Production Cost: Mock Up Bag
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 iilustator an allusion of my very own Ash'Mini bag using Adobe Sketch and Ilustator. So, today's assignment is to create the actual mock up of my bag using light card stock, muslin or any kind of fabric, paper. 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 mock up.
The table shows the list of prices for the items that I used for making my mock up bag. I multiplied the amount of time it took me to finish making the bag (.4 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, $51.98. 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, $10.96.
My total cost plus profit is $62.94, However the estimated retail price which I have found by asking a fashion forward friend what she thinks of this item can be sold at a much higher price of $35. Therefore every time I sell each of this tote bag would give me a profit of $10.96
Here is a paper verison of my mock up tote bag. I would love to hear your estimated retail price, therefore the amount you would like to pay for the tote bag.
The mock up section of "Understanding Fashion Production" gave me the opportunity not only to learn about production cost of fashion business but also to understand the most crucial part: designing of a product. Without learning how to design a product, understanding the production cost of any business would be a difficult task.
If any of my readers are just as interested in #fashion, #fashionbusiness and #production process of fashion or taking a course with parsons x teen vogue click here and enroll now and use code "JJYKEXZV6YX3" for $50 OFF!