How to price your resin art products?
Resin Art Pricing Guide
Resin art has taken the crafting world by storm, offering artists a medium through which they can create stunning pieces that captivate the eye and imagination but how to price resin art is still a question. If you're one of the many talented resin artists in India, you've likely poured your heart and soul into creating beautiful artworks. However, when it comes to pricing your creations, it can be a daunting task. How do you put a value on something that's not just a product, but a piece of your creativity? Let's delve into the intricacies of pricing your resin art products in India.
Understanding Your Costs:
Pricing resin art for beginners : Before setting a price for your resin art pieces, it's crucial to understand all the costs involved in producing them as pricing handmade resin products rightly is important. Here's a breakdown of the key expenses you need to consider:
Resin, pigments, molds, tools – these are the raw materials that form the foundation of your artwork. Calculate the cost of each component used in creating a piece. For instance, if you're making a resin coaster, factor in the cost of resin, pigment, and any embellishments like glitter or dried flowers.
Example:
To Determining resin art prices, Let's say you have created a set of 4 coasters where you have used 200 ml of resin priced at ₹200, pigment worth ₹10 out of a pigment jar worth ₹100, and mould costing ₹200 but because a mould is re-usable we only include 1/10th of its cost i.e ₹20 in this case considering a practical survey that one mould serves 10 fine de-mouldings before it gets rough for use. Considering the above facts, the total cost of making a set of 4 coasters is : ₹200 + ₹10 + ₹20 = ₹230.
Pricing resin crafts : Your time and expertise are invaluable. Estimate how much time you spend on each piece and assign an hourly rate to your work. This should reflect not only the time spent on crafting but also any design work, research, or marketing efforts.
Consider yourself as an employee to your small business. As every business has to pay its employees their salaries similarly your small business needs to pay you for your time and effort which is your salary for creating the products. Thus, Costing resin art pieces becomes easier.
Example:
If it takes you 2 hours to create a coaster and you value your time at ₹150 per hour considering you work 8 hours a day and 25 days a month ( i.e a salary of 30,000 a month ), your labor cost for that piece would be ₹300.
Resin art selling price calculation : Overhead expenses include rent for your workspace, utilities, equipment maintenance, and other operational costs. Spread these costs across your products to determine how much each item needs to contribute to covering these expenses.
Setting prices for resin creations example:
If your monthly overhead costs amount to ₹10,000 and you produce 50 sets/pieces per month, your overhead cost per set/piece would be ₹200.
Don't forget to account for the expenses related to packaging materials, such as boxes, bubble wrap, and tape, as well as shipping fees if you offer delivery services. These costs can vary depending on the size and weight of your products and the shipping destination.
Example:
If packaging materials for a single piece/set cost ₹50 and shipping within India costs ₹100, your packaging and shipping cost per piece would be ₹150.
Calculating the Selling Price:
Once you've tallied up all your costs, it's time to determine the selling price for your resin art products. Add up the material cost, labor cost, overhead cost, and packaging/shipping cost for each item to get the total cost per piece. Then, apply your desired profit margin to arrive at the final selling price.
Example Calculation:
Material Cost: ₹230
Labor Cost: ₹300
Overhead Cost: ₹200
Packaging and Shipping Cost: ₹150
Total Cost per Coaster set: ₹880
Resin art profitability analysis / Resin art market research for pricing:
For Kitchen Products : 50% - 80% approx
For Furniture Products : 30% - 60%
For Jewellery Products : 200% - 500%
For Home Decor Products : 40% - 80%
Let's say you want to apply a 50% profit margin:
Profit margin for resin art products i.e coasters in this case (50% of Total Cost): ₹440
Selling Price per Coaster set: ₹1320
Consider Market Trends and Customer Perception:
While your costs serve as a baseline, it's essential to consider market trends and customer perception when setting prices. Research what similar resin art products are selling for in the market and gauge what your target customers are willing to pay. Factors such as the uniqueness of your designs, the quality of your craftsmanship, and your brand reputation can also influence pricing decisions.
Conclusion
Pricing your resin art products in India involves a careful balance of covering your costs, valuing your time and expertise, and meeting market demand. By understanding and accurately calculating your expenses and considering market factors, you can set prices that not only sustain your business but also reflect the true value of your artistic creations. Whether Pricing resin coasters and trays or jewellery & decor, Resin art business expenses should be calculated rightly. Remember, pricing is not just about numbers; it's about recognizing the worth of your creativity and craftsmanship.