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I learned about Production Costs and this is what happened.
Honestly, the most i would pay for a high-quality, stylish tote bag is around $30.00 and that's really stretching it. But i found out today that maybe overpriced bags aren't as ridiculous as they've always seemed to me when i walk into a Nordstrom or Saks Fifth Avenue.
I recently made a hand sewn canvas tote bag, hand embroidered with a hot pink PVC thread as an assignment for ParsonsxTeenVogue. Being hand sewn, it took me over 24 hours to make; and when it came to the moment of figuring out the production costs to know how much i should sell it for, the total really shocked me.
When tallying up production costs for an item, you start with how much your materials cost you, so I was very happy when those totaled to only $4.66. Then I had to tally up how much the hours it took to make it. Now, I already mentioned how it was hand sewn, which means long hours of just straight up sewing. I added up to around 24 hours of sewing, if I were to pay myself $10 an hour my total wage would be $240.00. But not really, because I did the math wrong the first time and it was actually $24.00. My bag would've totaled to $300 dollars with a 20% profit. Excuse me, fancy boutiques and high-end departments stores are calling. But that's okay, my bag ended up costing around how much i would pay for a bag, $38.00 with good profit margins. I could sell that at a nice fundraising bazaar, yes, I see it already, me, sitting in a beach chair under a white carp with a table i borrowed covered in a hot pink dollar store tablecloth waiting for someone to buy my almost $40 bag. Now, that's the dream.
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