Etsy Seller Tips  How to price

Etsy Seller Tips How to price

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In todays etsy seller tips youtube video we talk about how to price your items. Are your prices too high? are they too low? how do you decide? what strategies should you use for pricing your art? How on earth do you price for your etsy shop? Pricing can be so difficult

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you're an easy seller you're looking for some tips on prices you've come to the right place hey I'm Tom Duffy and I'm here to help you craft your career with creative marketing and artistic inspiration and every Monday I'm making tips and tricks videos on how to sell successfully on eetzi so first something you're interested in come back every Monday so and tell me this how are you getting on with your prices do you find it difficult to price your items do you think your items are too low price do you think they're too high priced let me know in the comments down below I'd love to hear how you're getting on with this difficult subject of pricing so a lot of people struggle with the idea of pricing and quite often they feel that we're wanting to have a race to the bargain-basement if you're not selling they think slash the prices slash the prices but is there any disadvantage we're having your braces too low actually yeah now is it the case that your prices are too high actually that's pretty unlikely and cutting your prices might be hurting you let's think about the reasons why so one reason way too low could be a problem is it causes mistrust in buyers remember online people can't see the item so they can only go buy photographs in your description and have you ever went to buy something online and you looked at the price and thought there's no way that can be made for that price therefore it must be cheap it must be rubbish so if your prices are too low then people are gonna not trust you oh so they're just not gonna value your item as I've mentioned before when I was starting out with this I did a craft fair and I was so nervous about people not buying my items that I priced them really really low and I watched some woman come up pick up one of my dogs by its leg screw her face up and go five pounds for a toy and with disgust just drop it see she saw no value in the item so she treated it like rubbish so I was dropping my prices to try and attract someone like her who was not going to value what I'd made it takes me many hours to make an item so I would rather hold out for the person who's going to value and really love my item rather than try and sell it to someone who's kind of leave it in a heap of rubbish on a corner so remember people are going to treat it like it has value if you give it value you're likely to end up in the work if you get a mass ordering and you're spending all your days making something to get that order out although it sounds like the dream if you've actually undercut yourself and you're working for like a pound an hour or even less then you're gonna start resenting working for some total stranger giving up your free time giving up your time with your family and friends free Duffing so if your items are too low-priced then you're just gonna not want to make them eventually and also if someone comes to you and wants to do wholesale you're not gonna build to do it I discovered a while back that if shops or galleries or anything like that wants to sell your items they tend to want to sell your items roughly at about the price that you're selling them on Etsy so they want to pay you around about fifty percent for the item so can you take the hit can you sell your item at 50 percent less I was really lucky when I got my items into a gallery and they wanted 35 items in two weeks which trust me was a chore but with that many items in the gallery I discovered that I was just making enough to cover my costs when they when they gave me half price for my items that's how wholesale worked I always thought that my Etsy shop could be the rock-bottom price and if someone was selling it in a gallery they would up the price but no they want a 50% discount on your eat soup i price so if your prices are too low you just can't do wholesale so to figure out how much you need to be pricing first things first is you need to know your why do you eventually intend to make a business out of this do you want to make a living hopefully quit your day job eventually or is this a hobby that you enjoy doing and you just want to sell your items to make some space in your house and be able to buy some more raw materials this makes a big difference to how much you weren't gonna need to charge and yeah if you're in the latter category and you're not that bothered about the prices you are gonna get hate for having your prices too low but everybody's why is different everyone's needs are different so just ignore them so we need to figure out how much you need to earn to make it worth your while to make your items and tell them so let's figure this out so there's some facts and figures you really need to know before you start figuring out your price first of all the cost of all your raw materials the cost to manufacture your piece you need to figure out the cost of absolutely everything that goes into your item and then how long it takes to make each one of your items and how many hours in the day are you able to work and trust me being self-employed it's gonna be a lot more than you think we don't just do nain to faith but figure out how many hours of the day you're actually happy to put into working in your shop and how many holidays are you gonna need it is important to take breaks to yourself says me who hasn't had a holiday in years but you need to factor this in especially if you've got family that are gonna need your time at times so factor in certain amounts of holidays for yourself so you have to calculate the number of hours in a month you have free to be crafting and divide that by the amount of time it takes to make an item and this tells you the maximum amount of items you can make in a month also if you divide the number of hours that you plan to use in a month by the amount of money you need to make in a month that gives you your ally wage and the amount of money you need to make in the month divided by the maximum number of items you can make in the month tells you the minimum profit you need to make per item so take the profit you need and add it to the cost of materials for an item and that gives you the base price per item as I said and as a simple ballpark take this base price and multiply it by 2 what I do we need to double it well we already mentioned about wholesale prices if you're looking to sell wholesale which is a great way to go but also we have to factor in other time like the time it takes to photograph the time it takes to email a customer the time it takes to figure out SEO the time it takes to sit and watch me give her away nonsense about SEO so if we just add that at a very least then this gives us a ballpark this gives us a little bit of wiggle room so if you've ever looked at an item's price and thought they were asking a lot they're probably not these are fair ways to calculate how much you need and even then you can probably add a little bit more than double in it because trust me you're gonna spend more than twice your time dealing with customers than you are on making Euratom quite a lot of a time it's amazing what a time suck answering email packaging items swearing at printers that don't want to work all these things take so much more time than you think so make sure and give yourself wiggle room because it could well happen that come up to Christmas you're certainly going to get such a rush of orders in that you never expected you're going to be run off your feet and if you didn't make yourself a fair wage then you're gonna be working all hours of the day for nothing so I hope that helped don't forget click on my face to subscribe check out the videos that YouTube thinks you want to watch come back every Monday for more eetzi tips and tricks and advice and yeah I look forward to seeing you then thank you so much

6 thoughts on “Etsy Seller Tips How to price

  1. I'm trying different price points along with improving my descriptions to show the work involved. Online selling is a whole different challenge. When I began to stand up for myself, I became more confident. Even if the item didn't sell right away, I did not lower my price. I do like to take advantage of Etsy sales on occasions where it helps draw attention to my shop. However, no mark downs for me during peak season. Instead, I may offer an extra surprise for my customers. They enjoy that kind of thing.

    Folks, this is great info that Pam is passing on to us! Business requires a certain mindset and discipline. Creators, if you're not already doing this, please do at least this! It works!

  2. Help how to I set up for fix price shipping , with multiples items. Like 5 eyeshadows handmade for $5 . I can’t get a price fix … when I added other products it goes up the shipping price. And I don’t want that

  3. So just to clarify and make sure I'm understanding, the hourly wage bit – Just say you could put in 50 hours and you wanted £400, it's the £400 divided by 50? which = £8 per hour, right? I thought it was the other way around at first as you say hours divided by money, but when I tried it that way it gave me like 0.125p haha (P.S. I really do struggle with maths)

    I've been looking into how to price items quite a bit recently but doing x2 base price = wholesale and x4 base price = retail, that would make my items too expensive for their market.
    x2-2.5 gets them at a reasonable price, allowing a bit of profit and includes labour and materials, so what would you suggest about low cost items and pricing? Would you just not worry about wholesale opportunities or price them quite a bit higher than average in the market?

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