Monday, October 22, 2012

Craft Fairs and In the Hoop Embroidery


Getting ready for a Craft Fair this holiday season? 

We're offering up craft fair tips to get you stitching and making some Christmas dough! Check back over the next few days for more tips...


1) Let's start with the basic question: How do I price my items?

The big question everyone asks is what to charge for their items. The general rule with crafts is to set yourself an hourly rate. Multiply that times the amount of time it took to make your item.  Add up the cost to make the item.  Double(or even triple) that amount, adding this to the first equation. This is a very basic way of pricing things but will give you an idea of the minimum amount to charge

Having said that, be careful not to underestimate your worth. Seriously. You are there to make a profit, and have put your special skills to work so be sure you are charging AT LEAST $10-15 per hour. Remember, you are an embroidery DIVA. Charge what you're worth, baby!

Here's an example of pricing:

You decide to make Christmas Tree Candy Cuties to sell at your show. Each tree takes 10 minutes to make. You pay yourself $12/hour (we think you're worth more, but the math is easier using $12!)  Your cost for supplies is .80.  The very minimum you should charge is $2 for your time, plus $1.60 for your supplies, which equals $3.60.


AND...

.... you also need to figure in overhead (cost of the show, tables, displays, gas to get there, etc.) So let's add a little bit in for overhead. In this case, let's make it easy and round the price up to $4.00, adding .40 for overhead costs.

BUT...

... you need to think about your customer. There are many types of people shopping craft fairs. Some are there to find unique items from talented crafters and artists and may be willing to pay a premium. Others would like to find a bargain and may not realize how much time, effort, and experience you have put into making your goods.  Let's come up with a happy medium on our Christmas Tree Candy Cuties. Personally, I would sell these for $6 and offer a two-for deal:

$6 each or 

Two For $10!  


You'll delight in how easily you sell extra items that way!  If $6 is too big a pill for you to swallow, try $5 or Two For $9.

Our next post is going to talk about your booth so be sure to swing on back soon!

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