underpricing

[#1]

I've been pondering a lot this weekend about how many talented people are selling their work for so little. Why do people do it? It's so sad. So I wanted to say this...

Dear lovely people of the small business world... please stop underpricing your handmade work. It is worth more. You are worth more. Have faith in yourselves & raise those prices!

[Former_Member]

I don't make much profit on my products, but I don't feel I could prive them any higher. I don't want to use lower-quality supplies, either.

I'm in the same predicament, Ines!

[Former_Member]

TNTees - Thanks so much! The calculator is very helpful!

[KriyaDesign]

With time and more sales and more experiences, we'll find our our balances. Our very own niches and grooves. Wherever we are at now, embrace it. When we are moved to actions, do it swiftly, confidently. Trust in the process. My own personal, notes on pricing.

All the very best everyone!

[Former_Member]

glad that so many of you were able to find the calculator helpful! also keep in mind if you 'renew' items -.20
_______

1mADwoman from 1madwoman says

For those of you building your shipping into your prices - you're paying Etsy fees on that. If you have your shipping prices separate, you don't pay fees on them.

I've run free shipping sales, with zero sales. And a lot of shoppers are savvy enough to know that you're building the price into the cost of the item, anyway.

Just some food for thought.
_____
smart point right here about etsy fees!

[Former_Member]

Pricing has been very difficult for me. I tend to be a perfectionist and by the time I'm finished created something, I can see only the flaws... so I end up charging very little for the effort.

I raised my prices about a month ago when I switched to higher quality materials. My sales suffered a little, but I'm still seriously considering raising the prices more on a couple of time-consuming items.

I would rather focus on quality than quantity, thereby making less and selling less, but then I start to freak out when I don't see any sales. It's a vicious cycle.

[InspiredJewelryShop]

My theory is this: You get what you pay for. I price my items to be fair and yet still make me a profit.

[Former_Member]

Pricing is such an odd thing. Sometimes people will be delighted that they get what they perceive is a bargain and brag on it. Other people actually want to pay a high price because they feel that they are getting something to increase status or something of high quality or rarity.

Two identical purses could be set side by side, charge $10 for one without a logo and see how many sales you get. But put a brand logo on one and charge several hundred dollars and you have people lining up for it. It doesn't make a lot of sense.

If you don't value the time that you put into your work and underprice, than other people won't value it either. If you do charge more to cover your time, than bargain shoppers will disappear. If you charge a "Premium" price to cover your time, then you have to make sure that the quality and item uniqueness is there and that you have an identifiable brand, if possible.

The sad part about it is that consumers are conditioned by the prices of goods in big box stores made for very low pay. They don't realize how much time and effort actually goes into the items they enjoy daily.