How to Calculate The Price For Your Earring
Our calculator is designed to be simple and easy to use. It covers:
- your base costs of time
It also allows you to input a desired profit margin on top.
We hope this calculator helps you make more money for your earring business.
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More Tips On Pricing Your Earring
How To Price Your Earring
One of the most challenging aspects to starting an earring business is determining how much to charge for your earring.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your earring, it's critical that you first identify all of your costs and consequently mark up your earring so you can factor in a profit.
The actual cost of your earring may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your earring, you'll want to create goals for revenue + how much profit you want your earring business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your earring is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your earring fits best in the marketplace.
All of these factors play an equal part in pricing your earring, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Examples of a successful earring business:
. Moonglow Jewelry ($6M/year)
Julien Plouffe (from Miami, Florida, USA) started Moonglow Jewelry over 11 years ago.
My name is Julien Plouffe. I’m a Canadian living in Miami Florida. I am the owner of Moonglow Jewelry. I love snowboarding, car racing, surfing, motorcycle racing and anything that involves adrenaline. Naturally, this makes me a risk taking entrepreneur.
. Taylor & Hart ($4.62M/year)
Nikolay Piriankov (from London, England, United Kingdom) started Taylor & Hart about 10 years ago.
I am Nikolay Piriankov, the Founder and CEO of Taylor & Hart. We are an award-winning, disruptive e-tailer of custom-designed, ethical engagement rings, wedding rings, and fine jewellery, that capture your story. Our online platform, processes, and brand democratises bespoke jewellery, allowing us to offer this service at scale. Taylor & Hart's vision is to reconnect customers with the original purpose of jewellery - a personalised product that tells a unique story.
Recently we closed a seed round of £1M. The London based Garage Soho, an early stage investor and brand builder also supported us in the last round.
. Pearls of Joy ($2.4M/year)
Kevin Canning (from Los Angeles, California, USA) started Pearls of Joy almost 21 years ago.
My name is Kevin Canning, and I’m the founder of Pearls of Joy – the world’s fastest-growing pearl jewelry company.
YTD we’re trending around 150% growth and expect to close 2018 with $2.5M in revenue.
. Quirksmith ($479K/year)
Pragya Batra (from Bengaluru, Karnataka, India) started Quirksmith over 7 years ago.
Hi! My name is Pragya Batra and I am the co-founder of Quirksmith, a design company that creates handcrafted jewelry and accessories.
I started Quirksmith with my sister Divya Batra, who is a jewelry designer and graduated from one of the most prestigious design schools in India (NIFT, Gandhinagar). We started Quirksmith about 3.5 years back in the year 2016. From a weekend passion project for 2 sisters, it soon became our full-time passion. We now process orders worth $40,000 every month and work with artisans across India, to keep the silversmithing craft alive!
. Tini Lux ($264K/year)
Jackie Burke (from New York, New York, USA) started Tini Lux about 6 years ago.
My name is Jackie Burke and I am the founder of Tini Lux. Tini Lux is the first line of fashion earrings made specifically for people with metal allergies and sensitive ears.
This month, Susan Kelechi Watson, a star of the NBC show This Is Us is was on the COVER of Good Housekeeping magazine wearing a pair of Tini Lux earrings. Seeing that cover photo was a serious pinch-me moment.
. Bang-Up Betty ($84K/year)
Stacey Bowers (from North Little Rock, Arkansas, USA) started Bang-Up Betty over 10 years ago.
My name is Stacey, and I grew my handmade jewelry hobby into a business. Bang-Up Betty is subversive and sweet hand-stamped jewelry and funny, feminist gift items and apparel.
Bang-Up Betty started as a coffee table hobby and has grown into a business that can support me. Its average revenue is about $6,000 per month. Oh, and its named after my cat. His name is Betty and he has his own Instagram account (@bettyisaboy).
. Gold Pan Pete Design ($30K/year)
Alex Moore (from Queenstown, New Zealand) started Gold Pan Pete Design about 11 years ago.
My name is Alex Moore. I’m originally from St. Louis, MO, USA but have lived overseas the last 11 years and am currently living near Queenstown, New Zealand, where I have been for the last 5 ½ years. I have a wife, Paula, and three children, Sophia & Grace (twins, age 5) and Beau (age 3). My main profession (no longer full time) is that I’m a primary school (elementary) PE teacher going on my 15th year.
Currently, between all of my sales at the markets, online, etc, my revenue is on average between $2500-3000 per month. One thing that people find unique about my product is that I personally make every piece of jewelry I sell.
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