Wednesday, February 6, 2013

Wednesday's News and Tips Pricing Items

When I first opened my Etsy shop, I made the all too common mistake of underpricing my items. Why did I do this? Because I wanted people to buy from my shop and I thought that charging low prices would attract customers. This practice, however, was bleeding me dry and it didn't attract customers. I was barely making enough to meet my supply expense, much less any profit.

I began pricing more realistically when my friend Lynne from CrazyWicked Stich commissioned some primitive tags for her quilts. "But," she said, "I'm not buying them if you charge under a dollar." I asked her what she meant and she explained how she prices items. "Your prices aren't high enough," she told me.

Then she shared her pricing formula with me:

(Production Cost + Profit) x 2 = Retail Price

This formula was also shared in an Etsy post called Quit Your Day Job: June Designs. The article also explains how to pay yourself for labor, expenses and materials. Take a look!

How to Find Teams to Help Grow Your Etsy Shop

We know you're part of the Create in Christ team but have you joined other teams to increase your exposure on Etsy? Being seen is what helps online sellers become successful and teams help sellers get exposed.

Here are some things I've learned about teams since I joined Etsy:
  1. Decide on how many teams you're going to join: This is entirely up to you and your schedule, but since joining the Etsy community I've decided that two teams are my limit for full participation. Recently, I have joined the CIC Leadership Team so that makes three, but I'm having a difficult time regularly posting to The Era of Recycling Team and the CIC Team. You have to decide what fits into your schedule and stick to it.
  2. Go where you can make friends: The teams I am on right now are the places I have made the most friends. On these teams, I was welcomed warmly and quickly by more than one person. I also found that I identified in some way with other shop members. On Etsy, having friends is vital because it is so easy to feel isolated in the online community. 
Etsy Help also has a helpful article about Teams should you need more guidance.

What's wrong with this picture?

This photograph is a product photo from my shop WritingPlaces. Do you see anything wrong with it? I'll give you a week to think about it and discuss it in the comments, if you would like, and then I'll let you know.

Happy Wednesday!

Written by Lisa Gossman-Steeves

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