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tales from a rural life

The World’s Most Expensive Card

What a great article breaking down with an excellent example why cost is such a tricky calculation for artists and crafters. What might be viable as a price for one type of work, when you try and move it to another context it doesn’t always work so well. It’s such a beautiful make, if I had the card I would be framing it anyway!

cushobi

Materials + Labour + Expenses + Profit = Wholesale x 2 = Retail

The above seller’s formula is what most craft business owners are told to use when working out how to price their items.  It’s what isfair.  I mean, let’s face it, as much as we crafters, artists and other creatives do what we do because we love it, if we’ve taken the leap into selling our makes, it’s because we want to see a return for the time, money and passion we’ve invested.

And rightly so.

But, see, there is a fundamental flaw in using the above formula that most, if not all, crafters also have to take into consideration; what consumers will actually pay.  Most of the time the two figures don’t even come close to each other.

Don’t believe me? Let’s take a popular item and work it through: The featured image on this…

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This entry was posted on May 19, 2016 by .
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