[Jewelry making - Article 00221] - Re: [Orchid] Going rates for simple repairs

[Mark Parkinson]

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Hi Claudia,

    Alastairs advice is right on. 

    I would add that it's all about relationships. Initially you will be
    just another goldsmith. But if your work is consistently exceeding
    expectations, on time and done without complaint, the jewelers will
    begin to rely on you. Over time price becomes less of an issue, your
    clients give you work because they can count on your ethics and they
    know you will get it done. If you make them look good you will stay
    busy. 

    As briefly as I can say it, to get your minimum wholesale price you
    need to time your work, calculate your hourly rate, add in your
    materials (typically marked up 50%), and add in your hourly
    overhead. That will give you your absolute minimum wholesale! So if
    that's your floor, your ceiling is whatever reasonable people are
    willing to pay. 

    Pricing is one of the hard things about running a business, there is
    nothing out there that says if you do this, then charge this,
    (Geller's book is really for retail stores, not wholesale shops, and
    copying other shops price lists is usually just repeating their
    mistakes). 

    Every relationship is different. You may be a great goldsmith with
    terrible clients who undervalue your work. Your goal should be to
    seek out and build, over time, positive win-win relationships with
    jewelers who care about your work and about you as a person
    both...not just how much they pay. 

    Oh, and only do work for jewelers who pay you on time. 

Mark
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