This week i decided to reflect on my pricing and do an in-depth analysis of my costs. The results were disheartening.
I’ve fallen into that trap of “my products aren’t selling very fast maybe I should lower my prices.”. In doing so on many of my items I’ve been pricing them about half my wholesale price!
Eek! Needless to say this isn’t good. (I intend to remedy this before the holidays.)
I’ve been selling myself short on my time and overhead. I put a lot of time into creating my pieces. I’ll spend hours thinking about a design or looking for supplies I love before I start putting it together. Then it can take upto an hour and a half to bring my vision fruition.
This is a mistake made by many sellers on that are just starting out. I’ve only been on Etsy for nearly two years. I’m still new, but I’ve learned a lot about business and have been enhancing
my skills. I feel very confident in my jewelry beading skills. I’m researching other techniques. I’m still starting out with my sewing skills.
Here’s some links to articles about pricing that have really good advice.
Also see post on Etsy’s Blog