help me out here please!

[Former_Member]

i am going to be working with a tattoo parlor... consignment work. i am totally lost on what price to put on my bags.

i am also going to start working with an art gallery... her take is 50% of the total cost of the bag... she also has exclusive bags for her gallery.

I know the time it takes to make the bag times the supplies times what you want to make and so on and so forth but im still not grasping percentages and pricing of my items.

please someone help me.

-Kathy

[VintageRenude]

I can tell you from my experience working in other industries that retail markups can run anywhere from 100 to 200% of cost. It sounds high, but you have to take into account, time, taxes, transportation costs, packaging, advertising and everything else that goes into the actual sale beside your time and materials. Make sure that you are making enough of a profit for yourself after you pay out consignment fees and anything else.

To start with, are you making enough on each item from your Etsy sales? I would start there. Don't underestimate yourself. You are an artist and if someone is willing to pay thousands for a designer bag they should be willing to pay a fair price for a handmade limited edition or one of a kind design from an up and coming artist. Market yourself as such and go for it!

[Former_Member]

really 100% - 200% markup! wow. so one of my $50. on etsy would end up being $100+ elsewhere. wow. I just get scared that people wont pay for duct tape bags in this economy.

i do sell myself short all the time and i need to stop.

You're right about the designer bags... the louis vutton and so forth. boring bags that people pay thousands for. So, you're right, one of a kind art is something worth paying for.

I'm not sure what the owner of the tattoo parlor wants as a percentage. He is a friend so he might not want anything. lol.

Thank you so much for your information. I wish I could afford to hire someone to take care of the business part of my business. All the consignment and wholesale stuff just goes right over my head.

-Kathy

[VintageRenude]

You may be able to work out something with the owner that will work on a scale so that the more you sell the more he gets. Rather than a per item set amount. Kind of like buying in bulk only the reverse. Say you sell $100.00 worth of product he gets 20% , $500.00 he gets 25%, and so on. I would spend a little money on a nice display and tags that include your business info so that everything really looks professional and make sure you start with a nice range of products.

[Former_Member]

I had the same issue when I put my childrens item in a consignment shop. I had marked the headbands up to what I thought was a good price to make the money I wanted to but they didn't sell at all. The owner asked if she could mark them down and I said she could do so and now they are selling at the lower price. I guess I figured rahter than they collect dust in my house or in her shop 6 selling at a lower price vs. 1 selling at a higher price was going to generate more money no matter what. I don't think my situation is ideal thought.

But, your situation seems ideal. Especially in the art gallery. People go in there not expecting a bargain. In my case Mom's like me are looking for the good deal for their little one in my case!

Congrats on your new opportunity, how exciting!

[fireflygirl777]

Kathy,

Your designs are wonderful! I particularly like the Johnny Depp one and the girl with the balloon.

Selling yourself short is not an option!

[ArtEllen]

Be especially sure to carefully read over any consignment agreement. Have one of your friends read it too. They may see something that you missed - like how long your stuff will be displayed, how quickly you get paid when something sells, who is responsible if something is damaged while on display, etc. vintage Renude is right about the markup. Start high. you can always lower your price later with a sale price.

[Former_Member]

thanks everyone for your advice!
kiraud - yeah the higher prices will probably work for me in the art gallery but in the tattoo parlor i may run into the same problem you did. people are going in and spending a butt load on a tattoo are they going to want to buy a high priced bag too? prices will probably be lower at the parlor. thanks so much!

fireflygirl777 - thanks. i was surprised with the johnny depp one too... who knew duct tape could be sexy!! lol

ArtEllen - i never thought about any of those things actually. in fact i dont have an agreement at all. nothing signed. i guess that is a big mistake on my part. a woman that i advertised with set me up with the woman at the art gallery and we have just been emailing back and forth. I even sent her some product already. i guess i should write some sort of contract up.

thank you again everyone!

keep the opinions coming. =)

-Kathy