Facebook Twitter Instagram
Search
844.520.6991
My Account
  • Show Policy
    • Coverage details
    • Compare Policies
    • Price Check ACT
    • Buy Now
  • Annual Policy
    • Coverage details
    • Compare Policies
    • Cyber Liability
    • Price Check ACT
    • Buy Now
  • Who We Insure
    • Artists & Crafters
      • Artists
      • Crafters
      • Artisans
      • Jewelers
      • Painters
      • Glass blowers
      • Potters
      • Paper Crafters
      • Sculptors
      • Wood & Metal Crafters
      • Leather Crafters
      • Clothiers
      • Vendors
    • Art & Craft Booth Holders
      • Craft Fairs
      • Art Shows and Festivals
      • Trade Shows
      • Farmers Markets
      • Swap Meets
      • Events for Arts and Crafts
      • Arts and Crafts Vendors
      • Fairs
      • Conventions
    • Art Galleries
    • Exclusions
      • Show Policy
      • Annual Policy
  • Events
    • Register an Event
    • Why register?
    • Upcoming Events
  • About Us
    • FAQs
    • Contact us
    • Blog
    • Testimonials
    • Koins For Kenya
  • Buy Now
    • Buy Show Policy
    • Buy Annual Policy
Menu
  • Show Policy
    • Coverage details
    • Compare Policies
    • Price Check ACT
    • Buy Now
  • Annual Policy
    • Coverage details
    • Compare Policies
    • Cyber Liability
    • Price Check ACT
    • Buy Now
  • Who We Insure
    • Artists & Crafters
      • Artists
      • Crafters
      • Artisans
      • Jewelers
      • Painters
      • Glass blowers
      • Potters
      • Paper Crafters
      • Sculptors
      • Wood & Metal Crafters
      • Leather Crafters
      • Clothiers
      • Vendors
    • Art & Craft Booth Holders
      • Craft Fairs
      • Art Shows and Festivals
      • Trade Shows
      • Farmers Markets
      • Swap Meets
      • Events for Arts and Crafts
      • Arts and Crafts Vendors
      • Fairs
      • Conventions
    • Art Galleries
    • Exclusions
      • Show Policy
      • Annual Policy
  • Events
    • Register an Event
    • Why register?
    • Upcoming Events
  • About Us
    • FAQs
    • Contact us
    • Blog
    • Testimonials
    • Koins For Kenya
  • Buy Now
    • Buy Show Policy
    • Buy Annual Policy
My Account
Act Logo
My Account
  • Show Policy
    • Coverage details
    • Compare Policies
    • Price Check ACT
    • Buy Now
  • Annual Policy
    • Coverage details
    • Compare Policies
    • Cyber Liability
    • Price Check ACT
    • Buy Now
  • Who We Insure
    • Artists & Crafters
      • Artists
      • Crafters
      • Artisans
      • Jewelers
      • Painters
      • Glass blowers
      • Potters
      • Paper Crafters
      • Sculptors
      • Wood & Metal Crafters
      • Leather Crafters
      • Clothiers
      • Vendors
    • Art & Craft Booth Holders
      • Craft Fairs
      • Art Shows and Festivals
      • Trade Shows
      • Farmers Markets
      • Swap Meets
      • Events for Arts and Crafts
      • Arts and Crafts Vendors
      • Fairs
      • Conventions
    • Art Galleries
    • Exclusions
      • Show Policy
      • Annual Policy
  • Events
    • Register an Event
    • Why register?
    • Upcoming Events
  • About Us
    • FAQs
    • Contact us
    • Blog
    • Testimonials
    • Koins For Kenya
  • Buy Now
    • Buy Show Policy
    • Buy Annual Policy
Menu
  • Show Policy
    • Coverage details
    • Compare Policies
    • Price Check ACT
    • Buy Now
  • Annual Policy
    • Coverage details
    • Compare Policies
    • Cyber Liability
    • Price Check ACT
    • Buy Now
  • Who We Insure
    • Artists & Crafters
      • Artists
      • Crafters
      • Artisans
      • Jewelers
      • Painters
      • Glass blowers
      • Potters
      • Paper Crafters
      • Sculptors
      • Wood & Metal Crafters
      • Leather Crafters
      • Clothiers
      • Vendors
    • Art & Craft Booth Holders
      • Craft Fairs
      • Art Shows and Festivals
      • Trade Shows
      • Farmers Markets
      • Swap Meets
      • Events for Arts and Crafts
      • Arts and Crafts Vendors
      • Fairs
      • Conventions
    • Art Galleries
    • Exclusions
      • Show Policy
      • Annual Policy
  • Events
    • Register an Event
    • Why register?
    • Upcoming Events
  • About Us
    • FAQs
    • Contact us
    • Blog
    • Testimonials
    • Koins For Kenya
  • Buy Now
    • Buy Show Policy
    • Buy Annual Policy

Home - Blog - CHOOSING THE PRICE THAT’S RIGHT

Choosing The Price That’s Right

  • December 10, 2014
Facebook
Twitter

Pricing is one of the most difficult things to get right for artists and crafters. So many other aspects of your business – marketing, accounting, managing – depend heavily on charging the right rate, so it is important that you not neglect this important part of your business.

The following are a few tips for you to consider when you decide on your pricing.

It is a good idea to keep good track of expenses (maybe even keeping expense reports). Some of you reading this might think, “But I’m just a small business and I don’t need to go to all that trouble,” or “I only do this as a hobby, so I don’t need to use expense reports.” Keep in mind, though, that in most cases these reports can make your job much easier. Most important – keeping good track of expenses helps determine the right pricing.

Decide what your time is worth. You need to be paid for the work you did. Decide what hourly rate you would like and multiply that by how many hours it took you to make the product. For example, if you want to pay yourself $20.00 an hour, and it took you three hours to make the product, you need to include $60.00 in the price ($20.00 X 3 = $60.00). This is not the final price you should charge. You also need to add in all of the expenses you incurred to make the product, including any storing and shipping you paid for as well as the salaries of any employees you have that contributed to the product.

Remember that the price you set for your item determines its perceived value. If you don’t believe this, find someone who decided to double their prices because they wanted to stop making the crafts and thought that would be a good way to lose clients. Many of them will tell you that by increasing their prices, the demand for their products actually increased. Why? Because customers felt the higher prices indicated a higher value.

Be realistic about your prices. Being able to charge $100 for the product that cost you $1.00 in expenses would be great, but it isn’t realistic. There comes a point when nobody will pay the price you’re asking, no matter how much money they have. You also need to remember that under pricing your product isn’t realistic either because you are going to lose money in the sale. The trick is to find a happy medium. If all else fails and you are having trouble figuring out what your prices should be, look around at similar products from your competitors and price yours comparatively. Once the sales start coming, though, you should revisit the pricing to make sure you are actually making money.

Once you have found the price that works best for you and your product, that is not the end of the story. You must continually stay aware of many different factors that could affect the price of your item, including supplies, storage, and labor. Pricing is an art that that, if you are diligent and work hard at, you can perfect.

Annual / Show policies

Show policies

starting at
$49
Buy policy

Annual policies

starting at
$279
Buy policy

Not ready to buy?

Set up a reminder to make the switch

Set a reminder

Check Out Our Most Recent Blog

ACT Spotlight artist, Joan Radell, shows off her showing machine with all of her sewing tools she has invented and sells at craft shows.

Finding Purpose in Unexpected Places

Joan Radell combines creativity with practicality as her unusual sewing tools help crafters stitch together beautiful works of art.

See What People Are Saying

Excellent insurance. Fast and straightforward.
Obtaining insurance for my event was fast and seamless. Thank you for allowing me time to focus on my art and less on logistics.
Lisa Q.Real People. Real Artists.
We Love Act Insurance
We have used Act Insurance for a couple of years now.... ...We immediately have access to our policy and any past policies are kept in your online account for future reference if needed. It makes things so easy and they have been very reliable! Definitely recommend using them.
R.B.Real People. Real Artists.
I spoke with Melissa who was awesome in helping me. She was understanding of my concerns and took the time to answer all of my questions and was extremely professional.
Peggy L.Real People. Real Artists.
Easy And Fast To Get Covered
Very easy to get covered through Act Insurance! It was cheaper than other places I checked and they were very quick in getting us covered.
Cheryl C.Real People. Real Artists.
Great Service!
The online process was fast and efficient. They provided all tge necessary documents I needed.
Trusted CustomerReal People. Real Artists.
Easy To Use And Keep In Place At An Affordable Price
I have referred fellow crafters to it, as the policies which they were getting through their regular insurance agents were over twice as much and did not cover as much.
Lynn W.Real People. Real Artists.
It Was So Very Fast And Easy! TY
It was a very user friendly transaction! I thank you!
Trusted CustomerReal People. Real Artists.
Highly Recommend
Website is easy to use; process is simple and straightforward. This is my second time purchasing a short-term policy and would definitely do it again.
Patricia N.Real People. Real Artists.
Good Communication, Ease Of Policy Renewal
Emails alerted me clearly about policy renewal and allowed me to do nothing in order for the rollover to occur — very easy!
Trusted CustomerReal People. Real Artists.

Contact Us

ACT Insurance

(Artists, Crafters & Tradesmen)
260 South 2500 West Suite 303
Pleasant Grove UT, 84062

  • 844.520.6991
  • info@actinsurance.com

All policies have conditions, limitations and exclusions, please read the policy for exact verbiage. Claim scenario circumstances vary in nature and similar claims do not guarantee coverage.

© 2013-2021 VeracityInsurance.com | All rights reserved.

Terms & Conditions | Privacy Policy | Sitemap | Licensed in All 50 States
Facebook Twitter Instagram