Why You Should Raise Your Prices

Photo courtesy of CraftyPod.com

Maybe no one else out there who is trying to get their own crafting business off the ground has this problem, but I have a hard time thinking up prices for the items that I will, one day soon, be selling.  It’s not that I don’t know the current going rates for similar items or that I don’t know exactly how much blood, sweat and tears I put into making the item, my issue is that I’m afraid if I price the item too high, no one will buy it.

Oddly enough I learned this fear when working for one of my clients as a sales person at her craft show tables. There were people who would walk up, look around, throw the bits of lace back in their baskets and (rather loudly) exclaim what shoddy work it all was and how overpriced it all was and then promptly walk away. I was horrified!  I had spent years as a young girl working with my grandmother at her craft shows selling the little potholders I’d made and I tell you I’ve never heard anyone talk like that about someone’s work before in my life!  Ever!

After working for my client I began to seriously think about how low of a price I could come up with so that people would rave about my items and my unbeatable prices.  If you know me you know I am not one who has difficulty with confrontation and that my fear is not that people will judge or yell at me, but that I’ll be confrontational and drive other potential customers away with my ravings on just how much work I’ve put into this and who are you to come over here with your judgements on my work and when was the last time you even looked at a crochet hook.

But then it hit me; even though there were a fair amount of people demanding to know why the very simply made lace had such high prices, there were a lot more people completely willing to pay exactly what she asked for who often times had stories of how they got their first piece of lace years ago when my client first started appearing at that particular show.

I now know that having faith in your work is vital to your crafting business as it will allow you the peace of mind that says you don’t have to explain your prices, you know what your time and effort is worth!  There may be people that look at your tags and gasp and/or promptly walk away, but there will be just as many people asking for a card and whether or not you’re online somewhere that they can purchase items when they have a little more spending cash.  Also, you will have the most stellar customer service available that people will have no choice but to rave about you to everyone they know.

In the podcast over at Crafty Pod we are introduced to a lady named Jackie Peterson who says that her middle name should be “you should raise your prices.”  In the interview Jackie talks about the importance of charging the right price right away.

Visit Crafty Pod and hear the full podcast here.

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