You will also need to calculate your hourly rate for labor in the hourly rate calculator.

 

You may just manually enter an hourly rate on the Admin section if you wish but using our hourly rate calculator will help to ensure that you are not undervaluing your jewelry pieces by forgetting about how much your valuable time is worth.
(# Note – if you manually type in a figure for your hourly rate then it will appear in Bold.)

 

Click on the Calculator button to enter the Hourly Rate Calculator Screen.

 

In here there are two main sections:

 

1. Overview – how much you would like to earn per year from your craft business.
   Fill in the green sections to work out how many hours per week you will actually be working on creating pieces and how much you need to charge per hour in order to achieve the income you desire.
2. Indirect Costs – costs associated with running your business.
   Overheads: these include your rent, electricity, phone, Internet anything that you have to pay to keep yourself running every month.  If you work from home some of your home bills may be attributed to this depending on the Tax law of where you live.
   Marketing: if you are running advertising every month or pay for any regular media add it in here.  If you do several regular shows per year add up the cost of these shows and divide it by 12 before entering it in here.
   Plant: the tools that you use are normally tax deductible. Enter any tools/plant that you have in here and Craft Maker Pro will devalue the tools by 20% per year for the next 5 years.