There are three methods commonly used:
The going rate:
Set your price at the rate which other similar products are currently selling. This strategy works well when your goal is to be competitive with other crafters. Be sure to use more than one source when researching the going rate.
Cost plus mark-up:
Set your price at the sum of your costs plus a reasonable mark-up such as two to three times your costs. Be sure that you include all your supplies. Even small items like thread and dabs of glue can add up. This is usually a quick and easy calculation.
Set your price at a level which gives you the highest profit possible at a reasonable volume of production. This method works best when you are offering a unique product in a limited quantity. Make sure your craft is like no other on the market and be sure it's presentation is truly one-of-a-kind.
You should also consider the economic climate in which you are selling. Some things may sell very well in one location while not in another.
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