Setting Your Ticket Price
When you're first starting out, it can be tempting to set your ticket price without much thought. We did this too, and it cost us a considerable amount of time and money! It’s important to take some time up front to calculate your actual cost per person, so that you can create a sustainable business and make a fair profit.
The first thing that you’ll want to do is price all of the reusable supplies and craft materials that you’ll need to host a 20 person party. This may take a bit of research to find the best prices and to look for bulk discounts. Keep in mind that some of your supplies will be reusable, so only a portion of the cost should be included in the cost for your first party.
After calculating your cost for materials and supplies, you’ll want to estimate the amount of time it will take to prepare for your party, communicate with your venue and customers, host your party, and clean up once you’re done. Set an hourly wage, and multiply it by the estimated number of hours you’ll spend on your party.
Finally, you’ll need to include the cost for marketing your event. Will you pay for social media ads, posters or other print materials? Include all marketing costs in your total.
Once you’ve done the research and collected this information, you’re ready to crunch the numbers. We’ve made it super easy with clear, step-by-step instructions. Sign-up for our newsletter and get our free guide, Starting a Craft Party Business, to start plugging in your numbers and calculating your ticket price today!
We can’t wait to hear which craft you’ll be teaching and would love to see pictures of your parties!