Budget

To start creating the budget I need base line amount I can spend, I don’t want to spend too much as it by fail to make its money back meaning a loss for me, but I didn’t want the fund to be too small to actually accomplish anything with, eventually came to the conclusion that the whole budget should by £130 as it is a nice middle ground where it is a reasonable budget that will still afford me thing things I need while also not being overly too much to lose. Next is splitting it up appropriately to use it to its maximum potential and get the most out of every penny I spend, to begin this I first decided on spending the most on the art prints by giving it £60, this is because it is a solid permanent product which needs to last and I want it to be of a high worthy quality which will last, this also means spending more on the paper so it’s a higher thickness and quality making it worth it. for the cards I have dedicated £40, this is mainly because they are a disposable product but also because I am going to be charging close to a premium price and so I want to be able to afford a premium product to match that. The other reason why I am spending so much on the products is because I want to print out more then I will potentially sell over the next few weeks as this is an enterprise I want to continue working on over next summer and the larger the bulk you buy the cheaper per unit so it only makes sense to buy one larger order then two smaller more expensive orders. The last section of the budget goes to the cost of putting the product into the world, aka the cost of Etsy listings and stall table rent costs. I have been able to minimise the amount of money spend on a stall table by joining with two other artists and split the table costs, meaning we get the same exposure but with less cost to it. Overall the budget works create a great product with a great amount of exposure with the smallest amount of money which it succeeds in. For pricing my product I looked at competitive prices, as I want to offer something not overly to expensive but still not too cheap to lose money, because of this I settled on the price of £2.50, this is because it is a common price for artist made high quality cards and serves as a competitive price, this was also found to be the most popular price on places like Etsy where they will be sold. I also did the same for the prints, though it is harder since art work is a much more fluid price depending on the piece, but after discussion with my peers and tutors as well as looking at prices on Etsy I came to the decision to price the prints at £6.50 each, which is enough to make back a decent amount of profit while also not turning away customers for them being to expensive for what they are making the price good.