Steps In Determining To Price Of Handmade Quilts
If you used to consider handmade quilts as a hobby, dedicating your extra time for it to become your business is indeed a good idea. It might be challenging at first considering the fact that you need to go into details for this kind of business to run smoothly. You should also learn how to compare items so it will be much easier for you to find out how much the materials will cost. You also need to understand that if you are going to consider quilts with more complicated designs, the cost of materials will be more expensive.
When determining the total cost for your quilting business, you need to start with making a list of the materials you need such as fabric, batting, thread, buttons and other specialty items. Make sure that the cost is calculated based on the non-sale price of the materials. You should also include sewing needles in the cost. Even the cost of new blades must be included in your calculation especially if you replace them every so often.
Aside from the cost of materials, it is also necessary that you determine the labor costs since this is one of the most important aspects that can determine how much the total cost of handmade quilts is. When calculating the labor costs, you need to multiply total number of hours you spent on your quilting project by a multiple of minimum wage.
Aside from the labor cost, you will also have to determine the incidental costs. This means if there are shipping costs incurred, you need to include it in your calculation as well. If the quilts needed to be shipped to the customers, the shipping cost and the price of the quilt must be computed. It may also be essential for you to include a percentage of your electricity in your calculation. More often than not, quilting business owners do not include this factor but it is deemed necessary.
Once you have calculated the cost, try to compare prices with online and local quilting stores. You will also have to check some best practices to follow for pricing these items. If you can find an association specializing in quilting, you may also ask them regarding pricing their handmade quilts. If you think your pricing is higher than other competitors, you may need to adjust it for the price to be more reasonable. With all these in mind determining the price of your quilts will surely be much easier for you.