Production and Pricing of Craft Show Items
This is where you can really make or break your craft show
career. Being able to produce quality crafts as efficiently and
affordably as possible is the key to making a tidy profit from
craft shows.
How Production Evolves
How you handle production of your craft show items will evolve
over time. Initially you may produce all your craft items alone.
This will likely be the most cost effective way to start your
craft show creations. As your business grows, you may decide it
is best to find employees who can recreate your artistic flair –
so you can build more products and increase your overall revenue.
Time and experience will help you streamline your production
cycle for maximum efficiency. You'll learn as you go how long
it takes to produce your craft show items, how long to allow for
drying, setting or baking, what quantity of supplies you need
for a certain amount of inventory and how much inventory you'll
need for a one-day craft show. Basically, you are going to get
better and smarter about how to build your craft show items – so
you can maximize the profit!
Always have some form of quality control if you're working
alone, such as a friend or family member checking your crafts
for sturdiness, appearance, etc. If you make jewelry, have
someone else try on a necklace to make sure the clasp works, it
doesn't fall apart while putting it on and that you are pleased
with the appearance. If you have put a frame around a small
painting, ensure the frame’s sturdiness, so your craft customer
isn’t disappointed when it falls apart. Think about how you will
transport your products during the production process, making
them sturdy enough to travel or finding strong packing materials
through your suppliers.
Over the years, your products will evolve as you make
modifications to existing designs and add new products. With
feedback from customers and keeping abreast of current trends,
as well as developing new skills and interests, you'll probably
add new products and remove slower-moving ones. As soon as you
see a steady decline in sales, consider dropping the
product—don't get attached, this is business. You can always use
slower products as bonuses, gift items or for raffle drawings or
donations.
Pricing
The crucial question about pricing is: How do I price my craft
show products for the best results—good sales and good profit?
Can I have both? You may fear that if your prices are too low,
you could incur the wrath of your competitors or make less
profit. If your prices are too high, your sales will drop. The
right price is one of the most significant factors in
contributing to your success or failure—and one of the most
difficult factors to decide upon.
There are several schools of thought on how to arrive at the
best price for your work. Again, time and experience will be
your best guides. It is easy enough to raise or lower your
price with each craft show you attend and eventually find the
best fit. You may even find yourself changing prices at
different craft shows as you learn the shopping patterns of your
customers. If someone seems interested then walks away, ask
them why they didn't buy and if they say price, ask what they
would be willing to pay. If you get the same information
repeated several times, it's an indication of what customers are
willing to pay—at least at that craft show!
Although you need to test your prices, don't make drastic price
adjustments in the same weekend, as customers may complain. Make
smaller adjustments in different towns based on craft show
results and customer feedback. Sometimes the difference in
improving your sales can be as small as $1.00, such as lowering
a $12.00 item to $10.99. And sometimes selling fewer items at
higher prices can be more profitable in the long run.
Take time to consider your price carefully. Consider cost of
supplies and labor, craft show fees, transportation and other
expenses involved. The efficiency of your production will also
have an impact on how much profit you can make from your craft
show items, and ultimately both will determine your success on
the craft show circuit!
About Author
Natalie Goyette shows you how to make your craft show business profitable in her best selling ebook: Craft Show Success Secrets. Visit her site:
http://www.craftshowsuccess.com
Source: ArticleTrader.com