Hey all! Recently I have had a great opportunity to take part in Parsons and Teen Vogue's online program to earn my Fashion Industry Essentials Certificate. For a past assignment they had us create an accessory using unexpected materials. As you can see below I used party streamers, rope, and some beads, to create a bracelet.
For our most recent assignment they wanted us to figure out the production cost on the bracelet I made. First I had to calculate how much the products I used cost and then times it by the time I spent creating the accessory. Then you times your total production cost by .2 to figure out your price with a 20% profit.
Next I had to go online and see if I could find our materials cheaper, if so calculate in the new cost, Then I also needed to figure out the new production cost if I created the bracelet at a faster pace. Here I calculated if I made the bracelet in a .3 hours, instead of .4 hours.
I have learned that production cost is important because if you aren't making a profit in the items you are creating you need to rethink your materials, and the amount of time you are taking to create them.