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Sunday, November 4, 2012

How Much? Finding a pricing scheme that works

     Awhile ago I read an article in 101 Bracelets Necklaces & Earrings (2012 Special Edition) by Lorelei Eurto about designing everyday jewelry. She said, "Jewelry buyers want to buy wearable, everyday jewelry that is both unique and affordable." Up to that time I had been struggling with pricing my work ~ if its too low you don't cover your overhead and go broke trying to do what you love, if its too high no one can afford it and you go broke.... the circle of sparkle. I had looked at the prices charged by other artists, read articles about pricing formulas, talked to other people - mostly I just got headaches.

     Lorelei's statement made me re-think my process for pricing. ..."unique and affordable".... that's what I want to sell! I already know I have the unique part figured out - affordable, that's more of a challenge.
 I decided that I wanted my price point for bracelets to be in the $20 to $30 range.  I love glass! I love lamp work. Problem is - artisan made lamp work can be V-E-R-Y pricey. I've seen 15mm beads for $40! An average number of beads in one of my bracelets is six - do the math!  I also love silver as an accent - well silver prices have soared in the last couple years. I don't want to give up working with materials I love, so what I do is combine artisan made beads with commercially made beads and I use good quality base metals and silver plate.

     In the piece pictured here the flower bead was made by Laura Critchfield, one of my absolute favorite artists, the remaining beads are commercially made glass from bead shows or local bead stores. The silver accents and toggle are about half and half silver plate and base metals - I love the look of it and best of all I can sell this piece at $30 and not go broke!

Be creative - not just in your designs but in the way you run your business!

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