Monday, November 26, 2012

Craft Show Newbie 101 : Labels & Price Tags

How to prepare for your first craft show: Labels & Price Tags
Preparing for your very first craft show can be very exciting! It can also be very stressful and nerve racking. I have decided to put together a series that will consist of 5 parts discussing the main ingredients of a fun and successful craft show. We will be discussing my experiences as I prepared for my first craft show. 

As some of you may already know, my area of expertise is selling my handmade candles and soaps. My pictures and examples will reflect this, but the lessons may be adapted to whatever your own craft is. Let's get started!

Welcome to Part 2 of a 5 Part Series!

1. Price your items. You need to know your sales price for each item you wish to sell. To come up with your sales price, you will need to break down your cost for each item by each material that goes into each individual item. Take your cost and multiply by 2 or 3. You will then need to decide on a fair price. A price that customers are willing to pay and also making sure you make a reasonable profit. For instance, it costs me $2.17 to make an 8 oz jelly jar candle. Double that cost and come up with $4.34. That is my bottom line price to charge because I want make a profit of at least $2.17 for each of these candles. Triple the cost and come up with $6.51. I have decided to price my 8 oz jelly jar candles at $6, which I believe is a reasonable price for my customers and also gives me a pretty good profit. Come up with a formula that works for you.

2. Price Tags. I like to tag each of my items with their price. You can do this or print out a sign with a price list. Customers may not want to ask how much something costs and you may be busy with another customer, so having your prices displayed eliminates confusion and saves time, making for a faster check out process. I use marking tags for my larger items and all-purpose sticker labels for my smaller items. The marking tags can be found at a local craft store.

3. Labels. You may be selling a product that requires labels. I label all of my jar candles. For candles, you may choose to provide the name of the fragrance, the size of the candle, your website address and/or business name, candle warnings, and directions for proper use. A professional looking label will ensure your business appearance is professional.

4. Extra Step. Taking an extra step, such as adding ribbon to jar candles, will give your products a nice appearance. And customers like to know that you spent that much extra time preparing their new found treasure. Just think about what you can do to change a plain looking product into a show room worthy product. This will also make for a better looking display at the show.

Summary: Labeling and pricing your items can be very time consuming, but well worth the effort. Your customers will appreciate the extra time you take to pay attention to detail. Keep in mind you may need to reconsider and change your prices after your first or second craft show if your products are not selling as much as you would like. You will get better at pricing your items with experience and the price you can sell at also has a lot to do with the area you live in. It may also take time to perfect your labels, but eventually your customers will come to recognize your brand. Always pay special attention to the appearance of your items and never try to sell anything that you yourself would not want to purchase.

Stay tuned for Lesson 3: Table Set Up & Display

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