Articles

Pricing Your Arts and Crafts for Maximum Profits in South Carolina

March 2009

The economy may not be in the best of shape right now, but that is no reason to throw in the towel on your craft business in South Carolina. In fact, since South Carolina currently has the fourth highest unemployment rate in the country, it is more important than ever to make sure that your business succeeds. One way to help ensure your success at craft shows in South Carolina this year is to make sure you are pricing your arts and crafts for maximum profits.

There are several things to consider when pricing your arts and crafts in South Carolina such as the following:

  • The cost of materials: don't forget to include a portion of on-hand supplies such as glue that may not have been purchased for this product, but are still being used to some degree.
  • The cost of your time: this is separate from the profit you want to make on each item. Imagine that you need to pay yourself (or even an assistant) an hourly wage to make these crafts and simply divide the hourly wage by the number of crafts produced in an hour to figure the cost of labor for each item. For instance, if you made 5 items in an hour and wanted to pay an assistant (or yourself) $10 an hour to create these items, the labor cost would be $2 each.
  • The "going rate." The going rate is the amount people are willing to spend on an item similar to what you are making. Sometimes you can sell at a rate higher than the going rate if you are able to provide the value for that difference, such as demonstrating why your items are more well-made or making a name for yourself in the business.

You will have to weigh and consider each of these factors when pricing your arts and crafts in order to achieve maximum profits from your 2009 craft shows in South Carolina. You must make enough to cover the cost of materials and your (or your assistant's) time, keep your price within the "going rate," and still make a profit after paying your booth rental and other expenses. It is better to aim a little too high and allow for some bargaining room, than to price your items too low and lose money.

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