How Do I Go About Pricing My
Wreath, Floral or Other Handmade Craft?
There is one question I am asked about all the time… PRICING!!
This is one that everyone who sells handmade items need to know and understand.
On the surface, this would seem to be an easy question to answer. But this question, and particularly answering it correctly is critical to making it worthwhile to set up and sustain an Internet Business so that you can enjoy a steady income for your efforts.
I have struggled with this question and its answer for many, many years! There is one thing that I have learned in all my years of experience — you have to be willing and able to not only calculate your costs accurately, but to be willing to change your pricing strategy at a moment’s notice.
There are many factors that affect the pricing of your goods; some you can name immediately, but others you may have never thought about before.
A Good Pricing Formula Will
- Take the guesswork out of deciding on a price!
- Did you know your emotions can cloud your judgement?
- It is CRITICAL that you factor in ALL your costs!
- To be a TRUE business owner, you need to make a profit.
- WASTE can be the thing that would have made your profit!
Costs of your florals, containers and shipping fees seem to be easy factors to add into your price, but some can be much harder to determine accurately.
You have to be on your toes to keep up with the changes in your costs or you will be selling your wares at a loss. Your business can become a non-profit business before you know it!
Other factors to consider when pricing your goods are harder to calculate. Things like the economy in your area or the country, your customers’ buying habits, the exclusivity of your own products, and the quality of your products are very important things you don’t want to look over!
I’m just scraping the surface here of so many things you need to consider which affect the price you put on your item so that it will sell quickly. Pricing strategies are AS important as your ability to design and create!
With these answers we discuss in the Inner Circle, you can confidently price your goods as you learn to be watchful for always changing and important factors which would then cause you to change your pricing strategies.
Working to keep your business profitable can and will bring in more income for you and your family!
This is what Joan Ditmars has said about our Community!
“In December I made a few Christmas wreaths for myself and family. In January I came across some of Nancy’s free videos started watching all I could, and joined Nancy’s Inner Circle.
I have since opened an Etsy store, have a business Facebook page, and an active Pinterest page! I make burlap deco mesh wreaths and am learning to make grapevine wreaths. I also do flower arrangements.
The past two months I have sold 6 flower arrangements and 12 wreaths!!
I am so excited and happy. I was scared to death in beginning with no confidence, but by chance ran across Nancy’s videos which encouraged me as God has blessed me every step of the way.
I want you to know that doing this is hard for me have fibro and a recent ms diagnoses but I will not give up! I love what I do and work very very hard at it. Doing Etsy, Facebook, and making wreaths is very time consuming but worth it!
I also have grandchildren and 2 foster children ages 6 and 3 whom I will be adopting soon, my life is very full. Thanks to God, Nancy and all the ladies who post and encourage — what a blessing to find a group that actually encourages one another!”