I must say I got pretty pumped up to do it - not only were my friends for whom I was helping in their booth (Angel Court) super supportive, many other surrounding exhibitors were very encouraging as well. I met the fabulous faces behind Ollie Sang, Starr Luna, Shalla Wista, Jane Marvel, Papaya, and too many more to name! Whether their product was hand-made or manufactured, they were so very creative and we bounced ideas off of each other all weekend - it was great! It's another reason my head is buzzzing with info - I have so many new jewelry & display ideas I feel like my head's going to explode.
What I heard over and over again from all of the retailers that I consulted with was something I had known all along but had kind of been looking the other way - my prices are way too low. I don't know why I have been in denial of this. The price of silver has basically doubled since I set my prices (not to mention gas prices!) and I've raised a few pieces a few dollars, but that's really not enough and it isn't really good business sense. I was told by these retailers that I have adopted the craft show/etsy mentality where the trend is to kind of price as low as you can go... which I have to admit I am guilty of. I feel like I am constantly throwing money at shows and supplies and I am making money but I'm not really getting ahead.
So after much mental debate, I decided to raise my prices somewhat significantly. I didn't raise them as high as some retailers suggested (about $20+ dollars retail a piece!) but I am raising them fairly in relation to the time involved (it's not just the creation of the piece; it's the website editing, photographing, bookkeeping, etc) and the cost of my raw materials. Some of my gold filled pieces are actually going down a little in price, since I felt that some of them were a little too high.
As I raised the prices on my price sheet, I kept having mini break downs because it was so painful!! I guess my fear is that no one would pay that much for it, but I'm not sure why I feel that way, since my jewelry is handmade from the best materials I can find and it's not like I'm asking for hundreds of dollars. I had to keep taking computer breaks because I was getting heartburn. Seriously. Such a wuss... It's going to take me forever to update all of my website prices, so don't worry - if there is a piece you've been considering buying - now is the time to get it before I start staying up all night to edit my website! I know this will all be worth it when it is over and I won't be undervaluing myself or my product any more. Hooray!
So if you're cruising around my website or see me at a show and your favorite piece seems slightly more expensive than you remember it, that's because it is. And if you're guilty like I was of underpricing yourself (80% of etsy sellers, he-hem), stop it right now! Charge what you think you're worth, not what you think someone would pay for it. One thing that happens to me over and over again is that I'll see something on etsy and think it's cute; then I'll check the price and think "there's no way - that's too low!" and in my mind, I immediately devalue the item and I don't buy it because I assume it is junk, or I assume that the creator does not value their creation or time. Knitters seem especially guilty of this. Just something to think about all of you buzzing entrepreneurs...
More resources to get your brain buzzing too:
Atlanta Gift Marts
American Craft Council
Philadelphia Buyer's Market of American Craft
Crafts and Craft Shows by Phil Kadubec (my all-time favorite craft fair book)
500 Tips for Marketing your Crafts by A.B. Petrow (this is on my reading list)
The Basic Guide to Pricing your Craftwork by James Dillehay
Making a Living in Crafts by Donald Clark