What is a ragrug?
There are a couple of ways to handle pricing. One is to determine what the competition prices theirs at, but personally I don't like that method much {except for as basic reference} because there are so many different variables which can affect pricing and often I see crafts being sold for prices so low that I wonder how the artist is making any profit at all. Under pricing is a problem and it does effect all small businesses.
A better pricing formula is to decide how much a fair price to pay yourself per hour is, determine how much your materials cost per item and how long each item takes to make. Time x pay per hour + materials = price. Remember to include things like shipping items and listing or other associated fees into the price. Be fair to yourself. Your time is worth money and you deserve to be paid a fair wage.
Another formula which can be used is cost of materials x 3 = price. IF that model accurately reflects time spent it can be a quicker, easier way to figure a fair price.
HTH! Good luck with your venture!
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