They say that pricing is one of the hardest things to get right. Too low and you undersell yourself, don’t make profit, your business won’t grow and you don’t do other makers a favour as it makes their products look overpriced. Too high and you won’t sell it, or only to a very select few if you are in the right area.
The comment in the title, ‘How much? For an Old Jumper!’ was said to me by an old man at a local Christmas Market last year. I suppose technically it was an old jumper he was referring to, albeit several ‘old’ jumpers, sourced from my local charity shops, washed, then cut up, designed and sewn. I would just like to point out a few other costs that went into getting that jumper to the market.
- I need a van to carry all my woolly wares to and from markets, that needs taxing, testing, maintaining and fuel buying
- I had to pay several hundred pounds to be at that market
- I need to pay myself a wage not only for the hours making that jumper, but for the hours searching for jumpers, washing and designing,
- I need to pay myself for the time in between – setting up the stall, working on my website, and social media to advertise my work.
- I need to pay myself a wage for standing at the market
- I need to pay for my website and its maintenance
- I need to pay for business cards, leaflets and advertising,
- I need to pay for packaging.
- I need to account for my skill, years spent growing my experience and all the mistakes and false starts along the way
- I need to pay for my materials other than the ‘old jumper’ – thread, scissors, cutting mats, cutting wheels, storage boxes and bags, labels.
- I need to buy jumpers – only wool jumper mind you, and I buy lots of them!
So, to the man who thought my handmade, upcycled jumper was expensive, but can I just point out, that is isn’t just about the time spent sewing and the cost of a second hand jumper or jumpers, it is about so much more. I value my skills and my business and that is why my prices are as they are. I’m sorry if you thought my work was expensive, of if you couldn’t afford it. On the flip side, these comments are few and far between. The majority of my customers think my work is reasonably priced for are unique and handmade garments.
One thing that is imperative for dealing with the general public, is a thick skin and a smile!