!! thank you!

@CreativeHiveCo 3 года назад

I'm so happy to hear that it was helpful to you! Thanks so much for watching, Grace!

@gladysmotitas 4 года назад

This was so helpful and easy to understand. Thank you for this!

@CreativeHiveCo 4 года назад

I'm so happy to hear that! Thank you for watching!

@pinkdonuts7983 4 года назад

I really enjoy watching your videos because it just gives me confirmation in my pricing formulas and having higher rates than others.

@CreativeHiveCo 4 года назад

I'm so glad to hear this, Kia. So many people underprice their work!

@_am.iconic Год назад

These videos are great I’m a 12 year old girl and i’ve been trying to start my own online business and your videos are really helpful and i learn i a lot from your videos✨👻 thanks.

@CreativeHiveCo Год назад

Aww. Thank you so much! You got this!! I'm rooting for you!! ❤️❤️

@jimmywillis3544 Год назад

I liked this video, im going to try this formula with my tree necklaces and see what happens. I have looked at prices, it puts me in the middle range

@CreativeHiveCo Год назад

Hi Jimmy! Here's a link to my video about pricing handmade items in case you want to check it out too: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H3r9M3QhnNQ.html 😊

@RebeccaWilsonEmail 3 года назад

Do you include the cost of the gift wrapping in the materials part of your formula? Or are these accounted for when you multiply by 4? What about shipping?

@CreativeHiveCo 3 года назад

You don't include wrapping or shipping costs in your item price - this would be in your shipping charge. Your materials is anything you need to physically make and sell the item itself.

@RebeccaWilsonEmail 3 года назад

@@CreativeHiveCo thank you!

@Chickasawndngirl 2 года назад

HI Mei, Thank you for your video. It made me realize that the craft that I make and sell is grossly underpriced, even though I previously thought that it wasn’t. I’ve got probably 30 years of experience doing this craft, and my competition is very very low since most people either don’t know how to do it or put out low quality items from lack of experience or technique. Additionally, the items I make take weeks or months to complete in my spare time, and are coveted by certain types of people like collectors or particular people groups. I followed your pricing formula and discovered that , even though my items are priced in the hundreds, my prices are like 4 times lower than they actually should be, even with a $10 base hourly wage. I appreciate you taking the time to help others with this information. May God greatly bless you in return. 🥰

@CreativeHiveCo 2 года назад

I'm always more than happy to help and I'm glad this video helped you in pricing your products correctly. Thank you so much for watching!! ❤️❤️

@inicreativeminds1588 4 года назад

Thank you so much again Mei. Makes complete sense to me and I value your openness in sharing this information. Take care. Kuljeet

@CreativeHiveCo 4 года назад

I appreciate you watching, and your comments, Kuljeet!

@firstdollbud 4 года назад

Hi Mei, i’m having a difficult time pricing my items with your formula. My baby blanket cost $6.75. Let’s say my hourly rate is $15 which equals $21.75 X four is $87. Nobody’s going to pay $87 for a baby blanket when the competitive price is $30 which is on the high side. Or a little stuffed animal with the same calculations. What do you recommend?

@CreativeHiveCo 4 года назад

If that is your true pricing then you don't have the right audience. You can make adjustments to it but if those are your true numbers then you may need to find a new target. This shop on Etsy, for example, sells high quality dolls and animals and has over 8,000 sales. www.etsy.com/shop/ohalbatross

@cityofthelordcatholiccoven8239 4 года назад

@@CreativeHiveCo Thank you for getting back with me! I have really enjoyed your videos!

@kaycee6036 2 года назад

Lori, have you tried multiplying by 2. You will get a little over $40. I see on RU-vid videos a few using the two (2) multiply method.

@mochii9281 4 года назад

Ahh thank you so much for making this video!! I just have one question T^T I’m planning on selling art prints but I’m not sure if I should still times the cost of materials and hours by four because I feel that would be a bit too expensive for a 5x7” print :,))) however I don’t want to undercharge my art and it’s worth. How would you go about pricing that???

@CreativeHiveCo 4 года назад

What is the time it took you to make the design, and how many prints do you think you will sell? If it's 1 hour and you charge $20 an hour for your time, then one print would be $20 for time, while 100 prints would be $0.20 for time.

@mochii9281 4 года назад

Creative Hive OHHH I SEE!! Thank you so much for the response!!!!!

@shellarain 3 года назад

With the labor part of the formula, if im making body butters, and i spent lets say 1 hr making a batch of 10. How do i calculate my labor? ex if i want to charge myself $15/hr would i do 15/10=1.5 ? And then my labor cost would be $1.50?

@CreativeHiveCo 3 года назад

Exactly! When batching, divide the total time and cost by the number of products you can make in that time.