Handmade Product Pricing Facts You're Not Considering 😱 That's Costing You Sales ❌
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- Опубликовано: 1 апр 2020
- Pricing your handmade products is part art, part science. The science part is easy to follow, but the art of it can be dangerous if you’re not thinking about it correctly. Watch this video to learn more about some handmade product pricing facts you’re not considering that’s costing you sales in your handmade business.
If you’re new to me and my channel, you probably don’t know this about me but I went to college for a math degree. So numbers and I are very comfortable. Now, before I freak you out. Math is only really helpful for the science part of business. So if you’re not good at math, don’t worry, you don’t have to be to be successful with your business. What we’re going to cover today is more of the art side of things.
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Thank you for the kind offer. I am 58 and have just now started my home business. I sell resin and mixed media art as a vendor via events This is very new to me
I hope you find it helpful, Patricia!
The ability to walk and move about and create without debilitating pain. 😢
How do I get into your group
Good evening!
How do I join your group? 😊
I have definitely noticed the low prices that many handmade creators put on their creations, I crochet and I've seen people price a lot of their items for $15 or less and I always feel really bad because I know it probably took them more than an hour or a few hours just to make the item. When I first started making crochet commissions I initially made the same mistake, I remember charging someone only $50 for something that took me several days to create, luckily the person was also a creator and noticed this and told me that my work is worth much more than that and gave me a lot more than I originally charged her. I think sometimes many creators get sucked into the consumerism mindset and think about how people could get a similar item for much cheaper, but no, I really wish more crocheters charged more for their items, its a unique texture that (thankfully) can't be machine replicated (unlike knitting) which means that crochet items are guaranteed to be handmade and many items take incredible skill to create.
This is so true. It also helps that when you realize that charging a more accurate price actually shows the worth of the product and differentiates it from something mass-produced.
I totally agree. I just heard an Esty shop owner say that when she offered free shipping, the kind of people she attracted were different.
Yes! It doesn't seem like it would be that much of a difference but there really is!
This is great. I have been following your jewelry business for years (I'm a caker) and found you coincidentally on RUclips. Love your products and your videos now too. People don't understand why my cakes might cost $200 when it is just sugar, flour eggs and butter. Pricing is about overhead and wages with room for a profit margin. So a cake that takes me $10 in ingredients, but I am paying a baker, a cleaning person, utilities, insurance, rent, advertising, cost of my education, skill, equipment investment and tools.....well, I've gotta add that stuff into the price as well. And I need to make a halfway decent profit or why even bother? If you are not making real money it's a hobby, not a business. Anyway, love your cute jewelry! Thanks for the great insight. I appreciated your videos on Etsy and where to sell handmade stuff as I am looking for a new venture.
Sooooo much of this, Ellen! 👏 There is so much more that goes into business than the supplies. I think the more we talk about that with customers, too, the more we help ourselves and other creatives.
Omg a cake cost all this and more...!!!!! That’s why people think it’s way too expensive a custom made cake than a store bought ..
Ellen Harvischak you are so right. Same thing happened to me. In the cake business like you had (and I did) it is just not scalable for those reasons you mentioned. If it is not scalable well you cannot make a good living out of it. Like you, Im looking to other ventures in which with less investment and maybe less effort and overhead costs I can make more money and actually make a real living.
You were a math major! That's why you make so much sense to me! (from a math teacher - handmade crafter working towards being a business owner!)
Math creatives unite! ➕➖✖➗😂
Thanks for the lesson!
Take away: Pricing is an art and tells a story of where I stand against the competition and sets a tone for how the customer responds to the product.
Well said Karl!
Thank you for your Videos Mei! I just found you literally 4 days ago... Im just starting my arts & craft business, so new that I only have 2 art pieces. I am preparing myself for when I do have more Id know what to do and you are really helping me out!!!! Thank you so much and please continue making helpful Videos!
Namaste 🙏
That's awesome, Veronica! I hope you are finding these helpful! I also have a lot more information on my site at creativehiveco.com. You may want to check that out! 👍
Your videos are so easy to understand, thank you! I have no idea about business but want to start up a business. Doing research and your videos are very helpful, by far the best! Thank you xx keep up the hard work xx
Thank you so much, Tabia! Doing your research before you start is awesome! Good luck in starting!
im watching for youtube already a year, every day, different people, different videos, and i can say that u are one of the best, u have great content and u are honest, and this is the gold! honesty and simplisity. i love that u are not begging to like and share ur videos in the beging and some times, even not saying it :)) so, wish u luck and im sure ur channel will be very popular, very soon🍩
Thank you so much, nini! I am so happy to hear this and I thank you so much for watching. 💖
Hi Mei, I always had a sense that pricing a product was more than just calculating materials and labor, but you effectively communicate the real ART of pricing. I love what you do and feel inspired to raise my prices to match the quality of my work (overcoming fear). Thanks for sharing your expertise with us. I wish you continued success with your business!
I am so happy you were able to connect with the info Anne!
WOW this is helpful! Your thorough explanations and examples helps me understand markups now. This is a lot of information. I’m going to go shop for wholesale retailers now. Thanks Mei!
That's awesome, Missandei! I'm so glad to hear this was helpful to you - it means so much. ❤️
Thank you so much for your advice! I feel like many of us got the art and craft part down but are never taught how to do businesses! You gave me great ideas that I can’t wait to try out!
I'm so happy to hear that! Thank you so much for watching!
thank you for explaining how to pay yourself labor - and how $15 can actually be more than it seems in your formula! that makes a lot of sense and I was hung up on this idea for a while trying to price my art prints. looking forward to more info!! thank you!
I'm so happy to hear that it was helpful to you! Thanks so much for watching, Grace!
I so love your videos. You're so generous with your wealth of knowledge. It is very much appreciated!!
Thank you so much for your kind comments, Michelle, and thank you for watching!
amazing, I have soo much passion for sewing and being creative at the same time. Watching this video for the 1st time to understand pricing is just what I needed and soo long ago. Now I can focus in the correct direction and will definitely follow some more videos to stay with this advise. Amazing...💌💯
Aww, Thank you so much! I'm so happy that I'm able to help! ❤️
Thank you so much Mei! You’ve been super helpful for me!
awwww, thank you lileekay! That makes me so happy to hear.
Your content is so helpful!! Working on putting my store together and it's a little scary, but I get more excited each time I watch one of your videos! Thank you!!
That's so awesome, Carla! Good luck on your launch - you will be great!
Love your videos, your experience and generosity in sharing is so valuable. Thank you :) x
You are so welcome! Thank you so much for watching! 💖
I really appreciate you sharing this about pricing. It was helpful information.🌸🌿
Thank you so much for watching!! ❤️
I love your videos! Thank you so much for sharing you experience :) Insightful and not generic.
Thank you for those kind words Miriam!
I love it that you talked about the value handmade products bring to the customer. i have personally never really considered that. Thank you again.
I'm so happy to hear that - so much is perspective! Thank you so much for watching.
I really enjoy watching your videos because it just gives me confirmation in my pricing formulas and having higher rates than others.
I'm so glad to hear this, Kia. So many people underprice their work!
I am so happy to find some one like you whom gives and shares this information for those who really need this education and cannot afford it, let alone have money to get all the materials and make this passion greater. Thank you so much...I will definitely be following you all the way.
Thank you so much for that, Nelly! I'm so glad to be able to help other creative business owners.
I adore you Mei. I have a ton of beads and jewellery all hand made and your videos are so easy to understand that I will soon get my act together to sell.Thank you for sharing such valuable knowledge; love the fact that these are free as I couldn't afford to pay. Thank you so much. Love and Peace from London UK😁😁😁😁😁😁
I'm so happy that you've found these videos helpful, Karen! Good luck getting your business started!
I am truly grateful for all the tips and information provided by small business owners on you tube.
Thank you so much for watching, Cathy!! ❤️❤️
this explanation was simple and so clear. Thank you a lot! You're the best
Awww, thank you, Kristi! I'm happy it was helpful to you!
This was so helpful and easy to understand. Thank you for this!
I'm so happy to hear that! Thank you for watching!
You are so eloquent when you speak and you simplify things. Love your videos. I make natural skincare. Wish you would do something where someone like me make my products and how to price them. I want to look at all your videos as you're great
Thank you so much for the kind words, Karen! ❤️ In terms of pricing your products, you can check out my other video here: ruclips.net/video/H3r9M3QhnNQ/видео.html Good luck!! ❤️
Thank you so much again Mei. Makes complete sense to me and I value your openness in sharing this information. Take care. Kuljeet
I appreciate you watching, and your comments, Kuljeet!
Thank you very much! First time watching your videos and the content is very valuable.
Welcome, Ejay! I'm so happy to hear that the videos are helpful to you!
Your channel is so incredibly helpful and insightful - thank you so much!
Awww, thank you so much! I really appreciate that!
Very helpful… thank you so much for your time! New subscriber!
Much love from Brisbane, Australia. ♥️♥️🇦🇺
Thank you so much for subscribing! Welcome to the community!! ❤️
I've always wanted to start my own crafting business but never set the time money and commitment to do so! Until this pandemic hit and made me realize if there's an opportunity to start over it is now! I am so grateful for your videos not only for the amazing advice but the honest truth behind starting your own business which so many people tend to ignore or sugarcoat. I'm so appreciative of your integrity and generosity! I've been sharing your videos with other small business crafters and cant wait to see this channel grow! :)
Thank you so much for your kind comments, Kyra! I really appreciate it, and thank you for watching and sharing!
Wow! Great learnings when it comes to pricing. Thank you.
Glad it was helpful to you! Thank you so much for watching!
Learned sooooo much. The nuance of pricing was very helpful and easy to wrap my head around.
I am so happy this was helpful Whitney!
Thanks for the great information. Hopefully I can implement some of these tips in my new business.
You're welcome and thank you for watching! You got this!
As always, absolutely great video! Keep up the good work!
Thank you! I appreciate you watching!
Great video. I learned that I need to not be afraid to ask for what I know my products and services are worth. In sales, my products are unique and well made and good looking.
Relative to this, earlier this year I decided to not have a “normal” job anymore so I got on TaskRabbit and offered my services. I started at $25/hr even though I knew that was completely undervaluing my skills/quality and efficiency. I hardly got any work. One day against TaskRabbit’s insistence, I doubled my price and I’ve never been busier!
Thanks for all your great videos!
That goes to show you that knowing your worth AND following it is so important! I'm so glad that you upped your rate, Edgar, and are seeing the results.
This was extremely helpful.....love crafting & I stumbled upon your video. A new subscriber ❤❤❤
Thank you so much! I'm SO happy you’ve found this helpful! ❤️
Loved this video and advice thank you very much.
I'm so happy to hear that, Ciaran! Thank you so much for watching.
thank you for your valuable sharing. Very appreciated
My pleasure! Thank you for watching, tristiati!
Wow!! I never would have thought about which type of customer I was attracting before! You really made me think about WHO I want to attract!
Thank you
Ps new subscriber and I love this information. It is invaluable to me who is just starting out. THANK YOU
That's awesome! Yes, your target customer is super important and you need to think about who that should be. And thank YOU for subscribing!
Creative Hive 😊
HI Mei, Thank you for your video. It made me realize that the craft that I make and sell is grossly underpriced, even though I previously thought that it wasn’t. I’ve got probably 30 years of experience doing this craft, and my competition is very very low since most people either don’t know how to do it or put out low quality items from lack of experience or technique. Additionally, the items I make take weeks or months to complete in my spare time, and are coveted by certain types of people like collectors or particular people groups. I followed your pricing formula and discovered that , even though my items are priced in the hundreds, my prices are like 4 times lower than they actually should be, even with a $10 base hourly wage. I appreciate you taking the time to help others with this information. May God greatly bless you in return. 🥰
I'm always more than happy to help and I'm glad this video helped you in pricing your products correctly. Thank you so much for watching!! ❤️❤️
Thanks Mei. New subscriber and here to stay. Your videos are very informative and helpful.
Welcome, Ramya! Thanks for subbing!! 💖
This video was very helpful again. You make everything simple to understand.
I'm glad to hear that, Huey! Thank you for watching!
Finely someone who gets it. You are very articulate. Absolutely Fantastic. 100 stars
Thank you so much, Roger! I really appreciate that!
It helps a lot like now in my year level 3rd-year college the professor already start to assign us to make our business proposal I don't even have any idea how the business proposal running and what are the tools that I need to get the start and yeah when your YT pop up in RUclips I don't hesitate to click and watch it now I have an Idea thank so much
I'm so happy to hear that! It makes my day to hear that these videos are helpful! Good luck with your proposal, Charlie!
Very valid points and helpful video, thank you!
So glad you found it helpful, Jeff! Thank you so much for watching!
Just ended long-term employment with a Fortune 100 company and started a sticker company with my wife to support her art ^.^ I can tell you from experience your information is sound. Very happy to see such detail and thought. I appreciate all the information!
Wow, Tyler, that is a huge jump! I wish you both so much success with the new venture!
Really enjoying your videos! I listened to about 4 of them while doing dishes and it made that chore go by so quickly! I know your focus is marketing physical items, but if you ever did a series on service marketing, that would be very interesting as well! :)
Thank you for the suggestion, LoveBud!
Are you in a service-based business? What do you do? I'm curious!
@@CreativeHiveCo I'm in health/ rehabilitation therapy services! =)
you are absolutely amazing and very helpful because I have struggled with pricing for years and now that I'm starting an official business I want to get all my ducks in a row so you have been a God send.
I'm so happy to hear that! If you find that you'd like a guide, I have a course that can help you make sure you are set up to really take off! www.creativehiveco.com/a-sale-a-day-business/?
@@CreativeHiveCo I will definitely save up for this thank you so much
Your videos are so helpful.. Thank you so much!!!! ❤️
I really appreciate that! Thank you so much for watching!
Thank you the video was very useful and helpful.
You're welcome, and thank you for watching!
Thank you for this.
You're most welcome! Thank you for watching! ❤️
Thank you very helpful and honest post..
Thank you so much for watching, Veronica!! ❤️
Love this video thanks
Thank you so much for watching Stepha!! ❤️
Wow this is a wonderful vdo.. thank you for sharing.
Thank you so much for watching, Jennifer!
This was very insightful 🧐 Thank you 😁
I'm so glad to hear that! Thank you for watching!
Thank you soo much.. today I watched your 5 videos🤗. From 🇱🇰 . I hope to start my own business . So ur videos are very very helpful for me. Thank you again.. 😍😘
Thank you so much, Ruwanthi! I really appreciate that. Starting your own business is so exciting!
@@CreativeHiveCo thank you dr.
Thank you Mei you have given me the confidence to price my products at a higher price.
I'm so glad to hear it! Your work is worth it!
So great! Thank you
You're so welcome! Thank you so much for watching!
Greetings, I appreciate you for sharing your knowledge and videos. It is so helpful. I'm planning for 2021 on handmade soap business.
That's great! I wish you the best of luck on the launch of your business!
I'm learning a lot from this. Thank you soon much 😘 💜
Thank you so much for watching!! So happy to be of help!! ❤️
Your videos are so unbelievably helpful. I am trying to start a handmade business but I am running into a price dilemma. Competitors on etsy for instance are selling roughly the same item for around $10-15. Even if materials are only $2-3 and it takes 1 hour to make, these prices don't even cover an hourly rate. So I am stuck. Any advice?
There are a few things you can do with this. You can try to find cheaper materials or streamline your time so that you are spending less time working on your product, therefore allowing you to reduce your overall costs, which then lowers the item cost. Or, you need to find your target audience - one who will pay the actual cost of the products you are making. There are people who will pay the cost for a superior quality item, so you would need to set yourself apart from the competition somehow.
This makes sense a 100%
In my first market ever I had my prices do low that buyers asked me why it was so low, what was in my products. I doubled the price and haven’t stopped selling since!
That's really amazing, Eliana! ❤️
Your pricing videos are so educational, I'm learning a LOT! Just wanted to know, do I add all expenses (i.e. overhead, etc.) before or after x4 or deduct from x4 total?
If you divide up the cost for per piece then you can add it in before.
Big help for me as an aspiring businesswoman😇. Hope I can use it once I got started. Thanks a lot🥰
I'm more than happy to help! Thank you for watching! ❤️❤️
Thank you for this video, I definitely need to charge more for my handmade bags & time 👍- very helpful x
Absolutely you do! Don't shortchange yourself and your talents.
@@CreativeHiveCo thank you 😊 x
Hey! Big fan of urs just aftr watching this video. U r incredibly wonderful. How easily u did that explanation... A very big hand to u for ur knowledge...
Thank you so much, Kuldeep! I really appreciate that!
Wow! I make handmade stuff for years now and always say to myself my labor is free...I wouldn't charge much for my labor....but after listening to you in this video! I'll be charging for my labor using your formula☺️..thanks so much for all your honest advice....you are awesome....I would like for you to see my handmade products and tell me how much you would pay for it though...
Meera, you should always charge for labor! Don't undersell your skills and abilities! Definitely start adding it in.
This is excellent I really need to learn this, I always under price my products to the degree many customers tell me that I do. I am always afraid if I mark my items up then people won't buy.
It's such a hard thing to overcome, Tara, but once you do I think you will see that your target audience WILL pay what your products are worth. You can do it! ❤
@@CreativeHiveCo Thank you!
Hi there. I just found your channel and I'm loving it so far! Your pricing formula is super helpful, but one problem I'm still having is how to price materials. I"m working on building a business for laser cut boxes and things. Pricing the wood is easy, but what about the items that I will use for multiple projects, like glue and sandpaper? How do I factor in that cost? What about the cost of my laser cutter? Should it be included? What would that look like? Basically I would love for you to break down figuring out your material costs because I"m not sure how to do it. Thanks!
That's a really great suggestions, Felicia, and something I'm sure a lot of people struggle with.
I am learning so much right now and I’m officially hooked 😓😵😂
I like to hear that! 😂 Thank you so much for watching, MrsMT!
Omg. Thank you 🌺
You’re welcome 😊 Thank you for watching!
thank you for providing very informative information
You're welcome, Charlie! I'm so glad to hear that you found it helpful. Thank you so much for watching!
@@CreativeHiveCo actually I just finished my proposal alone like our professor assigned this proposal as a group since no one doesn't like me to be part of their group I decided to ask my professor I personally chat her and if I it's ok to do a SOLO for this proposal and yeah she allows me to do it by myself and because I don't have any idea about Proposal so I search in Google but it's not enough now I go to youtube and find more informative information some videos are helpful to other channel but this one is easier for me to understand because of you really explaining it like step by step process and yeah I'm glad that I learn so much what is proposal and how it works hehehe God Bless Your Channel btw Can I suggest a content about the Research Paper coz on September I turned 4th year college just want to advanced study so that I can have my idea hehehe thank you again ☺😁 you know what Maam or ms. I got 1.00 in my subject because of my business proposal and with the help of this information I gathered through youtube thanks again 😇
Oof, im just thinking of starting to sell stuff I make and I have sold a few things here and there and was always told I severely undercharged. I feel bad hicking up my prices bc I myself would buy handmade goods if they were more affordable. I just don't have a budget or the ability to save to buy an item or gift priced higher than $25. It breaks my heart to pass up on things I wish I could buy. This leaves me feeling like I may not be the only person like this. Even tho I value handmade items more I just can't afford them at higher price points. I'll have to keep thinking on it and see. Ty for this information, well executed.
I totally get it! You want your handmade goods to be accessible to everyone, especially when you yourself value them but struggle to afford higher price points. It might be worth exploring different pricing strategies or finding ways to streamline your process to keep costs down without sacrificing quality. Don't forget to value your time and talent too! It's a tricky balance, but I'm sure you'll find your way.
These videos are great I’m a 12 year old girl and i’ve been trying to start my own online business and your videos are really helpful and i learn i a lot from your videos✨👻 thanks.
Aww. Thank you so much! You got this!! I'm rooting for you!! ❤️❤️
Thank you so much for all your words of support!! It makes me more confident about how I feel about my pricing.
I'm so happy to hear that! Pricing is so important and I'm so glad that you are feeling confident in your numbers!
Thank you very much for your content. I'm a macrame artist breaking into some brick and mortar shops, i have had an order placed, and I'm trying to figure out my pricing for all of my small/simple, and medium-large more-unique pieces.
I'm deciding that I am going to sell my products at a wholesale rate, using your formulas for guidance, but I am still learning and understanding what that means, and trying to figure out what my minimum order quantity would be?!
The thing is, I don't buy anything at wholesale cost yet...maybe eventually down the line I can figure that out.
Anyways, I am finding all of your advice quite helpful in making me more confident in finding a specific consistent formula and ways to alter certian variables in how I might mark up different pieces based on uniquness/customer value/etc.
Again, thank you for giving me a place to start!!
You're welcome and thank you for watching! You're on the right track with your approach to pricing and understanding the intricacies of wholesale orders. As for minimum order quantity, consider your production capacity, material costs, and the potential demand from your brick and mortar clients. It might take some trial and error to find the right balance, but you're already making progress by taking these steps! :)
@@CreativeHiveCo thanks so much for your feedback!
Thanks for this! We do have to pay ourselves and bring income in to take our businesses to the next level
It's so important! Thank you for watching!
Great video very helpful
Glad you think so, Princess Tessa! Thank you so much for watching.
This is all about standard math rolled into self worth. I think it’s common to undervalue oneself. More and more I think I need to build my own platform outside of Etsy as well as consignment. Too many people are low balling on there and it can be a challenge to make sales.
This is why having your own site is so important, and also why it's important to be confident in your pricing. You are the only one who knows the time it takes to make your product, and a true price typically marks the quality of the product as well.
I have a question...can you do a video on how handmaker's can find materials for fresh start up business to help with production.
That's a great suggestion - thank you!
If you join a national Jewelers Association and buy say an e-Com 1yr membership, they will then let you in on their Vendor's lists, help you with marketing, education, and the list goes on. Do it! I'm in CA and my national Jewelers Association offers the J.E.T.S. program which is an industry standard credential you don't absolutely have to have bur it sure helps.
Thank you so much for sharing, Chantelle! 😊
I've heard it so many times! but my biggest takeaway was do not under price your work. I didn't think I was, but now I realize I am pretty much selling some pieces at wholesale prices. hmmphm.🤑
This happens to so many people, so you are definitely not alone! Now that you know you can start to adjust and see how it goes!
Super helpful video! Would you keep the same pricing formula when you are selling your products somewhere that takes commission? Or do you raise your price even more to ensure that you walk away with the retail price?
You are factoring that in in the first step, with your wholesale price. You want your products to be the same price wherever you sell them. When you have someone sell them for you at another location, that second markup accounts for their commission.
Thank you, that was helpful. Do you have tips for pricing hand knitted items?
We have a number of different items, beanies, sets with beanie and cape or beanie and handbag. We also have handknitted teddy bears that have hand knitted clothes on. I tried getting opinions in a FB group and the suggestions for prices are not worth even starting to knit.
I touch on that in this video! www.creativehiveco.com/how-to-start-a-crochet-product-business/
great thank you
Thank you so much for watching!! ❤️
i value confidence !
Yes! I agree!
This is so helpful. Do you recommend the same formula even if you’re paying another company to build a product for you?
In this case, since you are going to be paying a company to make the product, I would take out time and insert cost for the manufacturing of each piece.
Your products are beautiful!
Thank you so much, Christine!
Just curious about the .99 cent pricing strategy. On your website, none of your products are priced that way. I also sell at markets and haven't started my online store yet but I am working on it and just want to make sure I understand this price point information. Thank you so much! Your videos are very helpful. I'm just a bit confused.
Hi Leilani! The .99 pricing strategy is more of a psychological thing. It makes your items appear cheaper than they really are. Say someone sees an item worth $100 vs $99.99, he/she will be drawn more to the $99.99 rather that then $100 even if in reality, it's just a 0.01 cent difference.
Thank you
You're most welcome! Thank you for watching! ❤️
Hi Mei. Just want to start off by saying that I am really enjoying your videos. Very helpful and informative especially for someone who is just starting out, like me. So one question I have is, considering I am new to making homemade products, how do I know I’m pricing my product correctly and fairly where I don’t push my luck and end up not getting any customers but do get enough revenue to make this a full on business. How do I find a balance? Thanks!
Price your products according to the pricing formula. www.creativehiveco.com/pricing-handmade-items-guide If you price correctly, you will bring in the right audience to appreciate your handmade work.
@@CreativeHiveCo Thank you
Ahh thank you so much for making this video!! I just have one question T^T I’m planning on selling art prints but I’m not sure if I should still times the cost of materials and hours by four because I feel that would be a bit too expensive for a 5x7” print :,))) however I don’t want to undercharge my art and it’s worth. How would you go about pricing that???
What is the time it took you to make the design, and how many prints do you think you will sell? If it's 1 hour and you charge $20 an hour for your time, then one print would be $20 for time, while 100 prints would be $0.20 for time.
Creative Hive OHHH I SEE!! Thank you so much for the response!!!!!
Oh wow...hi from Kenya 🇰🇪 ...I also studied Actuarial Science in uni and I have a handmade business.. what a coincidence 😅
Oh wow! That's awesome! ❤️
This really helps! I literally just found this video even though it's 3 years old. I do have a question for ya though and if you already did a video please let me know the name if it! Um, how do you come up with a name for you handmade business? I started mine just as a side job to try and get all the crafts that I did kinda outta the way b/c I have boxes of stuff that I made (I was destressing a lot!). At first I did Krystal's Knittin' Chick b/c I knit and everything handknitted or loom knitted. But recently I've been other crafts as well as knitting and doing a lot of digital art (I'm an Aspiring Graphic Designer going back to school for it).
So, now I want to rename my business and maybe restart from the ground up with a website shop and all. Problem is I have no idea what to rename it. My husband keeps insisting on keeping the Krystal since that's the name that everyone knows but they don't. I'm just the "Knittin' Chick" and now I'm doing more then just handknitting or loom knitting.
Any suggestions?
Hi! Here's my blog about picking a business name for your brand: www.creativehiveco.com/how-to-pick-a-winning-business-name-for-your-online-shop/ (the video is also linked there in case you prefer watching). I think that's going to be very helpful for you in terms of deciding what to name your online shop. I highly recommend keeping your ideal customers in mind too when deciding (and/or designing) on new products to make. Good luck!! ❤️ Let me know if you have any questions.
The way I do it is I calculate the cost for me to make an item including my materials, sales costs and time broken down to 10 minute blocks. Then make 2 prices... Cost to make x2 and cost to make x4. I then look up competition and if competition price is between or above those numbers, I base my price off their price. If it is lower than the CtMx2 I don't even bother.
It sounds like you have a solid system in place, Falney!
Thank you - this was a great video for information that I hadn't considered before... things like 'what type of customer you want to attract'. You are right - there are some things I'm willing as a consumer to pay the higher price for, when I am confident in the seller and the quality of the product.
Yes! The type of customer you want is so important to the success of your business.
I have alot of thinking to do. I selling copies of my paintings and also want to sell them as puzzles and cups . I don't want to charge too much for my paintings when they are copies because I will eventually sell the original paintings. However there is the cost of painting supplies, the time I put in to create the paintings and the cost of the shop/ business .🤔 There is alot to think about .
Yes, you have to factor in the time it took to create the original painting. I have a playlist with several videos on selling art that you might find helpful: ruclips.net/video/FBQPrKboPYc/видео.html