Crafts CouncilMaker supportResourcesHow to price your workPricing your work properly is fundamental to creating a successful craft businessCraft businessResourcesCC Directory makers Ash & Plumb, Photo by Dru PlumbPricing your work properly will ensure that you can make a viable living from your practice. Here we provide a simple formula for pricing your work and explain all of the factors to consider when doing so.Download resourceDownload simple formula for pricing work.pdf (36kb)DownloadTips when pricing your work and earning money from your businessEveryone differs in their opinion of value – Remember that you are producing work for a luxury market. Do not consider whether you can afford your product, remember you are aiming your product at people with disposable income and a desire to invest in one-off, bespoke and handmade work.Research - Conduct your own market research into material costs, production costs, market value, distribution costs and running costs.Record- Get into the habit of recording everything such as the time it takes to produce your work, log your costs and log and file all if your receipts for materials etc.Be finance savvy – Research and learn financial key words and their meaning, for example operating costs, overheads, net profit, gross profit.Consider ALL your costs- Who are your potential buyers and how can you reach them, have you considered how you are going to promote the work, present it, package it and how much time you need to factor in for all of those things.How to manage your finances – Look into online accounting software, this will help you manage your cash flows, your budgets, your invoicing and keep an eye on your costs. Make sure you regularly check the accounts. A lot of online accounting software has been set up to support sole traders or small enterprises.To support you in setting up and running your craft business successfully, we recommend the Crafts Council's online resources for craft businessesSuggested reading:Profit First by Mike MichalowiczOvercoming Underearning by Barbara StannySome suggested online accounting software links:QuickBooksXeroFreeAgentANNACoconutFor tips on how to use Excel, visit Microsoft how to guides.ShareFacebook Twitter Whatsapp Email Pinterest ...Read moreResourcesHow to be more environmentally and financially sustainable in your craft businessSustainable craftCraft business...Show more tagsResourcesHow to temporarily export your workCraft businessResourcesResourcesHow to work with galleriesCraft businessResources