I used to ask on the sewing forum I belong too but we can't do that anymore because its a large forum & people could claim the site was promoting price fixing.
Anyways a general formula I know a lot of people use (paper crafts, jewelry & sewing) is
(Time to make based on hours X hourly rate)+ (2 X cost of materials)= price.
Then I generally compare it to others for sale & adjust my price accordingly. Some items the materials are $$$ & you can't afford to double the cost. Also I always price based on NON sale prices... because you can't always get such a great price on stuff.
Heres an example.... Say I am making a childs apron.... I takes me 30 minutes to make (30 is .5 an hour so we use .5 for the formula) & the fabric costs $4.... I use $10 an hr as a general price to start with until I have sold more.
(.5 X $10) + (2 X $4)=
$5 + $8 = $13 is a fair price.... after materials & fees you will be making about $8 for your 30 minutes of work.
Obviously if this is way lower or higher then others you may want to adjust it.
Hope this helps!
For those of you that have sold on etsy---how do you figure your prices-thats what I'm having a hard time with. I want people to buy it, but want to make lots of money and ya know...I don't know what to price things at. SO how do you figure all that in?