REMEMBER ONLY YOU can properly and completely perform the necessary due diligence to determine your costs – this article, like all on this blog, are a starting point, not the last word by any means. While I hope it is worth more, its value is exactly the same as what you paid for it – no dollars.
Really pretty straight forward – a fair hourly wage that takes into account an honest evaluation of the level of expertise exhibited in your product.
Your hourly wage should reflect not only that expertise, but what it took for you to get there.
Your hourly wage should allow and reflect the time needed to provide a quality product.
Your hourly wage should respect your peers. I actually have little to no problem with people who simply want to enjoy a craft and share the work of their hands with those they love and value – with little recompense beyond the cost of materials.
However, when you join the world of professional artisan – you should not be the Wal-Mart price cutter driving down the fair market value of all who create with a view to selling and supporting themselves.
It might be contradictory, but I have often thought that the place for those whose primary goal is “all I want is more money to buy supplies” is that of sample maker. Today’s pattern authors and designers are constantly looking for a good sample makers but may not be able to afford the services. By hooking up with trade professionals you get what you want – patterns and materials and more often (an interesting evolutionary bit in itself) than not, recognition and appreciation for your quality craftsmanship.
There are also shops/small retailers/even wholesale distributors who may well be willing to provide materials in exchange for well executed samples – sometimes even an additional stipend even if only a “store credit” for materials of your choice.
Okay so undaunted you still want to dive into the rough and tumble world of selling your work.
At a MINIMUM – Minimum wage PLUS employer/self-employed taxes you will need to pay to state and federal government. It may vary in your home state, but the current Federal Minimum wage is $7.25 again my lazy formula is 1.5 times that number as the MINIMUM you should be including in your product price or about $10.88 per hour until Obamacare kicks in – depending on your situation, that may be a serious consideration.
For those currently collecting some form of government funds each month whether earned or an entitlement, you will want to keep in mind that you may lose some of those funds if you do well.
Anyway, if it takes one hour to fully complete the product ready for packaging for sale (packaging is part of general costs) you will need to add $10.88 today and probably about $1 per item to cover projected health care premiums or the fine.
Bottom line? If you don’t place a fair value on yourself, don’t be surprised when no one else does either.
