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A repeatable routine for pricing a design you have never sold before.
Pricing a new product once, carefully, gives you a figure you can reuse every time you make it. Doing it from scratch each time is how prices drift downward over a year.
Cost one unit precisely, including shipping and tax on the materials
Not the shelf price. What you actually paid to get the materials to your door.
Time yourself making one, start to finish, including finishing
Almost everyone underestimates. Weaving in ends and blocking are part of the making time.
Decide your hourly rate before you look at the total
Choosing the rate after you see an inconvenient number is how a rate gets quietly reduced to zero.
List every percentage fee you pay on a sale
Marketplace commission, payment processing, and any fixed per-order charge. Add them up as one percentage plus one fixed amount.
Work out the price as cost divided by (1 - margin - fees)
Not cost plus a percentage. Fees and margin both come out of the price, so they add together in the divisor.
Check what comparable makers actually charge
Compare against handmade work, not against mass produced equivalents. They are a different product with a different cost base.
Work out the wholesale price and the profit at it
optional
Half of retail is the convention. If that number is negative, you cannot take wholesale orders on this product, and it is better to know now.
Divide your profit by your hours and decide if it is acceptable
That figure is the honest one. If it is not acceptable, change the product rather than the arithmetic.
Write the price and the date somewhere you will find it
optional
Recost it when material prices change. An unrecorded price quietly becomes the wrong price.
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