Learning to Put a Price on the Work

Over the past several weeks, I have shared a lot about what UNCOMMON Jewelry stands for, what our customers receive when they purchase a bracelet, and the commitments I have made as I build this business.

But today, I want to talk about one of the hurdles I have faced behind the scenes: learning how to price my work and feeling comfortable with the price once I set it.

I think many creative people begin in the same place. We know we can make something beautiful. We enjoy the process of creating it. Then, the moment comes when we have to attach a price to what we made, and suddenly the questions begin.

Is my work good enough for someone to pay for it?

Is this price too high?

Will people understand why it costs what it costs?

When I began developing bracelets, I kept very detailed notes about the cost of my materials. I knew what I paid for the beads, the spacers, the charms, the string, and the packaging. Once I understood those costs, I could begin deciding which materials I wanted to put together and what kind of bracelet I wanted to create.

What I did not consider, at least not in the beginning, was my time.

I loved designing bracelets. I loved taking individual pieces and turning them into something beautiful. Because I enjoyed the work, I did not immediately think about placing a monetary value on the time it took me to do it.

For most of my career, I worked in schools. I was paid not only for my expertise but also for the time and energy I committed to the work. However, educators and school leaders generally work under contracts. We receive a set salary, and then, let’s be honest, we work until the work is done. We do not stop to calculate the value of every hour, every decision, or every problem we solve.

Moving into entrepreneurship required me to think differently.

Like any high-achieving, smart woman who needs an answer, I started doing the research. I talked with other business owners, explored different pricing strategies, and learned that many makers price their products using a formula based on their material costs.

My first thought was, “Am I really worth charging that much?”

There it was; the question underneath the pricing question.

The truth is, the customer is not paying only for the beads.

A bracelet may take me 20 or 30 minutes to string, secure, inspect, and finish. But that does not include the time spent developing the idea. It does not account for choosing the right materials, trying different combinations, taking a design apart, rebuilding it, and deciding whether it truly represents the story I want it to tell.

Sometimes that process takes hours.

The price must reflect more than the physical materials. It must also reflect the design, the creativity, the skill, the time, and the care behind the finished piece.

That does not mean pricing is simple. Handmade businesses still compete with big-box stores and mass-produced products. Someone can go online or walk into a department store and purchase a bracelet for a relatively low price. But that bracelet was created on a large scale. It does not carry the same process, intention, or individual story as something designed and made by hand.

I have had to learn that handmade does not need to compete with mass-produced by trying to become cheaper. It needs to stand confidently in what makes it different.

This lesson has become even more important as I prepare to introduce a higher-end piece in November. Creating it has required me to become more comfortable with three things: establishing a consistent formula for pricing, recognizing the value of a more distinctive design, and including my creative time as part of the cost.

And yes, I am still working through it.

If you are thinking about starting a business or turning a creative outlet into something that generates income, begin by understanding everything that goes into what you create. Track your materials, but do not stop there. Consider your time, your knowledge, your creativity, your problem-solving, and the experience you are creating for the person who will receive your work.

Then ask yourself a better question.

Instead of asking, “Am I good enough to charge this?” ask, “Does this price honestly reflect what it took to create this?”

There is nothing wrong with being paid for the beauty you bring into the world. Learning to price your work is not simply a business decision. Sometimes, it is part of learning to recognize the value of your own gifts.

Cheri