Come on Down, the Price Is Right! Pricing Your Work
In This Chapter
Understanding pricing formulas
Making sure your prices make sense
Assessing the value of vintage items
Pricing items to move during sales
Years ago, a close friend developed a keen business idea: the million-dollar hot dog. The million-dollar hot dog would be just like any other hot dog, except that it would cost a million dollars. Yes, demand for the million-dollar hot dog may be low. But as our friend rightly points out, “You really only ever need to sell one!”
Ironically, most Etsy sellers err on the other end of the spectrum, underpricing the pieces they sell. Often they’re so thrilled that someone wants to buy something they made, it doesn’t occur to them that they could’ve sold it for more. But just as overpricing your pieces has its problems (you never sell anything), so does underpricing them. Specifically, underpricing results in lost profits and, worse, the perception that your pieces are “cheap” — that is, products of low quality. Particularly with one-of-a-kind items like yours, customers ...