It really depends on whether you want to sell yourself cheap, or charge what it is ACTUALLY WORTH.
I hang out on the Maille Artisans forum and this question comes up over and over again. There are formulas that people have come up with - you've already given two examples of these. Another formula is "cost of materials, plus cost of selling (e.g. Etsy fees, internet fees), plus cost of labour, plus profit". Another formula is "as much as the market will bear". Another formula is twice (cost of materials + cost of labour). And of course the "cost of labour" is another formula again, since you have to decide what your time as a SKILLED artisan is worth.
Which, as I said, boils down to whether you wish to consider your time worth nothing, in which case, go for "twice the cost of materials", or whether you consider your time to be worth AT LEAST MINIMUM WAGE, in which case you should price it accordingly. If you do go for the latter, it would probably help if you explained, in the description of your purse, the reasoning behind the price, so that people would understand why the price is actually a reasonable one.
I have been pondering this issue myself, not in regard to crochet, but in regard to chainmaille; because I've been pondering whether or not I would open an Etsy store, since it seems like every time I post my jewellery as an "art" entry in a fic fest, someone wants me to make them jewellery on commission. And I've decided that, if/when I do, I am not ever going to sell my work to someone who is not willing to pay for my skilled labour. If that means it doesn't sell, so be it. If they aren't willing to pay, then they obviously don't value it enough, and I'm not going allow my work to fall into the hands of someone who doesn't appreciate it. For me, it isn't about the money as such, it's about my own self-respect. My time is worth at least as much as that of a ditch-digger. I will therefore charge accordingly.
If people balk at that, ask them how much they would pay someone to mow their lawn, or clean their house.
no subject
I hang out on the Maille Artisans forum and this question comes up over and over again. There are formulas that people have come up with - you've already given two examples of these. Another formula is "cost of materials, plus cost of selling (e.g. Etsy fees, internet fees), plus cost of labour, plus profit". Another formula is "as much as the market will bear". Another formula is twice (cost of materials + cost of labour). And of course the "cost of labour" is another formula again, since you have to decide what your time as a SKILLED artisan is worth.
Which, as I said, boils down to whether you wish to consider your time worth nothing, in which case, go for "twice the cost of materials", or whether you consider your time to be worth AT LEAST MINIMUM WAGE, in which case you should price it accordingly. If you do go for the latter, it would probably help if you explained, in the description of your purse, the reasoning behind the price, so that people would understand why the price is actually a reasonable one.
I have been pondering this issue myself, not in regard to crochet, but in regard to chainmaille; because I've been pondering whether or not I would open an Etsy store, since it seems like every time I post my jewellery as an "art" entry in a fic fest, someone wants me to make them jewellery on commission. And I've decided that, if/when I do, I am not ever going to sell my work to someone who is not willing to pay for my skilled labour. If that means it doesn't sell, so be it. If they aren't willing to pay, then they obviously don't value it enough, and I'm not going allow my work to fall into the hands of someone who doesn't appreciate it. For me, it isn't about the money as such, it's about my own self-respect. My time is worth at least as much as that of a ditch-digger. I will therefore charge accordingly.
If people balk at that, ask them how much they would pay someone to mow their lawn, or clean their house.