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.
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.
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.
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.
I ended up with a wholesale price of £1675 and retail price of £4189.
