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Pricing your crafts to sell!
Imagine your handmade goodies are flying off your virtual shelves, so fast, you feel like you have made it and you can’t stop doing little happy dances whenever you get a new notification. Everyone is patting you on the back, telling you how wonderful you are and how they always knew you’d make it. You are over the moon though tired from all the work and effort.
Then you get to the end of the month (or even year!) and realise that you have been working for pennies. The doubts kick in, you slow down your marketing, the sales dry up and you end up wondering if you are good enough. (You are!!) You unhappily start looking at the jobs section and all because you shortcut one crucial step.
So what went wrong? Simply you priced your craft products to sell but you forgot to look after yourself. You can happy dance as you earn money selling handmade wonders like hot cakes as long as you put some work into your pricing first.
I’m not daft, I know it is easier to think of a number, or to ask your friends, family and even virtual strangers for what they think is a fair price, after all who really wants to take time to do maths!
But, and this is a very BIG BUT! This is your livelihood, your next holiday fund, your mortgage or rent payment, or food on your table we are talking about.
I want you to make the time to price your work, so you know you are making money from each and every sale.
The most frequent response I get is…..
“But if I price correctly my creations won’t sell!” OK, I hear you. It boils down to this.
Keep selling your handmade products/art/crafts at the price you are now. You won’t make much money, if any at all. That is the choice you are making now. Maybe you don’t need to earn from your sales, you do this just to cover costs and you are happy to give your time away.
Your customers will be getting a handmade bargain! That’s enough, right? The thing is this has a knock on effect. You will also be under valuing the handmade marketplace for other talented individuals who do need to make money.
How about, if you personally don’t need the income then increase your prices, and then use the proceeds to support your favourite charity? Win:Win!
But what if you do need/want/desire to earn money from your handmade talents? Then you need to accept that something needs to change. Keep doing the same thing (or selling at the same price) and you will get the same results.
The solution is to find an audience who will pay the price you need to charge (they are out there!), and/or to add value to your products. Or simply take less time making each product, or lower your outgoings if you want still don’t want to raise your prices.
Use it to make money to support a great cause, or to bring in an income for yourself – just please use it!