Sunday, May 20, 2012

What'd that cost to make?

Thought it might fun (and maybe a bit horrifying) to start a new column on projects and the costs of creating them. This may not be terribly exciting for beaders who earn a steady living from their art, since they probably do this as a routine. But for bead enthusiasts who sell on occasion, it can be quite an eye-opener to track project costs, your time and the final selling price. Eni Oken sells an excel-based pricing calculator that does a great job incorporating the value of your time as well as base materials costs. This, of course, presumes that you keep good records of what you buy.

I started saving all my receipts four or five years ago but just last year began recording them in excel on an itemized level so I can quickly search for the cost and where I purchased something. (Fortunately, my hubby doesn't explore my excel files very often or he might be astonished at just how much you can spend on something that comes in a very tiny envelope!)

So here's my first column featuring my inaugural effort working with pendant kits from craftfantastic. I bought the kits in late 2010 and they sat neglected until just recently when I was trying to come up with a gift idea. I haven't had much luck with mixed media in the past but the directions seemed easy enough and the cowgirl images came with the kits. I made four pendants but one went back in the reject pile. Below are the three that made it to the photo shoot!

According to Eni's calculator, my materials cost is $8.44 per pendant and below is a screen shot from the calculator. Based upon one hour of work time, she is recommending a $39 sales price which I definitely would not ask. I would probably sell these for about $18-$20. First, I am not an established seller and I think my future attempts using these materials will be a bit more polished.

What do you think?

And if you'd like to share a similar column on your blog, come on back and post the link so we can all read it!


Therese's Treasures said...

Hi Paula,
This is very interesting I am going to check into this spread sheet. I like you sell occationally to friends and family, mostly I gift my creations. When I do sell I do a guessimation on the price of the piece.

Paula, Chief Bead Officer said...

I know what you mean. I think we tend to underestimate the value of our time, especially since beading probably began as a hobby. I am always surprised when I count my time, especially the rip and re-do time!

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