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31/10/2018 - Costings

Today we had a class on working out the costs of production and what pricing up your work.
It was a very brief overview of, what I consider to be, the most important thing we've learned so far.
I've been doing this for 8 years, and I still don't have a clue.

I've gone into quite detailed costing in the past for my business.  The table below is one I did about 3 years ago.
I think I used an hourly rate of £15, which is pretty low, but it was when I had a full time job and doing jewellery on the side.
Picture
The calculation I used for this project is much simper.
Many of the numbers are guesses (e.g. I have no idea how much a stone setter charges).
I knew exactly how much the stones cost, because I had to buy replacements when I lost my originals.  Compared to others in the class, who were looking up the prices of diamonds & sapphires, my stones are extremely low cost.
Picture
I ended up with a wholesale price of £1675 and retail price of £4189.
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"Hedera" ivy - silver
"Hedera" ivy - gold
"Hedera" ivy - limited editions
"Rosa" rose
"Quercus" oak
"Lulu" floral
"Nova" embossed
"Madison" gothic
"Anjo" engraved
"Hylle" medieval initials
"Lothwen" leaf & flourish
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  • Home
  • Collections
    • "Hedera" ivy - silver
    • "Hedera" ivy - gold
    • "Hedera" ivy - limited editions
    • "Rosa" rose
    • "Quercus" oak
    • "Lulu" floral
    • "Nova" embossed
    • "Madison" gothic
    • "Anjo" engraved
    • "Hylle" medieval initials
    • "Lothwen" leaf & flourish
    • "Kinetic"
    • "Simplicity"
  • Limited & Unique
    • Amber Divine
    • One of a kind pieces
    • Wedding Rings
  • Homewares
    • Decorations
    • Tableware
  • Teaching
    • Workshops
    • Student Information
  • About
    • About me
    • Awards & Exhibitions
    • Testimonials
    • Services
    • Contact
  • More
    • Gallery
    • "Masquerade" Hare
    • Videos
    • Newsletter
    • Terms & Conditions