Chapter 9
The Price Is Right! Pricing Your Pieces
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 pointed out, “You really only ever need to sell one!”
Too many Etsy sellers err on the other end of the spectrum. They underestimate the worth of their items, and so they underprice them. But this poses its own set of problems. For one thing, you lose out on profits. For another, it can create the impression that your items are of low quality.
The trick is to strike a balance. You want to price your pieces high enough to cover your costs and turn a healthy profit. But you need to price them low enough that you can sell a reasonable volume of goods. Finding that sweet spot is the focus of this chapter.
Get Starting an Etsy Business For Dummies, 4th Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
