When I first started selling (some 3 years ago), I had the idea of selling lots of lovely handmade items at a reasonable (think = low) price. The items sold, at an uneven rate, & I received lots of compliments from my customers on how beautiful the purses are, not to mention the high standard of quality.
Then I started to read on the Etsy forum & other website, the importance of pricing your items correctly, from a business standpoint.
It's fine if I'm doing this as a hobby (only). However, this is more than a hobby or interest to me. It's basically my "job", where I earn an income (not merely to supplement) for personal financial independence, while I strive to be a "present" wife to my husband & mom for my kids.
Presently, the orders are streaming in steadily, both from old returning customers to new ones who found The Laughing House by chance, or through word of mouth.
After thinking (& praying) about this, I decided to sit down & re-evaluate the pricing of every single items in my inventory.
The (amt of) materials used, the amount of time needed, & the difficulty (or level of challenge in terms of "skill") of creating/constructing an item. From the small to the big, the old to the newer designs.
As a result, some items were adjusted from 10-20% upwards. I'm being "conservative" in this, as I already have a steady stream of "followers", & feel it important to strike a healthy balance in doing this.
If you are an old customer of The Laughing House, feel free to contact me directly if you have any issue or opinions about this matter. I'd be happy to hear from you! ^^
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