“How much should I sell my wreaths for?”
If I had a nickle for every time a wreath maker asked me that question, I would be a very, very wealthy woman! Haha. Honestly though, it is a very valid question. Pricing wreaths can be difficult and down right daunting. You don’t want to price too low and you don’t want to price too high, so here are my best tips for finding the sweet spot for pricing your wreaths.
First, lets take a look at a few typical pricing equations that are commonly used to price handmade items. You can choose to use the following equation to price your wreaths, however, I encourage you to read this entire article to see how you can tailor these pricing equation to fit your specific wreath business.
1. COST OF MATERIALS X 2 + LABOR (EX. $10/Hour) = PRICE
2. COST OF MATERIALS X 3 = PRICE
Let’s dive a little deeper into pricing …
Here are a few questions that I ask people when they ask me about pricing wreaths:
- Where do you plan to sell your wreaths? Online, craft fairs, locally, etc…
- How long have you been making wreaths?
- Do you have an Etsy shop? If you do have an Etsy shop and want to increase your sales, you should take a look at the steps we took to sell over 800 wreaths on etsy in 6 months.
- Do you have a Facebook Business page?
- What type of wreaths do you make?
- How long have you been selling your wreaths? Have you sold any wreaths before?
- How much do you spend on materials and supplies for each wreath?
I ask these questions because pricing your wreaths is not as cut and dry as you would like to think that it is. Unfortunately, you can’t always just double or triple the cost of materials and expect that you will sell every wreath that you put out there for sell.
Here is why: Experience matters. Where you plan to sell your wreaths matters. The type or size of your following and influence matters. The type of wreaths that you make matters.
Let’s talk about experience: If you have just started making wreaths and have never sold a wreath before, and you have $50 in materials in the wreath, no matter how stunning your wreath is, it may be difficult to get someone to pay $150 for your wreath (cost of materials x 3). The reason it may be difficult is because you have to build up your reputation and brand. People may be hesitant to pay that kind of price if they do not know you or the type of reputation you have.
When we first started making wreaths and selling them online, sometimes we barely broke even (we may have even lost money on a few), but the great thing about that is that we were able to sell wreaths quickly and start to gain referrals and recommendations, and then gradually we were able to start raising our prices. Now our wreaths sell for well over $100-$200+. You almost have to think of it like “paying your dues”.
Where you will be selling your wreaths: The type of wreaths and where you will be selling them will play a part in the price that you will get for your wreaths. If you are selling at craft fairs and trade shows, you will generally have to sell at a lower price point that if you are selling in an Etsy shop. Mesh wreaths generally sell for a lower price point than floral grapevine wreaths. Do some market research and see what other sellers are selling the type of wreaths that you make for. Look at sellers who are “newbies” to wreath making and ones that are “seasoned” wreath makers. This will give you an idea of what you can expect yours to sell for.
The size of your following: If you you are a well known wreath maker and your wreaths are flying off the shelf and you can barely keep up with orders, then it is time to INCREASE your prices. If you are relatively unknown in the industry (maybe you do not have a following at all) then I would suggest selling your wreaths at a bit of a lower price point and really work on promoting your wreaths and gaining some followers and fans of your work. This will help you get referrals, reviews, and recommendations, and trust me, those are GOLD for your wreath making business.
Cost of Materials: When you are calculating the costs of materials be sure to include ALL materials and supplies associated with selling the wreath. This included box and shipping material, flowers, greenery, wreath base, floral pics, ribbon, embellishments, and anything else that you may have included in your wreath. The best way to keep up with the price of each wreath is to keep a notebook handy and write down everything for each wreath while you are making it, or after it is completed. A common question that I get about wreath materials is whether or not you should calculate the sales price of the materials if they were purchased on sale, or the retail price of the materials. I believe that if you plan to sell multiples of a wreath and are unsure if you will be able to get the items on sale in the future, then it is best to calculate the full “retail” price of the materials. If you plan on only selling ONE of the item you are making, or if you are certain that you will be able to purchase the items at the sale price in the future, then it is perfectly fine to calculate the sales price of the materials.
Bottom Line: There are several ways that you can go about pricing your wreaths to sell, and there are many factors that can play a role in choosing your price point, but try not to overthink things (I know, I know, I just gave you a lot to think about!) You can always choose one of the pricing equations that I gave you above and see how it goes. If all you get is “crickets” and no sales, then adjust your pricing a bit. On the contrary, if you are selling like crazy and can’t keep up with orders, then you know it is time to INCREASE your prices. For the ultimate guide to selling wreaths online, be sure to read our new book, Wreath Business Blueprint.
Don’t miss this pricing video that I made for more tips on how to price your wreaths for profit!
If you want to learn to create designer wreaths that sell for $150+ I highly encourage you to join Design With The Pros Club.
Please feel free to leave a question about pricing your wreaths. We always love connecting and engaging with our readers.
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If you loved this article, be sure to check out:
- The 5 Biggest Mistakes Wreath Makers Don’t Know They Are Making
- Top Tools for Wreath Making
- How I Made 800 Sales My First 6 Months on Etsy
- 7 tips to sell successfully on Etsy.