I agree with Marie.....and I'd also like to add that you should NEVER undersell yourself and you'll be conveying a message that your product is only WORTH that amount! You should be fair with yourself and find a way to address your target audience and price accordingly.
I think a lot of people get caught up on sales rather than the real profit margin and sustainability. Someone might sell 20 $2 items that day but if the item cost $1, not including labor, to make, then they are only taking home $20 that day...and they probably still have to drive to the Post Office to ship it which is still part of labor/cost. On the other hand, someone might only sell 1 $50 item that day, but if it cost them $20 to make, they are still taking more.
I learned that when a supplier sells wholesale, they are at least doubling the price. Then, the retailer will mark it up however much they see fit. I sold some of my pieces to a MAJOR retailer at a discount....of which I cut significantly into my profit margin as my prices here on Etsy are already considered "wholesale" and they added a 600% markup! Obviously, with their market, they were confident that people would be willing to pay that price.
I think all of Marie's suggestions are on the dot, but I'd like to add that you should research your market, find a niche, create a unique product that has a different angle from your competitors and caters to that niche market, and present it in the best possible way! Finally, don't undersell as sometimes you end up losing money rather than earning! Your work is lovely - keep at it! :)
