How Much???

[RedCliffsLeatherwork]

I know this is the same age-old question of how to price your leather goods, but I want to get your guy's opinion to get me in the ballpark. Each takes me about 8-10hrs to complete. They are all hand tooled, stitched, and made with all genuine leather. 

I'd love to know what you would price these at. What would you consider a fair price?

Thanks

Kenner

[BlackDragon]

I went to a retail western wear shop yesterday to see what the going price was for leather goods; wallets, purses, belts, etc. For a bifold wallet with some embossed/stamped images they were asking $50. Mind you these wallets weren't all leather. Their pockets had leather when you just look at the surface but once you pulled it opened you could see just a liner. 

I would say these wallets were no better than the W-mart wallets but they were a name brand. Dont remember the name but my brother in law said it was a rodeo rider (Cody somebody).

With all that said I price my plain leather bifolds starting at $60 and my plain roper wallets start at $75. Start adding tooling, exotic skin, etc and you have to decide what your time is worth and what the target customers are willing to pay.

[Mulesaw]

I go pretty strict by the hourly rate x time spent.

But with an allowance if I consider the job leather work or more general work. 

So for me the price would most likely be 8 x 350 = DKK 2800,-  + 25 % VAT = total DKK 3500 (~ 500 US$)

I reckon I wouldn't sell any but I have decided that I won't work for free, and a lot of people will easily spend a ridiculous amount of money on other stuff, so something that is hand made an good looking should be cheap.

When / if people complain about prices I normally compare my prices to a pizza or a cup of coffee at a café. A coffee is easily 6-7 $ and a pizza 12-15$ for a regular pizza. People won't think twice before forking out money for a couple of lattes at a café, and if a job takes 8 hours for me to do - it represents an entire working day, so it should be paid like that.

 

[Samalan]

Hate to say it friend but things like that have what's called a perceived value not fun to hear but it's true. It would be best if you created something that that's new or unique unfortunately your wallet is neither let's say your shop price is $25.00 dollars an hour x 10 hours labor = $250.00 your wallet has a perceived value of $50.00 that makes your wallet very hard to sell. In my younger days, I was a custom furniture and cabinet maker a decorator came it my shop he wanted a price for a bathroom vanity he showed me his drawing which had a lot of unique things about it I told him I would get back to him. Now, this vanity was only three feet long with a banjo top over the toilet. The next day I gave him a price of $3,500.00 dollars He said wow that seems like a lot of money I said it Is because that's a lot of vanity he said he could get a vanity at home depot for $300.00  I said ok that's good for them $3,500.00 is my price. He bought the vanity from me for $3,500.00 plus installation. The design of his vanity made it so unique it was worth $3,500.00 and he knew it. My advice to you is always getting what you need to get don't work for anything less. One thing I would tell people who wanted things cheaper is if I don't get all the money how can I do a good job for you? 

[fredk]

$125 minimum to $150/$160

[Tugadude]

Samalan makes a lot of good points.  In the OP's post he got specific and asked how much a FAIR price would be.  I doubt it is achievable except under one condition and that is a commissioned or bespoke item.  In other words, the buyer knows up front what they can expect to pay for that amount of work.  You might even have a "schedule" like some of the custom bicycle manufacturers have, where they list a number of options along with their prices.  The buyer then determines for themselves how much the bike is going to cost, more or less.

 

Basically what I'm saying is the average customer looking for a wallet will never pay what it is actually worth when you figure in the amount of hours you've invested.  But someone looking specifically for the characteristics of same just might.  

 

As far as the "schedule" I mentioned, or menu, you can offer plain versus tooled, stitched versus laced, for example.  List colors of leather, grades and/or types of leather and colors of thread and lace.  Make them a part of the process and to me it helps justify the price in their own mind because they've had a hand in designing it so to speak.  And now they understand that some things cost more than others. 

An educated consumer is your best customer.

[doubleh]

Even at $150 you are working for basically McDonald burger flipper wages. Not much for something that requires some skills and why I quit doing anything but hobby leatherwork. 

[JLSleather]

I haven't done them lately, but I do base price on complexity.  Some of those patterns - from STohlman's 'Top 20' book - I sold at $150-250 depending on 'stuff', such as custom coloring, etc.

[Simplejack1985]

I charge 100 for a 6 x card pocket wallet in dublin. 150 for the same wallet in Italian veg tan. If I carve that same wallet I want 350 bucks. My time is not replaceable. Plus I don't use cheap shit.

[chuck123wapati]

to answer your question how long did it take, where you selling, how good is your work?

You wont get top dollar at the local flea market period. 

us bureau of labor stats says  the mean wage for leather workers is $14.70 an hour. Is your work above average to OTHER people? A person can slap any number on something and say its worth it but the reality is will someone buy it at that price.

 I've worked flat rate before as a mechanic, if a brake job for example job takes two hours you get two hours pay no matter how long it takes. in leather terms a wallet may take a fast tooler two hours but me it takes three how ethical is it to charge more for my time because I'm slower? Being slower and less trained my time is worth less not more i cant charge people wont pay 20 an hour if I'm not worth it.