Price cycling

It’s been a while since I posted last but it’s been a very busy time and things have moved forward with Muck N Brass rather quickly I’m happy to say.

I want to talk about how I approach the tricky subject of pricing for Muck n Brass products. To me right pricing is the most important part of my business.

First there’s the the straightforward bit, the costs, obviously there’s the cost of the base piece to be upcycled and the materials, transportation or delivery and until I move into my new workshop and store I’m working from home so don’t have any overheads. Once I’ve totted up those I use a standard multiplier to come up with my guide retail price, basically using a cost plus method of pricing of course remembering that other costs like ebay fees and paypal fees have to be taken into consideration.
I do this to give me a rough idea of where to start with the price and then refine it using a number of other factors, which can include thinking about the demand for and scarcity of a piece, the buyers; who they are and their ability/willingness to pay, and the competition.
My aim is to sell each piece within a month, I’ll come to the thinking behind this later but in order to achieve this the most important thing is the right price.
To give an example a 6’6” long Nathan sideboard might cost the same as a 4 drawer Shrieber chest and so using my cost plus calculation the resulting price of each might be £200 but knowing that fewer customers have room for such a large sideboard and that there is always a great demand for chests of drawers I would price the Nathan sideboard at £195 and the Shrieber at £225.
Now back to the reasons behind my aim of trying selling each piece within a month. Like every other businesses cash flow and storage space are supremely important but in my business with every piece being a one off , my sales are driven by online traffic and social media, newness and originality and it’s a virtuous circle, newness drives traffic and sales and sales allow me to get new projects to upcycle and so creates the newness which drive traffic and sales. For example one new piece posted on Instagram can translate to over 200 views on my Etsy store which in turn would generally create 2 sales. Which gives me the opportunity to start some new projects.

Returning to cashflow and those fees it’s time for a rant Etsy charges 3% and I get my money within 2 days, ebay and paypal fees together come to roughly 10% and I get my money instantly but I came across a site which claims to support small upcycling business but charges x% and it takes 21? days to release the seller’s funds. Nuff said.

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About mucknbrass

After 15 years as a nail technician with a portfolio including editorials for Vogue, Harpers, Grazia and Dazed and Confused, and movies such as Disneys Maleificent with Angelina Jolie, I created Muck N Brass to combine my love of design and passion for upcyling.
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2 Responses to Price cycling

  1. gideon henry says:

    i AM AIMING TO ARRANGE A SERIES OF WORKSHOPS ON UP-CYCLING / RECYCLING SMALL PIECES OF FURNITURE. YOU SEEMED TO HAVE TAKEN IT TO THE NEXT LEVEL. i WOULD LIKE TO CHAT. ARE YOU BASED IN LONDON? CALL GIDEON mOb 07535 66 2967

    Like

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