A couple days ago, I did a post on not selling yourself short when pricing your items. I found a couple great articles on Etsy’s blog that may help. In this article, they give this simple pricing ‘calculator’:
Materials + Labor + Expenses + Profit = Wholesale x 2 = Retail
I’ve used this method quite often, and it has actually made a difference in my sales. I’ve sold more than when my prices were ‘cheap’. I think when people buy something, they have a certain mentality. If they bought it cheap, they are going to treat it like it is cheap. However, if they spend more money on something, they will value it more. Then they are more likely to share their ‘finds’ with others.
I’d say that definitely beats “Oh, that? I just bought that for $5 at some craft show.”
Here’s another great article on reevaluating your prices. I definitely urge you to read these articles. I have found them very helpful and informative!!!!
I’d love to hear back on how you price your items and any experiences you’ve had once you changed your pricing:)