Making Wallets To Sell

[JLSleather]

Wow, when I suggested looking at search results on Etsy, I certainly didn't mean to spend your day brow-beating the next guy. The whole point was, your stuff certainly is that quality (and better than many). My mistake - I should have simply said go on and sell your product and left it at that.

What I do NOT suggest, is basing your price on the time it took. One guy makes an item in an hour, next guy takes 3 hours. If the quality is the same, I for one would not pay more for the slower guy - thus rewarding him / her for going slower. A $50 wallet is a $50 wallet, regardless of who made it or how long it took.

Seriously, enjoy the crafting. Make some money at it. Improve when / where you can. Just keep in mind, the guy who needs to run someone else down to feel better about what he does (instead of improving it) has issues way beyond the burnished edges.

[Dwight]

The absolute first and most important foundation point for beginning ANY business: you already have, . . . the head orientation that your customer must be first.

Companies or individuals who do not get their heads oriented that way, . . . fold up, die out, go bankrupt, . . . or worse, produce an inferior product that gets someone hurt or sick, . . . and legal action nails their business' coffin shut.

Being up front with your customer, . . . AND being willing to adjust as required, . . . will go a super long way toward making you successful.

And like others have said, . . . the pictures look good, . . . but you need to develop your product as you go along, . . . the Edsel is proof you can go too far, . . . the Yugo is proof that some junk is sold, . . . but personally I like what I saw.

One final point, . . . accept limitations. For instance, . . . I will not build a "small of the back" holster, . . . nor to I sell horizontal shoulder holsters. To me they pose a serious liability that I am all to happy to allow someone else to assume.

Again, . . . you have a good start, . . . good attitude, . . . that is most important.

As an aside, . . . I also teach basic Microsoft Office applications, . . . one of the things I teach is how to use Excel to produce a one piece document that is your production order, . . . packing slip, . . . and shipping label, . . . by typing the order once, on one piece of paper, and the rest is done automatically. Anyone can learn that little computer skill, . . . but having a desire to be partners with your customer and friends with your customer base, . . . is FAR, FAR more important.

May God bless,

Dwight

Edited February 15, 2013 by Dwight

[aguilerag]

I didn't think I really put anyone down from Etsy, or bashed anyone. I looked there (didn't even know what Etsy was) and saw stuff people are selling and their prices and it did make me feel not so self conscious of what I can produce. I think one of my problems is I base where I am at in leather working (beginner) to what my grandfather use to sell and I am a far ways away from that.

I figured price wise for a simple wallet like the picture I posted I would charge $40-45.

If they want one side tooled I would charge $50-55.

If they want the whole thing tooled $60-65.

Stiched or laced, finished colour, of course is up to the persons choice.

I was told that if it is a pretty intricate or super detailed design they want that I should up the charge too. Is this correct?

Not one person seemed to have a problem with that price range that wanted to order and all said they understand that since it is all hand crafted it would be a little more. Is this a good price range or should I charge less since their are still details to be fixed on the product?

Again, I appreciate all the advice that everyone has given me.

[tnawrot2]

I think your prices are too high for a stitched wallet, it might be OK for a braided wallet.

[aguilerag]

tnawrot2, so I should make different price for stitched wallet vs laced wallet? If so how much do you think? Exactly the feedback I am looking for. Thanks

[billymac814]

I don't think anyone was bashing anyone in particular on Etsy. I certainly joked about it but for one it was a joke and me or no one else talked about anyone in particular or anything in particular. There is a lot of basically crap being sold there though which was the reason it was brought up in the first place. I don't need to put anyone down to make myself feel good. I know where I stand and where the items I make stands and I spend a lot of time trying to help people get better IF they want to get better.

As far as prices go you will definitely have to figure out what time goes into it and what the end product is worth. Lacing definitely takes more time than stitching so it has to be priced accordingly. But because you're new it may take you a little longer so an hourly rate may not work in your case. Hourly rates can work on custom items but its more of a guideline than anything. It used to take me a lot longer to make holsters but over the years I've refined my process and started using dies to cut, seeing machines to stitch etc. its still the same holster so I definitely don't want to lower my price because I do them quicker now. I invested in that equipment to bring up my hourly rate.

I read once that you know you got the price right when they cringe a little bit but then reach for their wallet.

[aguilerag]

Lacing does take me a lot longer than stitching for sure. I am going to start working on my "timed" wallet tonight. I want to keep track from start to finish. I am going to tool the whole thing and lace. I figure this will give me a good baseline of approximate time.

Your right about finding the most proficient way to get a product done. Investments in tools to help cut time is a smart investment and you should not lower your cost because of it. Work smart, not hard is something I really believe in.

Thanks billy

[Dwight]

I use three factors to determine my price: what I HAVE TO HAVE in order to survive, . . . what the customer is comfortable with, . . . and the prevailing price of a similar product produced by someone else. The first two make up 90% of the decision, . . . the last one is simply a flag, denoting which way the wind is blowing.

I never allow a third party to enter that judgment, simply because they DO NOT know my situation, . . . or my customer's situation, albeit they may know prevailing similar prices.

Taking advice is good, . . . especially getting started, . . . but don't be overly influenced, especially by well meaning friends or acquaintances who really do not know what they are saying.

The final judge of your prices will be your return business. If your customers never come back, . . . something went astray. Generally price will be the culprit.

May God bless,

Dwight

[Cyberthrasher]

Lacing does take me a lot longer than stitching for sure. I am going to start working on my "timed" wallet tonight. I want to keep track from start to finish. I am going to tool the whole thing and lace. I figure this will give me a good baseline of approximate time.

Your right about finding the most proficient way to get a product done. Investments in tools to help cut time is a smart investment and you should not lower your cost because of it. Work smart, not hard is something I really believe in.

Thanks billy

Right now, I find that lacing and hand stitching take me about the same amount of time. But, I just started stitching. As of now the main cost difference for me there would end up being the difference in cost of the lace. I charge all of my tooling based on an hourly rate. So, if I do a wallet, i make one that's not tooled and just dyed, that gives me a baseline for how long it takes to make the wallet, which usually falls in line with comparative items. From there I just tack on the hourly rate for the tooling. From my point of view, if you say "all tooled wallets are $60", then someone is going to come to you with the most complicated artwork possible that will take 6 hours to get all the detail right and you'll have given up too much of your time and work for free. Keep in mind that the $20 p/h figure is a good number that I figured out based on my current skill level and the going "value" of comparable items. If I get quicker, my "hourly rate" will go up, which will keep the prices the same. On the other side, if I double my speed and keep the rate the same, I'm essentially devaluing mine and everyone else' products by 50% - not something I want to do to myself or fellow craftsman.

I mention it all the time, but for Android, I use FTS TimeSheet as a time-tracker. I used to just keep track by the clock. Now I find that my time accounting is a lot more accurate. That's the one I decided to stay with after sampling several different apps that do similar tracking.

[aguilerag]

I thought the same about all tooled wallets being the same price. I was thinking that if it is a complicated or super detailed piece, then I would discuss a higher price. I do that with my Airbrushing and my screenprinting jobs. I like the idea of your hourly base for tooling work. I think that making this second wallet will be a good idea since now I will be making it without having to worry about "how do I put this thing together". Since I want to get baselines, should I do standard tooling art work to it for time purposes?