Pricing Your Work Part 2: Getting Paid

Alright Fiberista's so, last week I shared with you the basic formula for finding the number that will support your work. And I spent a lot of time making the case for why you should charge according to that number even if you do not think you need the money or are...
Read More

Pricing Your Work Part 1: the nitty gritty of running the numbers

It is a question I get asked a lot: How do I price my work? I get it it is so very hard to know how to place value on art work in general. But as far as pricing hand knits and crochet, hand made yarns and fibers it can seem so much more confusing. I mean heck, you can...
Read More

Creative Ways for Working with Handmade Yarn

Working with hand dyed and handspun yarn can be a pain in the ass. I get it! When I was selling handed yarn it was the one question I was asked the most often...What can I make with this. It is one thing to fall in love with an interesting yarn, an another thing...
Read More

Am I good enough to be a fiber artist?

Yes. Last month I saw an exhibit of painted and stitched tissue paper hanging from the ceiling. It was fiber art exhibited in a gallery. My lizard brain stood in front of this work gobsmacked, all it saw was colorful tissue paper. My creative brain saw movement color...
Read More

Making bad art on purpose

I am in a place of making a lot of mistakes with my ceramics. I joke that I am actually making a bunch of very large test tiles that holds large quantities of coffee. One of the teachers in the studio suggested I make actual tiles to test techniques and glazes. And...
Read More

Pricing Your Work Part 2: Getting Paid

Alright Fiberista’s so, last week I shared with you the basic formula for finding the number that will support your work. And I spent a lot of time making the case for why you should charge according to that number even if you do not think you need the money or are uncomfortable with that number.

Today, I am am going to push your self value/money issue buttons. I have already gotten a couple of emails from some of you who think I am nuts for asking you to charge for your time because “I just can’t charge that much”. I have no doubt I will get more emails like this today. It is okay. I get it, I have been in your shoes, thought this myself and had to shift my mindset and the way I did business. This is the culmination of 12 years of pricing struggles, bad mistakes and thousands of dollars I have spent on classes about marketing artisan crafts. Today I am going to share with you why you should be using last weeks’s formula, who the hell will buy at that price, and how that is going to make you a better business person AND artist.

Here we go:

Why you do not want to let others set your prices
I am guilty of this too. We have all done this… look at what competitors are charging for similar products when deciding what to charge for our work. Here’s the thing. How are you sure your costs and overhead are exactly the same as your competitor’s? And for that matter, do you know how they came up with their prices? Maybe they are in a long line of people deciding to undercut the last person in hopes of grabbing a sale? This would mean the original sustainably configured price could be way higher than the downward evolution of that price your are considering undercutting even further. Please do not hang the fate and decisions of your business on someone else’s information. You have no idea where they got that price. You have the tools to come up with a number that is sustainable for you. What you really need is a better sense of self value.

That being said, stop trying to compete with manufactured goods.
You are hand making an item. What sets it apart from a manufactured item is the TIME and creativity you bring into it’s production. The “imperfections” lend to the handmade quality…emphasis on quality. If people want to buy a thing  for as cheap as possible and do not care about the handmade aspects then it is a losing battle trying to market your hard work to those people. Let them buy the cheaper item. You want customers who will love the fact that your work is hand made, they want to feel good about buying your genius. I will often go a step further and refer the bargain hunters to my favorite discount resources. I get it. I have done my share of bargain hunting myself. I save my energy for people how love handmade, because they love and value what I have to offer.

Cheaper does not alway mean better sales.
If you are at a fish market will you automatically go for the cheapest price? Price does not alway equal quality. People will always be fine with paying more for what they feel is of better value.

You can charge whatever you want for anything.
Here’s the thing. There is no real law about what you need to charge for your work. What are the differences between a Mercedes SUV and a Ford SUV? Why does the Mercedes cost more? For the most part the cost of the materials are the same. Both are manufactured in similar communities. The difference is how each company caters to their clientele. Think about the typical clientele of each company. Each are at different stages in their lives and have different needs. Each company uses their marketing to advertise their SUV as a solutions to needs of completely different customer bases.

If you think you can not charge your customer a suitable price, you are marketing to the wrong customer.
Yep. When thinking of your ideal customer, the first thing you need to consider is marketing to someone who can afford your work. Period. Do you think Mercedes wastes time marketing to middle class families? no…they historically market to a slightly older, upper middle class professionals with a larger income. How can you raise the VALUE of your work to match the cost of the production plus margins for business growth? Think of that ideal customer(who can afford your price) Why would they buy from you? What will they love about your work? I probably could not afford to buy my own work. That is okay, I am not my ideal customer.

Running a business requires the exchange of money to be sustainable. And for handmade items labor costs are are almost alway more expensive because you do not have equipment or manpower to produce sustainably at a cheaper price. But ideally your customer will LOVE handmade, love the subtle differences in your work. Find the people who will shout “take my money!!” not the people who are grinding you down on your price.

Here’s a hint: Look for art enthusiasts
Straight up, aligning what you make as art will help you raise the value. Yes this can even be done with handspun yarn… Here’s how I did it. My customers for hand spun yarn are older professional women who love art and love to knit, and are right-brained knitters who love the textures and colors over techniques and process. I marketed my yarn as being luxurious enough to feel like they are making art just by knitting with my work. Working with my hand spun yarn would be like making a collaborative piece with me. I encourage them to use the yarn sparingly for accents(looks better in small amounts, besides being cheaper), and provided excellent customer service and knitting resources with invites to brainstorm ideas for their work. Feel free to steal this marketing tactic.

They are not buying the what, they are buying your why
When you are an artist, people love to hear about inspirations, back stories, your passions, your studio. When people are paying more for your work they are buying into your dreams and creative genius. When you share your why’s (and how’s), people want to support those dreams. Buying your work is giving them a piece of that dream. With social media today, artist can so easily market these visions, dreams and stories through instagram, blogging and videos. I know you probably are already doing some social media, just share more art and I promise people with be asking you to take their money.

Maybe selling your work is a just bad business decision
Have you ever noticed there are rarely hand made socks for sale? The time making them is LONG. The numbers just never crunch out enough to be productive or sustainable. Not all art is worth selling. In Lauren Venell’s Bookkeeping for Crafter’s class, Venell shares behind the scenes numbers that helped her decide to move her hand made meat plushies to being mass produced. Sometimes you just can not shave any more time off your own production time, or source the materials cheaper. Sometimes the idea of selling what you make dies in the number crunching. Even in big business, ideas often die when the numbers prove unsustainable. It is okay. There are other ideas to find that WILL be sustainable, save your time and energy with those ideas that work.

What is not okay is doing ignoring the numbers, rethinking your marketing and just charging a bad cheapo price anyway. That is not smart marketing and you are only hurting your fellow fiberistas with your own insecurities about the value of your work. You may or may not be serious about your handmade side business, but there are some people out there who need the numbers to work. I spend a lot of time helping other fiberista’s see their work as art with blog posts, forums, and support groups for this very reason. I want you guys to understand that what you do is not just of monetary value that is worthy of sustaining you financially. Your visual language is worth putting out there and finding customers who VALUE that voice. I promise, they are out there and waiting to help you with your vision and dreams of selling your fiber art.

 

Sign Up for the UrbanGypZ Fiber Arts Collective

220195_10150996938972124_1233200635_o

Yes!!

Pricing Your Work Part 1: the nitty gritty of running the numbers

It is a question I get asked a lot: How do I price my work?

I get it it is so very hard to know how to place value on art work in general. But as far as pricing hand knits and crochet, hand made yarns and fibers it can seem so much more confusing. I mean heck, you can find yarn at Michael’s for less than $10 a skein and sweaters at Target for $29. It totally breaks my heart to see one devalue their work trying to compete with a corporation that is able to produce in mass, gets corporate tax breaks, and large advertising budgets. Plus there are so many other reasons for you to price your work for sustainability as opposed to quick sales, but I am going to climb on that soapbox next week. Today, Fiberista, I am giving you the first of a two part post on how to price your work.  And it is all about how to run the numbers.

So, the formula for calculating your price is quite simple.

(Cost of Goods {I include packaging} + labor{time spend producing x hourly rate}) x 2 = wholesale price

wholesale price x 1.5 to 2.5 = retail price

Labor is what you pay yourself for making your product. The rest of the profit is what you use to pay overhead for your business and invest back into growing that business.

You calculate labor based on what you need to live, divided by the number of income producing hours you will work. Here’s the important part… If you are running a small business, YOU WILL NOT BE WORKING 40 INCOME PRODUCING HOURS. You will have to account for the time you will spend on marketing, accounting, new product research and other admin tasks. It is not uncommon for you to only spend 25-30 hours a week making stuff when you own a handmade business. Here in the US the minimum wage is $7/hour. It is not a sustainable wage. Even if you are supported by a spouse and do not think you need the money, do your fellow fiberistas a solid and do not set your hourly wage so freaking low. There are single moms out there who have dreams of just being able to feed their kids with their cottage industry yarn business as opposed to paying enormous daycare fees to go to a desk job in a cubicle. Your  skills and knowledge are worth more that $7/hr. Besides, a lower price does not alway lead to more sales…I will cover the bizarre theories behind that next week. Just know you can ask any price for anything, keep that price sustainable for the full time business fiberistas.

So, looking at that retail price is pretty scary, huh? Especially if you are pricing something hand knit, because holy smokes knitting takes a long time. So many fiberista’s will shave off their labor costs to make the price more attractive (hey, I have been down that path myself and learned a very hard lesson). Here’s the thing. If you are serious about growing a business, or even just support the idea that fiber artists should be able to pursue the dream of growing business, you will need to factor in the labor costs. When growing a business you will eventually need to hire help. Building in labor cost into your prices provides the path to being able to hire help.

So back to the numbers, If any of these numbers are making you a bit uncomfortable then you are in the right place. Because the follow through with pricing your work based on this formula, and the marketing skills needed to actually get that price involves some serious mental gymnastics. And that I will cover next week.

In the mean time I have a couple of super awesome resources that I have personally used to figure out my pricing.

Craftybase.com
Especially if you have an ETSY, Shopify or other online shop, go sign up for this right now. Designed with makers in mind, Craftybase.com is a super awesome way to keep track of inventory, sales and…my favorite and most used thing…a pricing calculator. Sign up here and get 10% off your subscription(this is an affiliate link)

These two Creative Live classes
Bookkeeping for ETSY Sellers and Bookkeeping for Crafters Both by Lauren Venell. Lauren is a season crafter who grew her business to a thriving popular product. She has so many insights on how to set up your business to make sure growth will happen sustainably. Be sure to check the schedule, you can catch the upcoming rebroadcasts for free. But I would consider buying the class on Demand to refer back to.

As I mentioned there will be a part two next week, where I will help you have the courage to ask for the price you need for your fiber art work, and how to find the customers who will very happily pay those prices.

 

Sign Up for the UrbanGypZ Fiber Arts Collective

220195_10150996938972124_1233200635_o

Yes!!

Creative Ways for Working with Handmade Yarn

Working with hand dyed and handspun yarn can be a pain in the ass. I get it! When I was selling handed yarn it was the one question I was asked the most often…What can I make with this.

It is one thing to fall in love with an interesting yarn, an another thing altogether trying to find a patter that will work with it. And if the yarn is handmade chances are there is only a small amount of it. Maybe even not enough for much of a project.


For the last 10 years I have been studying ways to work with the handmade yarns that I love so much. It was a way to provide resources to my yarn customers. But it also is a way for right brain knitters/crocheters to find creative expression painting with yarn. I have written what I call anti-patterns that were created with handmade yarns in mind. So here are my best anti patterns, knitting theories and creative techniques to help you use your handpainted and handspun yarn into fiber art.

Am I good enough to be a fiber artist?

Yes.

Last month I saw an exhibit of painted and stitched tissue paper hanging from the ceiling. It was fiber art exhibited in a gallery. My lizard brain stood in front of this work gobsmacked, all it saw was colorful tissue paper. My creative brain saw movement color and play orchestrated by exactly what this artist wanted me to see weightlessness and joy. Rather than comparing my work to this artists, I decided I wanted to compare my courage to hers. I want the courage to say, “Hell yeah it is tissue paper…on the ceiling… and I am daring you to reach deeper.”

What if it were a row of socks hanging in that gallery. Or a series of felt patches. Or yarn. Or weaving. Sometimes it is easy for us fiber artists to get hung up thinking what we are making is too mundane to be considered art. But this is the medium where we find creativity in texture, color and form.

Tissue paper…

There is no magic formula to being a fiber artist other than committing to move forward. Even if you were the best fiber artist in the world, you would still have to commit to continue to grow and move forward, exploring new ideas. Growing. So if you are using fiber to express your visual language no matter what that looks like, then you are already a fiber artist.

Good enough is subjective. So commit to strive to make fiber art that you love. Your heart will show through if you are being true to what makes it swell with pride when you make something you love.

So, today is going to be about moving forward with my weaving. How are you going to move forward today? Leave me a comment below.

 

 

Sign Up for the UrbanGypZ Fiber Arts Collective

220195_10150996938972124_1233200635_o

Yes!!

Making bad art on purpose

I am in a place of making a lot of mistakes with my ceramics. I joke that I am actually making a bunch of very large test tiles that holds large quantities of coffee. One of the teachers in the studio suggested I make actual tiles to test techniques and glazes. And maybe at some poinnt I will. But there is so much to practice and learn and explore, I just assume make the damn thing and let it be imperfect. 

I went through the same thing years ago with dyeing and spinning. And I still have times where I am shifting my methods or color sense, experimenting. But with the yarn, I have been doing this for quite a while and am better able to salvage any disaster in some way or another. 

But I love ever one of those mugs. Not making much else, I love hand made mugs so very much. 

Follow Me

  • facebook
  • twitter
  • Pinterest
  • Instagram
  • Ravelry

Get weekly updates!

Subscribe to get weekly blog updates as well as special offers and behind the scenes info sent to your inbox every Wednesday. 

About UrbanGypZ

Fiber artist Stacey Budge-Kamison AKA UrbanGypZ lives and works in Cary NC. She can also be found knitting in public, hammering out her latest e-course at local cafés and spinning yarns in her booth at her favorite arts festivals. A designer at heart, Stacey has decided that her mission is to help fellow knitters, crocheters, weavers and felters embrace their own style and creativity by exploring fiber art as it is a part of their everyday life and helping them embrace the title of artist no matter where they are in their journey.

UrbanGypZ on Facebook

5 visitors online now
3 guests, 2 bots, 0 members
Max visitors today: 11 at 12:01 am UTC
This month: 50 at 05-03-2017 12:33 pm UTC
This year: 50 at 05-03-2017 12:33 pm UTC
All time: 105 at 08-01-2015 11:04 pm UTC
FREE weekly updates filled with inspirations
and encouragement to become the artist you are
x
%d bloggers like this: