Craft Venture: Pricing for the New Year

Im Brenda from Phydelle and Phydeaux Designs, back with this weeks edition of Craft Venture! We talked last week nigh debriefing from your holiday season – identifying lessons to larn and new opportunities, as part of our January series on cleaning up and making over our online shops. Let's revisit pricing this week – January is the perfect time to recalculate your prices, particularly if you're introducing new designs and new lines!

We talked about pricing recently. Is information technology too soon to remember well-nigh pricing once again? No! As a small business owner, y'all should always be thinking nearly your pricing construction and strategy! Your expenses constantly fluctuate – revisiting your prices a few times a year will help yous make sure you're not unintentionally losing money.

As well, after the holidays, retailers are looking for brand new goods and designs. What amend time to revisit your wholesale pricing, while yous spruce upward your shop and innovate new goods?

Below are the specific posts below about pricing, followed by a few comments on pricing strategy.

Pricing for wholesaling
What the marketplace will comport
How much are you worth (bacon)
Overhead Function I
Overhead Part II
Straight costs Office I
Direct costs Part II

If information technology looks like you need to increase your prices, let your customers know that you're reviewing your pricing with possible increases, and then make those increases incremental (e.g., $1 increase this week or month, $1 adjacent week or month).

If your current prices don't embrace your direct expenses, then you're certainly losing money with wholesale and consignment orders. Why give abroad your goods to retailers, who will make a profit on their smashing bargain? If you can't set a reasonable toll based on the wholesale toll, don't wholesale that item. You can develop your own wholesale line of specific items that y'all can price then that you can cover your expenses – and make a turn a profit – despite wholesale discounting. Also, many of your colleagues successfully wholesale at a discount less than 50% – that level of discount is not set in rock.

I strongly encourage you to revisit your pricing equally you introduce new items and lines, bandbox upwards your store, and programme your 2010 strategy this calendar month. That'due south what I'll exist doing all week!

I'd love to hear what you think! What has been your experience with toll increases? What have you learned the hard way near recalculating and increasing prices? How do your prices look: are you making or losing money?

Images:  Toxicant apple clutch by eclu; Tulips past Chakra Pennywhistle

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