What would you charge for hand knit socks?
Let's say that your yarn would cost $3.79/ball. Each ball is 231 yards/50 grams.
Ok. In my mind...
For a woman's medium pair of socks, i would need two balls of yarn putting the cost of supplies at $7.58+tax. Let's call it $8.00. I've not even cast on one single stitch and already i would need to charge a customer $8.
Now, how in the world do i go about calculating my time involved and what i would want to be paid for it? Truth be told, i've never kept an actual accounting of how much time it really takes me to knit a pair of socks...hour by hour. Have you? Let's skip that for now, shall we?
How much is minimum wage these days? $6.15 here in Maryland?? Let's call it $6 so that we don't have to fiddle with the change. If there was some small chance that i could whip out a pair of socks in 8 hours, i would need to charge $48 + supplies of $8 for a total of $56 for one pair of socks. However, i don't knit that quickly, i'm sure. Besides, isn't knitting a skill? Shouldn't i be paid the same fair wage as a skilled laborer rather than just minimum wage? Yeah, that's what i think.
See? Naming a price on a hand knit item is a tricky business. Recently my Mom tried to gain a knitting order for me. A lady she knows was interested in 10 pairs of hand knit socks. So i struggled with all of these same questions. i came up with what i thought was a fair price of $25 for adult's sizes and $15 for children's sizes. Even at that price, i would not even be earning $2 per hour for my skill. The supplies alone would cost me $7.58+tax+shipping. So my profit would have been about $16, less if the pair was a larger pair and required and additional ball of yarn.
Needless to say, the potential customer, although she admires hand knit items and thinks that i do lovely work...did not think that the work was worth $25 per pair.
Oh well, more time for me to knit Christmas gifts for people who might appreciate them. ;)