When it comes to pricing the items I make and sell, I certainly do not pull a number from thin air and slap it on a product. There is a fine line between what an item is worth and what people are willing to pay. I thought I would outline here the process I use to determine pricing.
1. Market Research
Etsy it my go-to for product pricing. I search similar products and consider factors such as pricing and quality of product.
2. Profit Margin
I look at how much it cost in materials to make the product then I determine what kind of profit I want to make from it.
3. Product Demand
I visit Etsy to see how many products like mine are being sold. How unique is my item? If there are few products like mine I will sell for a slightly higher price.
Pricing
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