I often hear jewellers questioning how they can get a healthy amount of sales, for which they charge a reasonable price, and yet still not make enough (or any) actual profit 💰
One possible reason is they are focusing on the price of materials and production time, and not accurately accounting for all the other costs involved with running a business 🗄️
And there are many!
From studio rent and utility bills, to training and tools, bank charges, website hosting fees and even insurance ⚒️
All these ‘extras’ (known as overheads) will quickly eat into the money a business makes and need to be factored into your pricing 🤑
This will also vary from one business to the next, which is why you should be careful not to value your work based on what other jewellers are selling for - you don’t know what their overhead costs might be 💍
And don’t forget, you need to check and update your overhead costs regularly ☑️
Most people are aware that the price of silver has doubled in the last five years, but the cost of electricity and postage has gone up too 📈
If you need some help we have a great free class called ‘Pricing Your Jewellery for Profit’ complete with a spreadsheet you can fill out to work out all your prices for you ✅ Here's the link [ Ссылка ]
There are many more complex formulas as you grow more advanced with your pricing strategy but this is a great place to start 🌱
With love,
Jess xx
