Production Cost: Final Product
Hey There! I'm currently working on a noncredit certified online course as I learn various production techniques in my certificate program "Fashion Industry Essentials" by Parsons School of Design and Teen Vogue. This program has given me a lot of experience to learn and build my knowledge about crafts and design. Previously I sketched and illustrator an allusion of my very own Ash'Mini bag using Adobe Sketch and Illustrator. I then developed a paper version of bag to mimic concept. So, In this task I am allowed to use any construction method with the large enough piece of striped fabric to produce a sample of my mock up. Then after creating the bag I must calculate my cost of total materials used, total wages (hours multiplied by estimated profit) production cost, profit and therefore determine an estimated retail price, which will be done by asking a friend to tell me what would they pay for the bag.
So, here is a table describing what I have used to make my ash'mini bag:
-No Sew Thread Glue
-Card-stock Paper in Metallic Gold
-1 yard of Leather
Above table shows the list of prices for the items that I used for making my product, the ash'mini bag. I multiplied the amount of time it took me to finish making the bag (.6 hours) by the amount I expect to be paid per hour if I worked for retail store, which is my total wage expected.Therefore the total cost is all the materials cost plus the wage, $11. I also assumed that I would be making 20% profit on sales. Therefore I multiplied the total production cost by 20% to find out my total profit, $18.54. My total cost plus profit $110.81. However the estimated retail price which I have found by asking a fashion forward friend, she thinks this item can be sold at a price of $55. Therefore every time I sell each of this striped tote bag would give me a profit of $18.54.
Final Product: Ash'Mini
Here is a picture of my ash'mini bag. I would love to hear your estimated retail price, therefore the amount you would like to pay for the ash'mini bag.
Up Close & Personal
Best thing about making the ash'mini bag was looking for leather in the garment store and I came across this metallic gold letter "A" and thought of attaching it on the handle.
"Your product" section of Understanding fashion Production is important to use your creative side and bring out the best from your understanding of craft and design. It is helpful both in developing your crafting skill and in calculating your production costs and profit of your business.
If you are excited of doing this Parsons Teen Vogue certificate program and want to learn about Understanding Fashion Production course click here and enroll now and use code "JJYKEXZV6YX3" for $50 OFF!