I’ve been working like crazy on some crocheted baby blankets and a few other items lately. Crocheting keeps my mind busy and the arthritis in my hands at bay. I can also make a little extra cash for the holidays and knock out a few gifts as well!
I came across a formula the other day for pricing my crocheted items to sell. Let’s just say I am still not a fan of any formula I have found thus far. This particular formula blew my mind.
Time + Materials = Cost
Cost x 2 = Wholesale Price
Wholesale Price x 2 = Retail Price
Holy cow. Let me use an example.
If I spend 2 hours on a “Messy Bun Hat” and I want to pay myself at least $8.00 an hour for my time, that’s $16.00. Let’s say my yarn for that hat costs me $5.00. That’s $21.00, right? Wholesale cost = $42.00 and Retail cost = $84.00. Wait, what???? $84 for a stupid hat? I would sell that hat to you for $20.00 plus shipping.
Of course, I’m not the only crocheter/crafter who thinks this way. It’s not that our time and work aren’t worth more, but we have to be realistic and we have to know our clientele. I know that I would never pay $84 for a crocheted hat, and I bet you wouldn’t either! It’s not because I don’t appreciate the time and skill that went into creating that hat, and it’s not because I don’t think the work is worth that much. It’s because I can’t afford to pay $84 for a stupid hat! I bet you can’t either!
Many crafters/crocheters bitch at those of us who sell our wares for less than they think we should. They say it makes them look bad, like price gougers. I don’t think that at all, just to be clear. I think perhaps they have a high-end clientele who would pay $84 for a crocheted hat. I do not. Simple as that.
So, if you purchase any crocheted item from me you are guaranteed to get a great price! If my price on a crocheted baby blanket is $80, you will most likely pay more it elsewhere.
Here’s my latest blanket, priced at $40 plus shipping. It’s about 30″ x 30″…and it has been sold!
You can check out my Crochet page for more — and I do need to add a few items so check back often!
I may have a contest later on with a crocheted prize! I’m open to contest ideas, so throw them at me!
Thanks for reading!