Fran, I always work my pricing out as follows:
Materials (list absolutely everything, even the hangtag!) plus labour (I usually work that out at between 10/12 hours per bear) plus percentage for profit (which is a joke, because this actually has to cover all administrative/promotional etc etc costs too!) I tend to work with about a 30% 'profit' margin, but keep this bit of the equation flexible, so that I price the bears appropriately for their size etc in the current market.
I work all my costings out on a spreadsheet. In fact, I have spreadsheets coming out my ears! Spreadsheets to price the bears, spreadsheets to record income and expenditure for the tax man, spreadsheets to forecast my cash flow ... I always keep a packet of paracetamol handy too!! (I wonder if that's tax deductible???)
Wow, Rita, I am so impressed! And Awed. Really! :thumbsup:
I always am with anyone who is organized, (left brain) and creative (right brain)
I don't do very well in the left brain area :redface: ......So it is a real effort....Like I save all my receipts, and actually file them.....but I am not sure why. :)
Maybe I should take Nancys course on bear-business matters. :doh:
Gina, I am in the same boat! my highest so far sold tonight... it was for Pudgee... the needle felted orange bear.... I think when people recongnize your name, you will get more, especially if they get one of your bears and get hooked - i am a prime example :P
I recently have had some reasonable selling success *knock on wood* and have one regular customer... she has bought four bears (well three and if she wins the one tomorrow it will be four) of mine in the last 2 1/2 weeks. I also have a gal who really likes my bears and is watching the ones that are up for auction right now...
You gals told me it will take a while and I figure that if I sell them at least to cover my materials cost plus a few bucks, that is fine with me because I love making bears I hope some day to be making a decent amount but I have plenty of time for that...
Gina, you will get there you have come very far in such a short amount of time and I your bears!!!!