Craft all the things!
Help with pricing!

Partially because I've been crafting a lot lately, and partially because of cash flow problems, I'm thinking of actually updating and trying to get people to visit my Etsy shop for the first time in ages. One of the things I have the most of are magnets like this above, made with collectible scraps. They're not the best magnets, you know the this photo magnet variety, but they're pretty and they're strong enough to at least hold up a grocery list or something like that.
I am really struggling to decide on the pricing! I just have no idea. What do you think is a reasonable price for something like this? I'll be selling some of them solo but probably most in small matching sets of 2-5. Any help with pricing is super appreciated!
Btw, I hope it's okay to ask about this sort of stuff here. If not, I apologize! Won't happen again.




I think the hardest thing about selling anything handmade is non-crafters never see the value. They see that's "5 minutes of work and like 50 cents of materials!" Even though, as crafters we know that isn't the case. Plus, there's covering things like the listing fees, packaging, etc.
I know that doesn't help set a price point, but I know a fair number of people who stopped trying to sell online for that reason.
Hah, yes, that is an eternal problem. Mind you, some people still do see the value, though finding enough of them is hard!
What I go to Etsy for is stuff that is literally impossible to get my hands on otherwise, and that I'm prepared to buy at a premium because I lust after it.
For me, that's octopus, sea monster, kraken, and tall ship art plastered on pretty much anything (my dream Etsy item is a navy blue dress with an armada of tall ships battling a massive kraken on the skirt). I'm also a total sucker for maps, botany drawings, and space pictures (FYI, a lot of NASA's photography is public domain, and can be used with credit)
The way you can sucker me into buying the same item for far more money is to make it themed, funny, add some well-chosen quotes, or make it exquisitely relevant to my personal style. Also, clearly original or unusual art/subjects is something I'll pay a premium for (because I won't be able to get them anywhere else). And if it comes in a set, I will usually buy the set. I like sets.
Finally, I'll pay triple or quadruple for a gift compared to what I will for myself.
For actual numbers on magnets (per a magnet):
Something that tickles or amuses me, a well-done quote with some attractive artwork, a cool item that doesn't come with a colour-coordinated matching set: $3-4
I love it: $5
Gift: up to $15 for a really good magnet (would have to be funny, have quotes, or be unbelievably specific to their aesthetic, and it'd also have to be relatively large)
Comes in a set of 3-5, perfectly coordinated to match my kitchen and personal style: $20 for the set
Original art that I adore: $25 (for a single magnet) I'm happy to pay extra for art (again, has to be bigger, and basically flawless workmanship).
Thank you for that input, very helpful!
Here is my strategy:
First, you should try to figure out how much time you put into each one. Do some trial runs and time yourself if necessary. Try to add on time for absolutely everything including packaging it and taking it to the post office.
Second, figure out a reasonable wage for yourself and multiply it by the time it takes for each one. This gives you a labor cost.
Third, come up with a work up a bill of materials for each item and put a cost estimate on each item that you buy to make it work. Make sure to account for shipping, tax, and scrap. This gives you a materials cost.
Add the first two together to give you a total cost of goods sold.
Now double or triple this cost. This should give you some headroom for (a) overhead, (b) costs you haven't taken into account (design, planning, time spent answering emails, running your shop, etc.), and (c) some small amount of profit.
Now you have a price. Look around at similar items and see where you sit in the market. If your price seems very high or low, tweak it. But make sure to go back and look at your costs and ensure that it is still worth your while to do it at the tweaked price.
-D
Thank you so much for that write-up! Very useful. I'm going to sit down and crunch some numbers.
Last time I bought a special magnet, I think it was $7 (or maybe $9?). That was for a magnet about 2x3 inches, a limited print run from a particular artist, and I was ordering several things, so shipping was separate for the total order.
That helps, thanks!