May 7, 2010

The Price is Right… or is it?

Posted in Uncategorized tagged at 8:00 am by treacleandinketsy

70s - Fisher Price Cash Register - by PourToujours (I used to love playing with this when I was little!)

From the time that I opened Treacle And Ink, I have tried to keep up with the plethora of information that Etsy has to offer in the Storque and the forums.  They cover everything from how to set up you Etsy shop, to SEO (search engine optimization), to ways to improve your shop.  One thing I have paid close attention to, but have never really put into action, is all of the information and suggestions about list pricing.  I think I’m ready to put some of those suggestions into action.

One of the things I see on a pretty regular basis is the idea of making sure you are paid fairly for the time you invested in creating your handmade item, much the same way as you would pay a worker who was making the item for you.  Underpricing items seems to be a common issue with many handmade sellers.  I know I’m one of them.  As of right now, the listing prices of most of my items do not accurately reflect the time it took me to make them.

spud, ooak monster sculpture - by dancesippydance

It pretty much all comes down to this.  In many cases, if I add up the cost of materials plus an hourly wage – even minimum wage – I get a figure that makes me think, “Is anyone really going to be willing to pay that much for my listing?”

Well, I have decided that it’s time to find out the answer to that question.  As of Monday, May 10, I will be increasing most of the prices in my store, Treacle And Ink, to better account for all of my time invested in the creation of each listing.  I wanted to give you an advanced heads-up so you’re not surprised when you pop on over there next week and see the changes.

I’m still pretty undecided about how I think this is going to turn out, and if increasing my prices is going to be a good decision.  I’d love to hear your thoughts on the matter!

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