Pricing Your Product

Among my many hobbies I love to knit and crotchet and many times I sell my product. I came across an article from one of my crafting newsletters faves crafts talking about pricing your product, here is the link if you want to check it out. http://www.favecrafts.com/Craft-Business/Basics-of-Pricing-Your-Work/ct/1, By: Maria Nerius, FaveCrafts.com Resident Craft Exper. Small Business and Home-Based business forget that we need to price our work like business to be able to recover our costs and make a profit. This article has the formula for pricing your work and its very simple. The Cost of the Goods you use to make your product + the hours you spend on making your product + overhead = your price. For a service based price the calculation would be Cost of Goods to provide service + time to provide service + your over head =Price. Overhead is your rent,hydro,heat,water even if you are based in your home because part of your home is used for business. So if you use 1/3 of your home a 1/3 of your expenses should be included in the cost of your item or service. Basics of Pricing Your Work | FaveCrafts.com www.favecrafts.com