There is much to think about, but another thing is what does the customer want? Does he/she want a wallet that is heavy solid and strong or softer thinner and easy to place in the pocket( and which pocket - pants or jacket). i.e. who is your target market?
It is easy to say here is my item, but then to find out that is not what the buyer wants in your area.
It takes time and effort to get the message out there and get feed back. Also, maybe the way you present your wallet to them helps, like wrapped in tissue paper and placed in a correct sized box ( yes it adds to the cost) but will show the customer that you respect what you make - it's one of a kind, hand made heirloom.
Well , it could be but I think you get my drift there. I am only doing stuff as my health will let me and it is low end stuff and limited runs. In other words sold little but I have gotten some great feedback.