Today I’m sharing three different ways about How to Price Wreath Bows to Sell.
Recently, while I was doing a live video, someone asked a really good question – they wanted to know how to price ribbon bows to sell. This is a great question since we all want to make sure the bows we make and sell are priced fairly, while still allowing for a reasonable profit. After all, we are in this business to make money.
So, I have compiled a list of three methods for pricing ribbon bows. These methods are based upon my own experiences as well as suggestions from other wreath makers.
My hope is that after reading this, you will feel confident in choosing the one that works best for you and your business!
How to Price Wreath Bows to Sell
#1 – Counting loops
This pricing method was suggested by a fellow wreath maker, and I have been using it ever since. It is incredibly simple! Just count the loops.
Count the number of loops on your bow, and charge $1 per loop. That’s it.
Keep in mind, for bows made with pricier designer ribbon, you may want to up the price of your bow to as much as $2 to $3 per loop.
#2 – Triple the cost of your product
This is a tried and true method that I use often. All it involves is a little multiplication.
Determine the cost of the materials you used to make your product, and then multiply it times three. It’s that simple.
A great way to determine the cost of your materials is to break it down into a price per unit. Divide the amount of ribbon (using either yards or inches) by the price you paid for it, and that will get you the price per unit.
Ex: You pay $7 for 10 yards of ribbon. 10 / 7 = 1.43 So, your price per yard is $1.43. You will then multiply this number by the number of yards used to make the ribbon. If you use 3 yards of ribbon to make your bow, then multiply 3 yards of ribbon * 1.43 = 4.29.
$4.29 is the cost of your materials. $4.29 * 3 = $12.87
#3 – Double the Cost + Hourly Rate
This method requires you to determine an hourly rate for your labor. Be generous with this number. You do NOT want to pay yourself minimum wage!
Just like in method #2, you will need to determine the cost of your materials using the price per unit method.
To determine your ribbon bow price, simply double the cost of your materials and then add your hourly rate.
Ex: We’ll use the same price per unit and cost of materials as the previous example – $4.29.
In this example, let’s say you decide to charge a rate of $20 per hour. Let’s estimate that it takes you 15 minutes to make a ribbon bow. The cost of labor for this bow would be $5.
So, the final equation would be: ($4.29 * 2) + $5 = $13.58
These methods are quite simple and can be a good starting point for anyone who is overwhelmed by the task of determining a fair price for ribbon bows. But do keep in mind that these suggested numbers are estimations of a potential price point and there are hidden costs that come with running a small business that you will want to consider.
Other things to consider when pricing wreath bows to sell online or at craft shows:
Costs such as shipping and overhead expenses that don’t go directly into your products, like crafting tools, advertising, web domains, fuel or delivery expenses to acquire supplies.
Customers are also paying for your time, your experience, and your creative efforts – all of which have value.
These are just a few of the many possible methods that can be used to price bows to sell.
It is important that you find the one that works best for you and your business, and deciding upon a method that is easy enough for you to use consistently is key. Once you have done that, all you have to do is start selling those bows!
Do you have another method you use to price ribbon bows? Let me know in the comments below!
New to wreath making? Here’s more information you need!
- My Favorite Wreath Making Supplies
- How to Pack and Ship a Wreath Bow
- Where to Buy Ribbons for Wreaths