Costing and Pricing Your Products
- 08 Feb 2019 · 9:30AM - 4:30PM
- Agas Harding Conference Room
- Event type
Costing and pricing your work is one of the most challenging aspects of being a small jewellery or silversmithing business. If you price your pieces too low, you may generate a lot of sales, but be left with little profit. Price them too high and they may not sell at all. So how do you go about pricing your latest piece or collection?
In this one-day workshop Sally Leonard, jewellery business development specialist, will provide you with tools and skills to cost and price your work, along with consumer insights from her own experience, and from research undertaken by the Goldsmiths’ Company.
What will I learn?
This workshop has been specifically created for jewellers and silversmiths selling their work primarily in the UK (either wholesale or retail). It will include group and individual exercises focussed around your own business and one of your pieces to open discussion and transform theory into practice.
Key topics studied include:
- The importance of costing and pricing
- Why costing and pricing should be part of your design process
- How to cost your time and your work
- How do consumers value your pieces, and how can you influence this?
- Pricing strategies – which is right for you?
- How to price your pieces
- How to price across your range
- Factors affecting your profit margins
- What do Fine Jewellery and Contemporary Silver consumers buy, how much do they spend, and how often?
What do I need to bring with me?
- One of your own jewellery or silver pieces
- The results of a short competitor research exercise we will ask you to complete in advance (instructions and a template will be provided)
Who is this course designed for?
Beginner to Intermediate – suitable for people with no previous training on costing or pricing, as well as those who have been taught how to price as part of an FE/HE academic programme (this course will extend your knowledge).
Who is the tutor?
Sally Leonard has 16 years industry experience including at the bench for her own ethical jewellery business, supporting and mentoring jewellery businesses of all ages, and as a member of various groups representing and supporting the local trade. In September 2018 she became the Goldsmiths’ Centre’s new Business Development Tutor for the Setting Out programme, of which this course is a core component.
Originally developed and delivered for the Goldsmiths’ Centre by Jon East - a business consultant who has worked with the Jewellery Industry over the past 20 years – this course includes insights from the Goldsmiths’ Company research programme into consumers of Fine Jewellery and Contemporary Silver, which Jon has been delivering over the past two years.