How much can I charge for handmade wooden rings?

Q&A Woodworking Forum IndexCategory: Wooden Ring MakingHow much can I charge for handmade wooden rings?
Westfarthing Woodworks asked 8 months ago

How much can I charge for my handmade rings when I sell them?

1 Answers
Brian answered 8 months ago

This is a common question for those who make wooden rings. There really isn’t much of a consensus among the prices in the market, and the range is extremely wide, so it can be confusing.

Before you decide what to charge, you first need to decide what type of business you want to be in. There are many different pricing models for handmade items, but I will limit it to two for the purpose of this discussion.

The first model is the high volume and low price model. With this method, you’ll set your price very low so that way the price itself is what attracts your buyers.

You’ll get a higher number of customers, because the price is so attractive, but you’ll also have to make all of those rings. This is where the burden on you is increased significantly.

In order to keep up with the demand in this particular pricing model, you may end up working your fingers to the bone and only making a very small amount per ring.

If you are priced very low, and you break down your hourly rate, you might be surprised at how little you really make.

On the other side of that coin, you can price your rings much higher, and make a very high-quality product. You’ll make a lot less of them, and sell a lot less of them, but it will be less work.

You do have to come to market with an offering that is unique, impressive, and can’t be found elsewhere in order for this to work. If you come in with five dollar rings and try to sell them for $100, they won’t sell it all.

The benefit to this type of model is that you can take your time crafting absolutely amazing looking wooden rings, that are completely unique, and I almost feel like you shouldn’t sell them because they’re too awesome.

These are the types of products that you can sell at a higher price, and looking at the market there are several examples like this that sell for $400 or more.

In between those two extremes, are millions of slices of combinations of those two. In the end, you’ll need to decide how much your time is worth, and how much you’re willing to accept in order to part with one of your creations.

My recommendation is to try a little bit of both, and see which one you prefer. Make a couple rings that are outstanding, and then make some that are a little less flashy and quicker to produce.

Give selling both of them a try, and see what sticks.

Happy building.

See Also: Make and Sell Wooden Rings

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