Working as a crochet professional, regardless of the actual profession, can lead to many questions. One of which is how to set a price for your work. Some tips to consider are:
- · Know your market. Do some research; see what makes your work special and what is being paid for similar work. You can do this by networking with other professionals, check out government statistics at the Bureau of Labor, check out other Etsy shops or Ravelry stores.
- · Know your customers. Regardless if you are designing patterns or selling finished goods, or even teaching, technical editing or contract stitching, you need to know what your customer is looking for, and what they are willing to pay. Selling high end crocheted finished pieces may not sell for a desired price at a swap meet or flee market, but may get the price required at a specialty boutique; just as a crochet student may be willing to pay more for a class at a local yarn store then at a local library, everywhere is different; location matters.
- · Do not just give your work away. If you do not value your work no one else is. It is easier to ask a higher price and change to a lower one if the item does not sell, but it is much more difficult to increase it after the fact. This does not mean that you cannot offer work for free; you may consider doing this for various reasons, but understand why you do.
- · Remember that you are running a business. If you are taking your hobby to the next step and becoming a professional, you need to treat it like a business. Make a spread sheet and figure out your costs, including a wage for yourself, and then use this to aid you in setting a price for your work. Keeping track of your expenses and gains can help you determine if your pricing is adequate for your needs.
- · Don’t limit yourself to just the crochet industry, think outside the box. You can use information from other industries to help you, for instance some restaurants set menu prices by taking the cost of materials needed for the meal and then multiplying them by 4, many have found that this formula helps them to cover all the costs they incur. You may find a similar formula works for you business.
Obviously this list does not cover all your specific needs, but they are some things to consider helping you in pricing your hobby to a career.