Pricing. The dreaded method every business must use to set the prices for the goods and services they are selling. Set your prices too low, and you will lose money on every sale and eventually go out of business (unless you are so lucky as to have a 2nd source of income with which to fund your business). Set your prices too high and you will drive away customers. The art of pricing is the art of finding the sweet spot in the middle, high enough to make money and low enough to create happy, satisfied customers.
How to do it? Well, I have my own formula, as does every successful business. Your own formula will depend on your costs, both time and money. Etsy has helpfully written an article on creating your formula, along with handy worksheets to help you along the way. Read it here.
Once you’ve read it and created your formula, you’ll need to go through your Etsy shop and check all the prices of all the items in your shop and make sure they fit your new pricing model. After that, stick to your formula, and make sales with confidence, knowing you aren’t losing money. Good luck!
What’s on your mind today? How’s your business going as April winds down? Chat away in the comments.
This week’s treasure is a rainbow needle felted bangle from Crystalcat1989:
Rainbow Needle Felted Bangle by Crystalcat1989
I just came across a fascinating article on the difference between style and fashion. To sum up, style is one’s personal way of dressing & expressing oneself through clothing and accessories, while fashion is the current trend in clothing, set by clothing designers, seen on runways, and owned by the rich.
An metaphor from the article:
We can compare high fashion to 5-star restaurant dishes that show innovation, creativity, and expertise. A plate of soft-boiled quail eggs with a side of liquid nitrogen ice cream will look exquisite and show a great deal of culinary competence, just as so many gowns and suits on the runway look like moving works of art. However, there is something to be said for hot dog vendors, deli owners, and grandma’s kitchen. They may not make particularly progressive dishes, but their food is still delicious and meaningful. Their food may not be fashionable, but it has style. It is unique to them, and it is recognized as something special.
Click here to read the rest of the article on Paste Magazine.
Note: Today we are visiting with Crystal, of Crystalcat1989.
Poison Ivy geeky cross stitch bookmark
I have always been a crafty person. Making random things started crocheting first then I learned to knit , cross stitch and because of my shop I have bought wool and learned to needle felt and spin yarn.
green Foxalope doll
A friend said I should sell my stuff on Etsy so I opened up my shop in May 2011.
Felted Fox can cozy koozie
What’s on your mind today? How’s your business going as winter moves on and spring moves in? Chat away in the comments.
Blue Sleeping Owl Ornament
Welcome to April! Did anyone prank you yesterday? What do you have planned in your shop for April? Chat away in the comments.
Today’s treasure comes from the shop of PurpleCat, a new member to the DTeam.
Check out the adjustable heart ring for kids (buyer chooses color):
Adjustable Heart Ring for Kids from PurpleCat
Elle tells us that we ‘must-try’ several hair colors for spring, ranging from platinum blonde to honey blonde through a rich brown to red, plus lavender purple and pastel blue. To see all the hair colors, click here.
Pastel blue hair for spring