I lowered all my mug cozy prices. Madness, you say? No! I did a very thorough search of mug cozies on Etsy. I looked at prices compared to design, embellishment, and quality. My prices were some of the highest, but my products are definitely unique. I work hard to maintain a standard of quality that would attract any buyer. However, if the price is too high, the customer will not buy! So, after my research and soul searching (am I crazy? does the customer value my item as much as I do? what am I truly trying to accomplish here on Etsy?) I lowered the prices by a few dollars. Wouldn't you know it, one sold the very next day! I had another sale a week later! Definitely made the right choice. I feel good about it.
Running a business is such constant revamping and reworking. The market is always changing and so are the trends. You really have to be diligent and up to date when competing for business. I like to search similar products on Etsy once a week now. I want my shop to be competitive.
There can't be an emotional attachment to your products, either! I remember a cute basket weave bag I had in my shop. I was sad the day it sold! I had created this bag from my own ideas and designs. I had brought my creation to life! And then I had to ship it off! My hope is that the buyer enjoys and loves the products of my knitting as much as I do. It's a romantic notion of my shop that I really can't afford to have. I love the design and creative process of each listing. But, once it's listed, that's where my cold, hard business sense must take over.
So, here we are on the cusp of the holiday season. I set a goal to have 100 products listed in my shop by the beginning of November. Only 23 to go! I am making these cute mini bunting banners that I designed. They are so cute!
I'm going to make one for myself to hang at my desk during homeschooling. I'm thinking about a coffee theme. Did you catch that? We are homeschooling again. The year is off to a good start, which you can read about here.
The balancing act has begun. I'm keeping it all moving so far: Etsy, homeschooling, wife, coach. Not in that order, but you get the idea. There's is always a lot going on!