Well I did it!

[LovesYouCrafts]

After watching the webcast on the Art of Pricing, I figured out my shop's formula and started crunching the numbers.

And they were right, I was scared witless!

The numbers seemed huge to me but I kept reminding myself of everything they taught me and in the end I feel like I understand my products better. I also feel a lot less stressed about making ends meet. I know my prices may not be perfect yet, but I feel like I'm much more on the right tack then before.

So thank you to those lovely ladies and Etsy.com and if you haven't watched the webcast DO IT! It was so helpful!

[Former_Member]

I watched the same video.....they're right. There's no point in working for nothing. I feel my products are unique so I think they are worth the price or perhaps more. However it scares me...will they ever sell? We'll see.

[Former_Member]

Wow! Where is this webcast because I just posted a thread along these lines...I need some major help with pricing and determining/documenting my profit! I know NOTHING in this area. Thanks for posting about this!

Randi @ Regal Rhino

[LovesYouCrafts]

Randi-

Here is the link to the online labs, if you scroll down to the lower half of the page it should say, "Video Library" you then click on Etsy Success and then look for "Etsy Success: The Art of Pricing for Profit." Its a long video but definitely worth your time. Good luck!

http://www.etsy.com/community/online-labs

[lippybrand]

I love the online labs! I watched that also. Pricing is a tricky thing because some people selling on etsy are just having fun, not in it for the money. Then there are the resellers. Then theres the rest of us- somewhere in between. I did raise my prices ALOT after that. And things are still selling, YA!

[Former_Member]

This sounds interesting. I must check this out. I worry about my pricing all the time. I was even told a time or 2 by other people on here I priced to low! Never thought I would hear that! *LOL*

[Former_Member]

how do i find this webcast? i HAVE to hear it. i've been wondering about my prices, so maybe that will help me too. :)

[LovesYouCrafts]

Cindy,

There are directions in how to find the AMAZING webcast above in my first response!

[Former_Member]

I watched that too, and while I was afraid, I raised my prices. Since then my views are up 200% and I have made a sale a day for the past week (WAY better than I was doing before).

So go for it! :)

[TattooedAndChained]

I should check that out...I'm always wondering about my prices! I'm thinking they're too low according to the formulas I've heard, just don't know if anyone would pay more.

[AllieBlankets]

Good for you Jenn!

I'm another seller that worries about pricing pretty much all the time. When I started I had my prices much lower than I do now, and my customers at the time were friends and family, and they were already complaining about my prices because of the price difference between my handmade item versus similar items you find at Walmart. We should never be compared to items sold at walmart! After I raised my prices the first time, I was still having fellow sellers here telling me I obviously was not paying myself much per hour for my crocheting since it says in my listings that it takes 40 hours of careful work to create my items. So, I raised my prices again. I then had someone tell me that my prices were way too high!

I also feel it is really hard to make my prices at a point where I get a decent wage because so many other sellers in my category sell their stuff for SO much cheaper. For example, there is a seller that sells an item very similar to one of mine, and she sells it for less than HALF of what I do. I'm wondering when looking at the two similar items what buyers will do....I'm giving it time before I consider lowering my prices because of this. But just as a whole, my prices are higher than others, and I'm always afraid that will make buyers go to another store.

I don't do this as a full time job; its more of a hobby that I do 40 hours a week. :P Since it is summer and my items are for the fall/winter, my income from this is next to nothing right now, but I don't need income from this to get by. This also makes me want to lower my prices..but at the same time, why do this 40 hours a week for only a couple bucks an hour? Our time is worth more than that!

I would love for this whole pricing thing to just figure itself out...but I don't think it ever will! :P

[OwlPudding]

I feel the same way. I always feel like I'm pricing too high. But I shall have to watch this webcast!

[WeddingMonograms]

This webcast was so inspiring and is helping me finally turn a profit and make my shop a real business!! Thanks Etsy!!

[LovesYouCrafts]

Alisa-

Have you seen the webcast? Because I think it may be helpful for you in dealing with some of the emotions you are having surrounding your prices. I was feeling kind of similar before, thinking of what other people were charging and wondering if my stuff was really worth what I thought it was, which was more. And the thing is, I have more respect for what I do now and like they said if a customer would rather buy a cheaper alternative that probably wasn't made with the same love and care, you probably don't want them as a customer anyway. They will never appreciate what you do for what it is! And don't be so hard on yourself because this isn't your full time gig, you still rock and maybe one day you can make it your full time job if you want, or not!

[TerahClassyCreations]

I REALLY enjoyed the webcast as well. The things I create can take a very long time to create too. But I appreciated the point in the video that if some are turned away by your pricing, then they are not your customer. So if someone values your work (and can afford it :P), they are your customer.

Now I just need to somehow find out where more of MY customers are gathering on the internet.

Also, I'm obviously running a sale right now. I figured that is a better way to temporarily offer lower prices - rather than always selling too low.

[Former_Member]

I increased my prices after watching the webcast too, and got a sale pretty much the next day.

See I'm looking to make this my real part time job and eventually full time, and not just a hobby. I was thinking if I am seriously looking at making this a business and if I was not making enough to push the business forward I might as well give my goods away.

Lucky for me, I still price well amongst other similar products on Etsy. I know that there will be a few who would lower their prices just to get a sale. But in the end of the day what is more important to get - number of sales? or a sustainable handmade business?

[NakedRatDestash]

thanks, going to watch it!

[TillyandPuffin]

Maybe we can use the new "about" page to help get across the message that some of us are earning (or hoping to eventually earn) our living from this, so that's why we need to be paid a reasonable amount for our time.
Not meaning to put down the "hobby" sellers who sell cheap, but more professional crafters are likely to produce better quality, original design and so on, and buyers perhaps need to be reminded of this in a tactful way!

I'll definitely watch that video - thanks.

[Former_Member]

It's very scary! I watched it was scared and inspired all at the same time, but I just couldn't raise them to the price the formulas were coming out too. I raised them a good bit, but couldn't take the total plunge. The only thing that they didn't go over, was how to breakdown your overhead costs into the price of your individual items. That part still confuses me and so I just don't figure that into my prices....at least not until I can figure it out. Anyone know about this part?