When you’re pricing your products, it’s helpful to start with a formula. A formula will ensure you’re covering the cost of materials. A formula will ensure you’re getting paid for your time. A formula will ensure you’re making a profit. I’m a big fan of formulas. But here’s what you need to keep in mind. [...]
“The artist has only one ambition: to master his material in such a way that his work is independent of the value of the raw material.” -Adolph Loos, ‘Building Materials’ In my current Marketing for Makers course, someone brought up her typical pricing strategy: cost of materials x 3 +20% = wholesale price As someone [...]
I’m off to the Buyer’s Market of American Craft today, but I’ve got a great guest post to share from Eleanor Mayrhofer of e. m. papers. When Eleanor mentioned in The Creative Empire forums that after raising her prices she sold MORE product, I immediately asked her to share the story with CMBA readers. If [...]
It seems that lately I’ve been hearing about a lot of people who are struggling to price their products. It’s been a topic of conversation over at The Creative Empire. I’ve gotten several requests for the Pricing for Profit workshop. And I know it’s an area of your business that many of you don’t feel [...]
Thursday’s post on skill, price, and Etsy as business incubator generated a lot of good discussion, and I wanted to elaborate on a few more points. First, my key point is this, if Etsy isn’t meeting your needs, you’re under no obligation to stay. However, if Etsy is meeting your needs, that’s ok too. Stay [...]
I’m so glad that Diane has finally posted my interview over at CraftyPod, because I’ve had so many post ideas revolving around the idea of the pro-am craft community that I’ve been just bursting to share. I recently read this post on Button Maker’s Ball where she suggested that the low pricing on Etsy was [...]
When it comes to your pricing strategy, do you take an offensive stance or are you constantly on defense? Defensive pricing is reactionary. You set your prices by responding to the prices of similar products on the market. But when you do this, you are letting someone else dictate the rules of the game. When [...]
Part of creating a culture of profit means letting go of some of the myths we’ve been carrying around about our businesses and when and how they should make money. Today I want to look at 5 profit theories I often hear, and why they aren’t (usually) true. Myth #1: You shouldn’t take any money [...]
I was reading Seth Godin this morning and he made the following statement: “We’ve been culturally brainwashed to believe that the factory approach (average products for average people, compliance, focus on speed and cost) is the one and only way. It’s not.” And that phrase, average products for average people, stopped me in my tracks. [...]
If you do a lot of retail shows, then you’ve probably learned by now that accepting credit cards is a great way to boost your sales. As less and less people carry cash in favor of debit or check cards, you’ll find customers appreciate the convenience of being able to shop their local craft fair [...]
Megan Auman is a designer, maker, educator, and entrepreneur who has built a multi-faceted business around her passion for great design and sustainable business. Her eponymous jewelry line is sold in stores across the US and online. In 2009, Megan founded Crafting an MBA to help designers and makers develop their business skills. In 2011, the site name was changed to Designing an MBA.
Learn more about Designing an MBA.
