7.14.2009

Pricing Jewelry & Excel Spreadsheets


When I first started selling jewelry, I didn't have a clue about how to appropriately price my work. In fact, my SCORE counselor is probably still grumbling because I have refused to follow his ingenious selling formula! I thought it would be fun to share the tools I'm using to manage the financial end of Hint Jewelry.

My most fav financial resource is a downloadable Excel spreadsheet that you can purchase from fabulous jewelry designer Eni Oken. What I like most about her jewelry price calculator is that she provides a variety of formulas to chose from and the ability to create your own. Also, you are able to see an optimal wholesale price and a comparison of different levels of retail and wholesale pricing.

Using Eni Onken's price calculator is a gratifying experience because if used correctly, as an artist you begin to value all the labor that goes into creating one single piece of jewelry. Once you start factoring in hidden labor such as researching designs, taking photographs, writing descriptions, and communicating with potential clients, you find yourself resonating with your jewelry's true worth.


etsy tools seller worksheet sales spreadsheet excel accounting bookeeping
Etsy Seller Worksheet


My other go to financial tool is a revised version of Etsy's Seller Worksheet. Oh, I admit I stumbled through 2008 with the original version of the spreadsheet until I knew exactly what information was pertinent to Hint Jewelry. Here are the columns that I have in my Etsy Seller Worksheet:

# Items in Stock
Type
Size
Description
Material Costs
Retail Cost
Date Sold
Buyer Name
 Shipping & Handling Costs
Retail + ShippingProfit


I have separate spreadsheets for keeping track of inventory, my wholesale business, and overhead expenses for Hint Jewelry.

Not only do these Excel spreadsheets allow me to evaluate where I need to minimize costs, come tax time my Etsy seller spreadsheet makes filing a snap!!

Do you have any wiz-bang financial tools that are helping you run your business? I'd love to swap stories and find out if I've been missing out on anything nifty.

2 comments:

  1. Oh Beth, you have no idea how nice it is to see this post. I just came in from my studio going how on earth should I keep track of everything. So nope, I have nothing to share, except don't do what I do :). But a lot to take away! Many thanks, LeAnn

    ReplyDelete
  2. LeAnn, I'm so glad this information helped! Excel has become my new best friend. So simple and without running out and buying a new software program :)

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