3.5 million pieces is an huge number. I have entered a few days ago my first pieces to Etsy. At this poin I do not if pricing is a issue as marketing and social media are.
Just a little thought on pricing, the US just signed a bill with a tax rate for a single person of $400,000. and over to a higher tax rate.
Now looking at this @$400,000. and divide by 52 weeks you get $7,692.00 a week, then divide by 5 days a week and you get approx. $38.46 an hour.
That doesn't even include and of your tools and matls. for the project. Not saying that you have to price your tems this way, but it does make you think about how and what to charge.
You should do market research to find the cost of jewellery pieces. As you are saying that other business owners sell their pieces at low cost and you do not want to do that with your pieces, you can calculate the cost you spend on its manufacturing and can decide the price accordingly.
That's quite good approach to guy products weather they online or in local market.
Palace Weddings India
They don’t value their own talent. They feel “lucky” to sell one of
their pieces at any price, even if the sale barely covers the cost of
They believe their jewelry is “unworthy” of netting higher prices.
Their well-meaning friends and family (who don’t know anything
about the handmade jewelry market) urge them not to “risk failure” by
setting their prices too high.
Pricing also depends exactly how you are selling your items. If you decide to put your items into a place like a consignment shop you might want to mark the prices of your items up. Most shops charge you a percent to sell your items in their shop. Usually anywhere from 10-20%. Some places charge a booth rent, though. In this case you would pay a monthly fee to rent the space where your items will be displayed. Again, you would till want to consider marking up the price of your product in order to cover rent. Make sure you do all the research on how much its going to cost to "sell" and how much you would need to sell in order to make a profit.
You're on the right track here, but your math is a bit off. A $400,000/year income works out to $192.31 per hour for a 40-hour week for 52 weeks a year.
And you're correct that to not include tools and materials, etc. is shortsighted and dooms a business from the outset. I have been a business consultant since 1986 and in the jewelry industry since 1993 and have developed a system for pricing that makes sure to take into account ALL of the elements required to make sure you do not underprice your work.
If anyone is interested, my websites are:
I offer practical tools to help jewelers make sure that the business side of their jewelry business is at least as string as the jewelry side.
Best of luck,