"First of all, if you spend 300 hours hand stitching a quilt for $100, this article post may not be for you. If you love your craft so much that you are thrilled to get back the cost of raw materials, this article post still may not be for you." says, Chris.
"There are two ways to price your goods for sale [on Etsy.com] in my humble opinion."
Once you make the item/product, you can look at it and kind of think what it should sell for. $20 or consider charging what a store like 'Walmart' is selling it for ($20) or you can consider the fact that Auntie Sue said she would only give you $20 for it.
Chris pokes fun and says, "if this is you, please read no further. Instead please wait until it is raining, then go and stand outside for an hour until you are really quite wet. Now come back inside, take your wet clothes to the laundry cleaner in town and ask them how much it will cost to have them cleaned and dried. Surprisinginly they won't say $1, because that is how much you can clean them for yourself. They won't say $1, beacuse that is all Autnie Sue is willing to pay. Instead they will say $5 (or whatever) because thats is price that will help them run and keep their business, pay their bills, make a living and clear a profit."
This is a serious point Chris makes here, because there are some people out there that do exactly that and those actions halt and hinder others who are doing this as a buisness to make profit. 'PIF'- Pay It Forward- is one of those things I my self do not like. PIF is when a seller only charges listing fee and transaction/merchant fees. This makes a $4 item 75 cents. Personally unfair to those who work hard at their craft and now have to compete with aonther who is just about giving it away for the sake of sale number mark-ups. I feel if you are not doing this for profit then be a not-for-profit organization.
So what's step 2 when it comes to pricing your goods? Well to find out what Chris Parry has to say, step by next week Tuesday for "Pricing Your Goods Part2". Get a FREE spreadsheet download to help you with your pricing and more insight...
Special Thanks to Chris Parry and to you for reading.