Etsy Page
Below is the link to my Etsy page where the photographs that I had planned to put in my booth at the College Hill Art Fair. I have also shown how I calculated the price for each photograph, according to the research that I conducted.
https://www.etsy.com/shop/SamanthaReidArt?ref=hdr_shop_menu
Calculations
I calculated my per minute wage to be $0.25/minute.
Many of the photographs were shot in the same few sessions, so I factored that in when I determined the labor costs. I calculated my labor cost to be 20 minutes per photo, including shooting and editing. Labor costs per photo (regardless of size) would be $5.00.
Material costs vary between $3.96 and $18.86 depending on print size (broken down below). I will be selling these prints unframed, so there are no framing costs. Shipping will be in tubes that cost $1.40/tube. Multiple photographs can be shipped in the same tube, but for the sake of these calculations I have assumed that only one photo will be purchased at a time, and I can adjust the shipping charges as necessary if a customer chooses to purchase more than one photograph. The shipping cost per tube will be around $8.50. As a total, shipping costs will be $9.90.
11x14 photographs: $3.96 per print/$13.86 total material costs
16x20 photographs: $12.86 per print/$22.76 total material costs
18x24 photographs: $14.46 per print/$24.36 total material costs
20x30 photographs: $18.86 per print/$28.76 total material costs
Total labor and material costs per size
11x14 photographs: $18.86
16x20 photographs: $27.76
18x24 photographs: $29.36
20x30 photographs: $33.76
Cost with mark up
11x14 photographs: $53.75
16x20 photographs: $79.12
18x24 photographs: $83.68
20x30 photographs: $96.22
After looking at these costs, I feel like they are way too high. Since I am not relying on selling my photographs as my entire annual income and it is only supplemental at this point, I feel like I can adjust my prices because I don't need the overhead costs margin factored into the cost per print. Below are the adjusted prices I came up with.
Adjusted prices (multiplied by 1.85 instead of 2.85)
11x14 photographs: $28.29
16x20 photographs: $41.64
18x24 photographs: $44.04
20x30 photographs: $50.64
https://www.etsy.com/shop/SamanthaReidArt?ref=hdr_shop_menu
Calculations
I calculated my per minute wage to be $0.25/minute.
Many of the photographs were shot in the same few sessions, so I factored that in when I determined the labor costs. I calculated my labor cost to be 20 minutes per photo, including shooting and editing. Labor costs per photo (regardless of size) would be $5.00.
Material costs vary between $3.96 and $18.86 depending on print size (broken down below). I will be selling these prints unframed, so there are no framing costs. Shipping will be in tubes that cost $1.40/tube. Multiple photographs can be shipped in the same tube, but for the sake of these calculations I have assumed that only one photo will be purchased at a time, and I can adjust the shipping charges as necessary if a customer chooses to purchase more than one photograph. The shipping cost per tube will be around $8.50. As a total, shipping costs will be $9.90.
11x14 photographs: $3.96 per print/$13.86 total material costs
16x20 photographs: $12.86 per print/$22.76 total material costs
18x24 photographs: $14.46 per print/$24.36 total material costs
20x30 photographs: $18.86 per print/$28.76 total material costs
Total labor and material costs per size
11x14 photographs: $18.86
16x20 photographs: $27.76
18x24 photographs: $29.36
20x30 photographs: $33.76
Cost with mark up
11x14 photographs: $53.75
16x20 photographs: $79.12
18x24 photographs: $83.68
20x30 photographs: $96.22
After looking at these costs, I feel like they are way too high. Since I am not relying on selling my photographs as my entire annual income and it is only supplemental at this point, I feel like I can adjust my prices because I don't need the overhead costs margin factored into the cost per print. Below are the adjusted prices I came up with.
Adjusted prices (multiplied by 1.85 instead of 2.85)
11x14 photographs: $28.29
16x20 photographs: $41.64
18x24 photographs: $44.04
20x30 photographs: $50.64