By far one of my favorite tumblers to create. I feel it gives you the wow factor but also isn’t overwhelming! Check out my YouTube tutorial on how I created this tumbler here.
As always, let’s go over the cost of materials. With the cost of materials I am including what you would pay for these materials with any discount codes I provide for you to use.
30oz No Taper Skinny Tumbler from Griffin Blanks $7.55 (including 10% off using BAMF10)
Rust-Oleum Spray Paint = 110in2 x $0.0025 = $0.27
Create By Firefly Metallic Fine Glitter (1 oz of polyester glitter covers 1 ft2) = $2.64
$9.50 for 2.75oz = $3.45/oz.
$3.45 for 144in2 = $2.64 for 110in2
Wax Paper = $0.02 x 3 = $0.06
Vinyl Total = $3.60
Teckwrap Opal Leopard = 140in2 x $0.011775 = $1.65
Oracal 631 White Vinyl = 128in2 x $0.004153 = $0.53
Oracal 631 Yellow Vinyl = 110in2 x $0.004153 = $0.46
Teckwrap Holo Silver = 81.5in2 x $0.011775 = $0.96
Epoxy Total = $5.08
CCDIY Fast Set = 112mL x $0.04 = $4.48
CCDIY Artist Resin = 20mL x $0.03 = $0.60
Epoxy Mixing Materials Total = $1.86
Gloves = 6 X
Medicine Cup = 6 x
Popsicle Sticks = 6 x
Propane = 180 seconds X
Transfer Tape = 148in2 x $0.01207
Painter’s Tape = 6 in x $0.0015 = $0.01
Cleaning Cost Total = $0.22
91% Alcohol = 2mL x
Acetone = 2mL x
Cotton Rounds = 6 x $0.03
Packaging Total = $2.46
Rollo Label = $0.04
12x4x4 Box = $0.83
Care Card = $0.06
Thank You Post Card = $0.15
Bubble Wrap = $0.26
Leopard Packing Tape = 26 in x $0.005 = $0.13
Invoice + Ink = $0.05
Tissue Paper = 3 x $0.03 = $0.09
Freebie Vinyl Sticker = $0.23 (500 vinyls with using code BAMF at TheCookeCo)
Cooke Co Packaging Stickers = $0.63 (including the use of code BAMF at the CookeCo)
Material Total = $25.64
Active working time = 213 minutes = 3.55 hours
Pay Rate = $12/hr
Labor = $42.60
[(Material x 4) + (Labor)]/2 = ($102.56 + $42.60)/2 = $145.16/2 = $72.58
The suggested selling price of this tumbler, incorporating the material cost and labor is $72.58. Now again, you have to take into consideration the area and market as well as your experience level and other costs that are associated with your products. The formula used for the suggested cost is just that, a suggestion, to help you, the seller, take everything into account when pricing your products.
Now let’s do something a little different with this blog and compare the suggested retail price to other methods of pricing products.
Method 1: Cost x 3
I see this one the most when I am in tumbler groups or crafting groups and people make posts asking others for advice on how they should price their tumblers.
So the same exact tumbler and materials with material cost x 3 would = $25.64 x 3 = $76.92
While this method is a close and quick way to calculate, I don’t always believe it is the best way as the original formula used incorporates labor costs as well.
Now if we look back at the previous blog about the Leopard Split profit and cost, the total material (including packaging) was approximately $24.85 using this same method of Cost x 3 would leave you with charging $74.55. Where as we had originally calculated it to be $55.70 due to incorporating the labor costs and your time spent on the cup.
Method 2: [(Materials + Labor) x 2]x2
This is another common method in general for selling goods and products. The formula basically boils down to this:
Materials + Labor = Production Cost
Production Cost x 2 = Wholesale Price
Wholesale Price x 2 = Retail Price
So if we take the same tumbler as above, this is what it would look like:
$25.64 + $42.60 = $68.24 x 2 = $136.48 x 2 = $272.96
Now obviously this is WELL overpriced….. so I don’t think I really need to go into how this is not exactly a great formula to account for handcrafted goods.
Method 3: $ oz + x amount
This is another common suggestion I see amongst craft groups. A lot of tumbler makers sell their tumblers at $1 per oz + X amount of money. The most common I see is $1 per oz + $10, so let’s base our product off of that.
30oz tumbler = $30 + $10 = $40.
I am not a fan of this method because there is no accountability for material and labor. And as you see above, for a tumbler that has a suggested retail price of $70ish, this formula shows it should be sold for $40.
Method 4: Cost-Based Pricing (Cost + Markup % = Price)
(Excluding overhead costs), you would add the cost to be Materials + Labor, so the above example is $68.24. Then comes the markup aspect. The retail industry standard for markup is 50%. When Pricing your handmade items, you need to take into account a few things, overhead (I.e. monthly fees, monthly costs, etc). To do a 50% markup, we would multiply .50 by $68.24 and then add that sum to $68.24, giving us a total price of $102.36. Again, this method is not that sufficient or effective for tumblers.
I hope these explanations help you in pricing your handmade goods to account for your TIME, EXPERIENCE, EFFORT, WORTH!