I am trying to put on a harder business hat this year. I have been told by many people, from other small business owners to actual customers who have just purchased my work, that I am not charging enough. I have struggled with this a lot, the urge to start paying off some of my initial outlay has led me to put prices so low that I end up paying myself less than minimum wage and not making any profit.
It is very easy to become scared of pricing. After doing a basic Etsy search for ’embroidered pendant’, the average price seems to be between £20-£25. I am at a loss as to how anyone can make a profit at this price.
The designs are inspired by my love of autumn but looking forward to the hope of spring and summer. I am also using a more stylized design, after doing some sketches inspired by Celtic artwork I am employing a much more free technique, I am loving the swirl. I start with a curl to fit the jewellery shape and then see where it takes me.
Here is what I have done so far:
I had started on the field bindweed design but I wasn’t satisfied with it so I have gone back to the sketch.
This Saturday I am off to Libertys to attend their open call. I am not really going with the idea of getting my work stocked, I think it will be a great opportunity to get some professional advice. Can I really charge the amount I need to (probably nearer the £80-£90 mark) or do I need to completely rethink my work. I am extremely nervous, I can’t completely get the thought of being laughed out of the room out of my head. Ah well, nothing ventured, nothing gained. Wish me luck!