How to Price Your Crochet Items for Selling at Markets

You've finished you're latest crochet project. It's so CUTE. You post on instagram and your friends love it. Someone you met at one of your markets dms you asking to claim it immediately. The problem is. You haven't priced it yet.

You ask some friends but their answers are all over the place. What do you do? In this blog post we'll cover everything you should consider when pricing your crochet projects for selling at markets.

If you're looking for a formula to use then I recommend looking at my Free Pricing Calculator here. Or for more computing power you can buy The Crochet Pricing Calculator.

Table of Contents

1. Counting Your Stiches: Understanding Your Costs

2. Time is Money: Factor in Your Labor

3. The Hidden Costs: Don't Forget Overhead

4. Check Out the Community: Research Market Rates

5. Conclusion: Ready to Master Pricing Your Crochet?

Q1: Why is it important to understand my material costs when pricing my crochet projects?

Answer: Understanding material costs ensures you accurately reflect the true investment of your resources, preventing undervaluation of your work.

Q2: How can I track the time I spend on each crochet project?

A2: Keep a detailed log of hours spent on each project. The Crochet Pricing Calculator can help you input your hours and desired wage for accurate labor cost calculations.

Q3: What are "hidden costs," and how do they affect my pricing?

Answer: Hidden costs include expenses like market fees, packaging, and transportation. Factoring these into your pricing ensures you cover all expenses and protect your profit margins.

Q4: How do I find a competitive price for my crochet items?

Answer: Research similar products at local markets and online. The Crochet Pricing Calculator can help you compare your prices with market standards.

Q5: How can I ensure my pricing is fair to both me and my customers?

Answer: Combine your material, labor, and overhead costs to set a balanced price that reflects the quality of your work while remaining appealing to customers.

Q6: Where can I find tools to help me price my crochet projects accurately?

Answer: The Crochet Pricing Calculator is an excellent tool for accurately calculating all costs associated with your projects. Download it to streamline your pricing process!

1. Count Your Stitches: Understanding Your Costs

Get a grip on what your materials are really costing you (spoiler: it’s more than just yarn).

Before you can even think about pricing your crochet projects, it’s essential to understand exactly what they’re costing you to make. Materials like yarn, safety eyes, stuffing, buttons, and other embellishments can quickly add up, and keeping track of every little piece is key to pricing your work accurately.

Step by Step:

It might seem like a lot of work... but the glorious thing is that you only need to do it once.

You just need to take a few measurements and do a little math.

Check out this reel on instagram where I show you how I use my Crochet Pricing Calculator to price a Little Potato Pal.

Here are the steps I take in the video:

1. First we make the Little Potato Pal body.

2. Next, weigh the empty body. Record that weight.

3. Next we add the safety eyes and stuffing. Calculate the price of one pair of safety eyes.

4. Add any details like blush or a smile. Fasten off your project.

5. Reweigh the body. Record that weight. That is approximately the weight of your stuffing.

6. Put all the numbers into The Crochet Pricing Calculator and it will give you a result!

The Sneaky Materials

Beyond the obvious materials, think about the other resources you’re using. What about the cost of the digital patterns or cute crochet hooks you've purchased? These might not be one-time-use items, but they still contribute to your overall costs. You could add this as a seperate material cost or what I like to do is include it in my markup. More on markups later.

Pro Tip: Track It All for Accuracy

The best way to stay on top of your materials is by logging everything as you go. The Crochet Pricing Calculator has a Materials and Costs Log that can help you track these costs easily. Keeping a close eye on these numbers means you’re always pricing your projects with precision and confidence.

2. Time Well Spent: Factor in Your Labour

Your crochet time is valuable—let’s make sure it’s reflected in your prices!

Pay Yourself an Hourly Wage

What hourly wage should I pay myself?

Ultimately this is up to you. Some creator choose their locations minimum wage. For example, the Ontario minimum wage is $17.20 CAD. I wouldn't go any lower than $15 personally. Don't devalue you're skill. Turning a ball of yarn into a piece of art is no easy feat. Unfortunately, potential buyers may not always grasp the time commitment involved in making a crochet item, so incorporating this into your pricing strategy is crucial.

Tracking Your Time

To ensure that your time is accurately accounted for, consider maintaining a detailed log of the hours spent on each project. This log should include the time spent crocheting as well as the hours dedicated to planning, designing, and gathering materials. I recommend using an app called CLOCKIFY.ME

Clockify.me is a free time-tracking tool that helps you keep track of how much time you spend on different tasks—like making products, managing your shop, or even social media. You can set an hourly wage per task. It's easy to start and stop timing a task which is crucial for those of us with little kids.

3. The Hidden Costs: Don’t Forget Overhead

Market fees, packaging, and website fees? Yup, they all count when pricing your projects.

When pricing your crochet projects, it’s essential to look beyond just the materials used. Many costs, often overlooked, can significantly impact your overall expenses.

Here are some of my overhead costs:

• Canva Subscription

• Website Domain

• Website Host

• Market Fees

• Etsy Fees

• Business Insurance

• Does the bus fee to the yarn store count?

Some of these fees are hard to anticipate (like market fees) so consider adding a general "markup" to your handmade crochet projects to account for some of these things.

If you ship you're products then you also have packaging material to factor in: think bags, boxes, tissue paper, labels, business cards. Calculate the price of one of these items by dividing the price of a full package by the number of pieces in the package. More on this on the Free Crochet Calculator.

Utilizing the Crochet Pricing Calculator

To make tracking these hidden costs easier, the Crochet Pricing Calculator offers a dedicated section for overhead expenses. This tool helps you input and calculate your market fees, packaging costs, and transportation expenses seamlessly. By utilizing this feature, you can ensure that all aspects of your crochet business are considered in your pricing strategy. If you want to gain a comprehensive understanding of your expenses and set fair prices for your projects, I encourage you to check out the overhead section in the Crochet Pricing Calculator.

• Talk about costs beyond materials, like market fees, packaging, and transportation.

• Explain why these hidden costs should be added into the final price.

• Link to the overhead section in the Crochet Pricing Calculator (CTA).

4. Check Out the Community: Research Market Rates

Do a little research and see what others are charging to keep your pricing competitive.

The Importance of Market Research

Before setting your prices, it's essential to do some research and see what others in your community are charging for similar products. This involves visiting local markets and browsing online platforms to gauge the price range of comparable crochet items. Pay attention to the styles, quality, and materials used by other sellers. By understanding the market landscape, you can better position your own creations and identify pricing trends that resonate with potential buyers.

Using the Crochet Pricing Calculator for Comparison

To streamline your pricing strategy, the Crochet Pricing Calculator can be an invaluable resource. This tool allows you to input your prices and compare them against market standards, helping you make informed decisions about where your creations fit within the competitive landscape. By using the calculator, you can ensure that your prices align with both your business goals and the expectations of your target audience. If you’re ready to take a closer look at your pricing in relation to market trends, I encourage you to explore this feature in the Crochet Pricing Calculator.

Conclusion

Pricing your crochet projects can be a daunting task, but with the right tools and a clear understanding of your costs, it becomes much more manageable. By taking the time to accurately track your materials, labor, and overhead, you can ensure that your prices reflect the true value of your hard work and creativity. Remember, your crochet items are not just products; they are a testament to your skills and passion.

If you want to simplify this process and gain confidence in your pricing strategy, I invite you to download the Crochet Pricing Calculator. With its user-friendly features and comprehensive tracking options, you’ll be able to price your projects with ease and precision, helping your crochet business thrive. Happy crocheting!