It took 4 balls of yarn at £2.99 each to make it and took 6 hours.
Materials: 4 x £2.99 = £11.96
If I charged you minimum wage for the time it took to make it: 6 hours x £7.83 = £46.98
Total: £58.94
At the rate I am selling the blanket for: £25 - materials £11.96 = £13.04
£13.04 / 6 hours = I am earning £2.17 per hour.
If I held a stall at a craft fair, this would also come out the hourly rate I earn from it. These stalls can cost up to £80 each so I would have to sell £80 worth of goods before I started making any money. As this is now my job, I need to make money to pay the bills and keep a roof over my head.
What do you think is a fair price for the blanket? Is it £25 or £58.94? What would you pay for it? Is it fair that hand crafters earn so much less than UK minimum wage?