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If you want to make money from your handmade products, you need to start charging what they’re worth. I see tons of handmade sellers that consistently undervalue their work.
Pricing products starts with the right mindset! To help you out, I’ve compiled this list of six thoughts you need to nix if you want to actually make money from the things you make.
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“I Don’t Think People Are Willing to Pay that Much.”
It’s true that people are always looking for a bargain. You can sell a ton of handmade items if you set your prices lower than your competition. However, this hurts your business and the entire handmade seller community. Handmade bags, toys, and clothing are premium products. Your prices should reflect this!
There are customers willing to pay what you deserve, especially if you offer customization options and your products are top quality. These are the customers you should be targeting — not the ones who don’t value the time and skill it requires to sew.
People eventually learn that it’s worth the money to pay for quality products upfront. Sure, you can buy a leather purse or bag at any department store, but it’s not going to last long. The straps are going to fray, and the seams are going to break. This won’t take long because these bags are mass produced at high speeds. Retailers want to sell as many products as they can while spending the least amount of money during manufacturing.
You could spend $40 for a leather purse at a retail store and use it for only a month or two before it starts to show wear. That means you’ll have to spend another $40 on a new bag. This process continues month after month and really adds up. If you would have just spent $100 on a top-quality leather bag, you could have used that bag for a year or more. It’s worth it to pay for quality upfront. The people who are only willing to pay $40 for a bag aren’t really your customers yet because they haven’t learned the value of handmade quality. They’ll come to you eventually… Wait it out! Charge what your products are worth and stop perpetuating the idea that handmade business owners can’t make any money.
My friend Lisa, from Heart of the Needle Leather Goods, understands this concept well. She creates premium quality bags and sets prices that reflect this.
“I Enjoy Sewing, So I Don’t Need to Earn A Lot.”
I understand that you love sewing. I do, too. It’s fun and I feel happy after completing a project. However, I can guarantee you’ll lose that joy when churning out product after product and only making pennies. You’ll quickly feel overworked and undervalued. That’s not the way to run a business.
If you just want to sew for enjoyment, there are tons of humanitarian projects you can work on. You can sew clothes for preemie babies, sew period kits for girls in third-world countries, or sew things for friends and family. I could go on and on…
Your sewing business should bring you enjoyment and money. It’s hard to raise your prices if you start too low. You’ll be attracting the wrong type of customers who won’t truly appreciate the beautiful things you make. Nobody can live off of “enjoyment,” alone. If you’re trying to make money, run your business that way.
If you don’t know where to start when pricing your handmade products, consider getting Craftybase or Craftmaker Pro. These are inventory and bookkeeping software programs that help you run your handmade business and set prices that truly reflect your products’ value.
“It Didn’t Take Me Long to Make This, So I Don’t Need to Charge Much.”
The more you sew, the faster you will get. This does not mean the price of your products needs to go down with it. You should account for your time in your pricing structure, but as you get better, your wages should go up, too. This happens in every industry. More skill equals higher pay. Don’t undervalue the time it has taken you to learn to sew.
If you need help understanding how to incorporate your time into the cost of your products, read this: Guaranteed No Stress Formula for Pricing Handmade Products.
“I Made It a Long Time Ago, So I Just Need to Get Rid of It.”
When customers are not buying the things you make, the problem typically isn’t the price. Either there’s no demand for your product or you’re not marketing it to the right customers. Sure, you may need to reevaluate your pricing structure, but never think you need to lower your prices drastically just to get rid of items. Try other methods first. Some handmade products are just going to sell better than others. When you figure out what sells, focus your energy on making those items. In most cases, lowering your prices probably won’t help you make a sale, at least not one that is profitable.
Read: Why Nobody Is Buying Your Products and the Simple Way to Fix It
“I Already Had the Supplies, So It Didn’t Cost Me Much to Make.”
It doesn’t matter if you already had the supplies. You paid for them at some point or acquired them in some other way. Think about the cost it would be to replace them. This is a cost your customers should cover if you want to make money from the things you make.
Besides, it confuses customers when some of your products are much cheaper than others with no specific reason. It’s better to be consistent with your pricing. Returning customers could be offended that they had to pay more money for something that you now offer at a major discount. This could hurt your brand.
“I Feel Like I’m Ripping People Off When I Charge A Lot of Money.”
Sewing is a skill that many people do not have. They seek out this service when they want something only you can make or that they do not have the time to make themselves. You should be compensated fairly for your skill!
Think of it like this: When you go to a restaurant, you pay a lot more money for the food than if you would have bought it at the grocery store and prepared it yourself. Sure, customers can buy fabric and notions to make something themselves, but they are paying you for your skill and labor to do it for them. Stop feeling like you are ripping people off… You are helping them out! If they value your skill, they will pay.
Have you had any of these thoughts while pricing your handmade products? I bet you have. What other thoughts hold you back or making pricing more difficult? Share what you think in the comments below.
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