How to Price Your Embroidery [EASY FORMULA]

Рет қаралды 56,248

Күн бұрын

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After many years of helping people start and succeed in their embroidery business, there is one question we consistently get asked. And that is how to price embroidered items. Most embroiderers go by the stitch count rule which dictates that you should charge $1 for 1000 stitches. But that can cause you to sometimes underprice your items and end up losing time and money. In this episode of Embroidery insider, we are going to go over a time-based formula to make sure that you price your work correctly to maximize your profit potential.
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Пікірлер: 100

@Engineerboy100 Жыл бұрын

Excellent presentation. Another thing that I do when pricing my products is I look at both the "street value" meaning what people will pay and I look at what other businesses are charging for the same or similar products so that I can position myself in a competitive market.

@ricomatv Жыл бұрын

Hi Clint! That is an excellent way to approach this, thank you for sharing!

@TheRenaissance2012 4 жыл бұрын

Bruv keep going! This is awesome

@rauljuannistal9585 4 жыл бұрын

Your channel is amazing. ❤️

@mikebrown9941 5 жыл бұрын

New to the Business. Good video. Thanks

@joyceromero9878 4 жыл бұрын

I may one day have the ability to buy a self driving car like yours! ♥️🙏🏼🏎

@karlarodriguez3497 4 жыл бұрын

I had so many questions about pricing and came across your video and your amazing. Answered all my questions. thank you so much!

@ricomatv 4 жыл бұрын

Thanks for watching! Happy to hear

@ortanmahto4094 3 жыл бұрын

1) Sir Designs are made here. The EMB and DST file are available at a reduced price.(2) We also provide software(3) We also teach software, full class in 15 days. (4) If you have any images or designs, we also make.contact number +917503611461

@spazzypotato8325 2 жыл бұрын

I don't upcharg on garments to stay competitive plus telling this to customers and showing them the wholesale website makes them feel great and they keep coming back to me for work.

@ricomatv 2 жыл бұрын

Thanks for sharing!!

@joshuarawls2613 Жыл бұрын

What wholesale site🤔

@annwright8665 3 жыл бұрын

You were very helpful! thanks for sharing this.

@ricomatv 3 жыл бұрын

Glad it was helpful!

@wildbillcustoms 3 жыл бұрын

This really helped because I don’t know anything about how to price embroidery projects.❤️

@ricomatv 3 жыл бұрын

Glad it was helpful!

@ssisters4343 Жыл бұрын

This was very helpful! Thank you!

@ricomatv Жыл бұрын

Glad it was helpful! Thanks for watching (:

@petra4716 4 жыл бұрын

Dankeschön 🙋🏻‍♀️ 🧶 ✂️

@ricomatv 4 жыл бұрын

Thanks for watching

@janispereira1586 Жыл бұрын

Amazing channel! Thank you! How would you price a tote bag that takes eg 1.5 hrs to embroider? Thanks for your advice!

@ricomatv Жыл бұрын

Hi Janis! Thank you for the love. We recommend you checking out this free pricing calculator we created in order to help! -----> ricoma.com/US/profit-calculator

@carlosavila8155 5 жыл бұрын

Appreciate your advice and guidance. I am just entering the embroidery business - just purchased a Jintel - but need to learn everything. Any guidance helps, ie, training courses, maintenance courses, etc. Great video!

@ricomatv 5 жыл бұрын

There is a few things we suggest. First subscribe and look through our channel. We have a lot of useful videos on almost everything. From embroidering on different items to running an embroidery business. Second join our facebook group: facebook.com/groups/embroiderymastery/ There you can talk with thousands of apparel decorators and have all your questions answered. Lastly make sure to comment on our videos and let us know what other topics you would like us to tackle. Hope this helped.

@user-hi1rp8bm4d 10 ай бұрын

Thank you I’m new to this and I did a few jobs and broke even or didn’t make much at all for all that work. I bought a Bernina, 535B

@pkkhi777 4 жыл бұрын

Hi, I want to prepare a embroidery logo for Tshirt and polo shirt. Can you please tell us how to prepare it for manufcturers?

@tacoreed01 4 жыл бұрын

Having trouble signing up for the newsletter. The link isn't working. I've been binging on all your vids for a week or so now. Definitely thinking about an EM-1010!

@ricomatv 4 жыл бұрын

Have you tried visiting our website and signing up for the news letter from there? If not feel free to reach out to us on social media and we'll be happy to help!

@prasadjoshi9315 3 жыл бұрын

Excellent

@ricomatv 3 жыл бұрын

Thanks for watching

@Muhsinah.Nadeem 10 ай бұрын

Thank you

@ricomatv 9 ай бұрын

Thanks for watching!

@leviteapparel 3 жыл бұрын

good info

@ricomatv 3 жыл бұрын

Glad it was helpful!

@FatmaAhmed-sx6bc 5 жыл бұрын

Hello Henry. It is a great video but I want to ask you how did you determined your target number?

@ricomatv 5 жыл бұрын

The target number is going to vary from person to person depending on how much the embroiderer is looking to make. But we feel that $50 an hour is a good starting point.

@brandonwilde3536 Жыл бұрын

@@ricomatv even for hats ?

@joshuarawls2613 Жыл бұрын

@@ricomatv is $50/hr the industry standard? .. like if I had 10 orders for a patch or to add something to a cap, should I still reach for $50/hr?

@lamarthomas181 2 жыл бұрын

Thank You For Your Excellent Advice & Guidance on Pricing and Soooooo Many Other Important Tidbits for Success... P.S. GREAT VEHICLE, Waz it A Model 3 or Model Y???

@ricomatv 2 жыл бұрын

Thanks! It was a Model S!

@lamarthomas181 2 жыл бұрын

@@ricomatv Yeah I Figured it out Once I looked at the Driver's Door!!!

@daljeetkahlon7086 4 жыл бұрын

I'm your new subscriber

@ricomatv 4 жыл бұрын

Welcome

@sukhmanisingh6618 4 жыл бұрын

Hi! I saw your video and you have explained the pricing technique very nicely and scientifically. But this is generally helpful for people who are in embroidery business. Can you please lend a piece of advice in my case too. I am an educationist by profession and doing cross stitch is my hobby. I have recently completed a cross stitch work (18.28 X 13.71 inches; 46.45 X 34.83 cm; 256w X 192h). It took me 11 months (roughly 330 hours) to complete. A completely handmade item and consisting of 48 colourful shades. I am absolutely ignorant about how to fix a price of it. Kindly help me please in this regard.

@ricomatv 4 жыл бұрын

Hello, since we sell embroidery machines that is our speciality topic. We help people who are starting embroidery business. But thank you for the watch!

@sukhmanisingh6618 4 жыл бұрын

Thank you for your response. Appreciated.

@tayyabmughal1314 3 жыл бұрын

Heloo miss I m embrodry Designr in pakistan .. I make every one design in wilcome embrodry software

@beancandy6519 3 жыл бұрын

can you tell me the right price to sell for hand embroidery i wanna sell some TwT and it does not have 1000 stiches or smth

@ricomatv 3 жыл бұрын

Hi there, while we do not have anything to do with hand embroidery you can still use our method for pricing based on time instead of number of stitches.

@beancandy6519 3 жыл бұрын

@@ricomatv thx

@petra4716 4 жыл бұрын

Hallo, thank you for the informative Videos. I really like them. But, I live in Germany. If possible, would you recommend a representative for Germany to me? Thank you in advance.

@ricomatv 4 жыл бұрын

Yes, absolutely! Click here to be contacted by representatives in your area -> Ricoma.com/us/contact-us

@paddypravda839 3 жыл бұрын

How do you price a large back embroidery?

@ricomatv 3 жыл бұрын

Same concept! Have to know how long it takes for you to embroider it to price properly

@navneetkumar8034 4 жыл бұрын

Hello friends, Can anyone tell me the current rate of computerised embroidery job work price in INR/1000 stitches? Need Indian price. Thanks!

@collettegay1432 11 ай бұрын

I have a very hard time of what to charge for each item.

@ricomatv 11 ай бұрын

Hi! We recommend checking our pricing calculator out! ---> ricoma.com/US/profit-calculator

@bite7807 3 жыл бұрын

How can we fix the magic number... Can you please elaborate...??

@ricomatv 3 жыл бұрын

Hi there! We have lots more videos on pricing that will help you come up with your magic number: kzfaq.info/get/bejne/j9CabNGe0KmalIU.html&t

@nllommertnl 10 ай бұрын

My question is. Will I get enough orders to make enough to atleas break even.

@ricomatv 10 ай бұрын

Hi, this totally depends on the machine you have, what garments you are embroidering on, and your business plan.

@joshuarawls2613 Жыл бұрын

The Tesla flex tho 😅💪🏾

@ricomatv Жыл бұрын

😉👏

@OneLonelyPlumber Жыл бұрын

I see a couple of flaws. I don’t like the magic number theory. One should ask. What do you want to make a year? 65,000? 75,000? Or whatever. Now add in all your overhead cost. This is what you need to make per year. Now take that number and break it down per week. Take in account for holidays, vacation time off. Machine failures or anytime you can’t produce product because unseen variable. You can’t be billable every week of the year. I would take your yearly cost and divide it by 48 weeks. Now you kinda know what you need to make each week. Now you need to figure out how many hours per week In actually time that your machine is running not all the prep time or down time. You might be in the shop for 40 plus hours or more, talking with venders customers or whatever that’s not actually bill time. So its really like 20 or 30 hours per week? Take your weekly cost divide by 20 or 30 hours. This is hourly cost. Now depending on the item and how many you can finish in one hour, this how you’ll come up with the cost per item. Long the short of it.

@ricomatv Жыл бұрын

Hi! Thank you for the feedback, we truly appreciate it.

@andyz2747 3 жыл бұрын

I'm new subscriber how much the machine cost

@ricomatv 3 жыл бұрын

Depends on the machine you’re looking for! To speak with a product specialist, get in touch here: ricoma.com/us/contact-us

@officialjarrett.6758 4 жыл бұрын

What if you do not have facebook?

@iprintservices7263 3 жыл бұрын

you Said if the polo cost $5 To add it to the $10 Where is the profit for the blank Polo? $5 for the polo, is your wholesale price you should add a little extra to be sold at retail :)

@ricomatv 3 жыл бұрын

If you want your can do that, or you can just sell it at cost if customer is ordering enough volume.

@lindaterblanche2188 Жыл бұрын

You once gave a formula to give an estimate cost for a design without digitising it

@ricomatv Жыл бұрын

Check out this video we did on digitizing fees! --->kzfaq.info/get/bejne/mMB5fcWrudaviYU.html

@nishadani9024 3 жыл бұрын

Hi.I am Ann and I hope you could help me.I am 17,and have started hand embroidery at an early age like 8 or 9 but all I did was like for a time pass.Now I have started receiving orders and I don't know how to rate them. Please help me it would be very very nice if you could convert these into indian rupees.🤗

@ricomatv 3 жыл бұрын

Thank you for watching! Congrats on your business!

@nishadani9024 3 жыл бұрын

Hope you could do a video on rating hand embroidery and including something about dealing with it. I wish maybe you could convert these into indian rupee. My first customer was a friend of mine and she wanted it for a cheap rate of 300 rupees and I accepted it.What I did was a simple creation but she wasn't satisfied soo i added some more details but she refused to pay any extras. And I was very sad. If you could do any videos on how to deal with customers would be great for a beginner like me. Thank you so much for responding😍

@daljeetkahlon7086 4 жыл бұрын

Hello friend where are you from?? Do you know about embroidery job opportunities in brampton, canada?? I actually live in brampton

@beanz25ful 4 жыл бұрын

Do you have any experience?

@flowe4418 2 жыл бұрын

Those links are not working

@ricomatv 2 жыл бұрын

We have added the links below! Facebook Embroidery & Custom Apparel Mastery Group: facebook.com/groups/embroiderymastery/ Join our newsletter for educational blogs, videos, and live webinars: info.ricoma.us/newsletter To learn more schedule a virtual demo today: ricoma.com/US/virtual-demo Get our latest Ricoma embroidery youtube videos sent straight to your Facebook Messenger!: manychat.com/l2/RiCOMA.us

@brendacharbonneau8953 2 жыл бұрын

This rule does not take into consideration the demographics of the location you are selling your items. If I have a 35,000 stitch tea towel there is no way I could sell it for over 35.00. In my demographics 10.00 is the magic number. I make this up in volume. I am selling hundreds of these per year and as for my time, oh well it’s better than watching tv.

@ricomatv 2 жыл бұрын

Thank you for sharing your feedback!

@muhammadkhurshidhazro6098 5 жыл бұрын

Paric Please

@ricomatv 5 жыл бұрын

We recommend contacting us to see our current options. Here is the link. www.ricoma.us/contactus

@_ar8410 4 жыл бұрын

whos driving that tesla lol nice video

@ricomatv 4 жыл бұрын

The Tesla can drive itself lol!

@janinetalley Жыл бұрын

I note that your pricing calculations here take no account of capital costs (buying a machine and what that works out per item over the lifetime of the machine), maintenance and repair costs for the machine, electricity and various other things (waste for mistakes, tools etc.). Please would you advise on this .

@ricomatv Жыл бұрын

Your capital costs and fixed costs are never used in your calculation of pricing per item. Variable cost, such as price per blank garment, materials, etc. are used in calculating your price per item.

@janinetalley Жыл бұрын

@@ricomatv many thanks for replying. So as a business where/how do you factor in the costs of your capital and fixed costs, because these are outgoings that need to be paid for?

@ricomatv Жыл бұрын

Those are assets on your balance sheet, not part of income/expenses

@janinetalley Жыл бұрын

@@ricomatv They are assets, but they have to be paid for in the first place and depreciate over time. Plus there are repair and servicing costs. So where does the money come from to cover the cost of the equipment you buy or rent and the maintenance of it?

@ricomatv Жыл бұрын

Hopefully from your net operating profits! But not typical to be have repair and machine cost calculated into a per item cost basis. You can determine what is your profit per item and based on number of items you do in a month you can project your monthly profit, and then set aside a portion of profits for reserves for repairs and maintenance. You can then also calculate how many items you’ll need to produce to pay back your investment on the equipment.