Jewelry

How do you best price your handmade jewelry for a fast sell and profit?

all handmade by me, materials, price of, and time spent on vary greatly. also, there is transportation and display costs. an example of what i sell is : 16 inch onyx and black agate necklace with a teardrop mother of pearl pendant, 18 inch 3 strand turquoise colored seed beaded necklace with a handmade one of a kind 30mm sterling silver dolphin and hoop pendant. both took about 2.4 hours to make.

Normally, price is associated with quality, especially when it comes to handmade jewelry. You don't want to price your jewelry too low because people will think maybe something's wrong with it. Fast sell and good profit are almost like oxymorons when it comes to jewelry. A lot of time and money goes into making it, so don't underprice your jewelry. Of course, this means it might not sell as fast.

You can calculate both wholesale and retail price. Labor is the amount you want to pay yourself per hour. Depending on your experience it can be anywhere from $15 and up per hour. A common pricing formula is the following.

Wholesale price = (Materials X 2) + (labor X # of hours)
Retail price = wholesale price X 1.50(50% markup)

The markup over the wholesale price can be as high or as low as you want but 50% is pretty common. The display and transportation costs cannot be part of the price since those are business expenses. You have to markup your jewelry to the extent that the price will cover all your expenses plus leave you with a decent profit.

Where to find necklace/bracelet length chains for handmade jewelry?