Fiber Art Markdown

While I was preparing for the show last week, I noticed a few discrepancies in the pricing of my Fiber Art. I worked diligently last year to come up with accurate prices for my work by timing everything with a stop watch. This February I went through my annual price adjustment in my inventory to keep up with rising or lowering costs of my fees/materials/packaging/shipping etc. But I didn’t really evaluate the Fiber Art that was not made recently.

When I started the adventure of having a small business, my prices reflected only my tatting. Not taking into consideration that there is time involved in finishing the piece into the actual jewelry or a keepsake as well as material costs. It can be scary to price a small item $50 or more but the time, materials, skill and imagination that went into the design all have to be accounted for. Three years ago, when I began selling online and was a resident artist in a local gallery, I was keeping a close eye on the final price of sold items. I soon realized I was earning about $4.50/hr! Ha! That’s terrible! The result was that I began to price my work fairly and understood that if it is over $20 it will take some time to sell. But it is worth it. I put blood sweat and tears into handmade work and should be compensated for my skill and time just as any other profession is.

I’ll get off my soap box now. 🙂  But occasionally I like people to know that I don’t pull prices out of a hat! There is a formula I use that takes into consideration all of the things I have been talking about. And in the end…people that truly appreciate my work become my customers and I feel respected and fulfilled. Here is a list of my fiber art that went down in price after it was thoroughly evaluated:

(click for more pics and info)

Peach Tranquility

Darla Butterfly Box

Dandelion Fluff

Pansy Paradise

Abagail Butterfly Box

Follow Me Butterfly Portrait

The Crystal PIXIE Garden Party

The downside is that I have altered my prices and I hate to do that. Especially after so many people have “hearted” a work and revisit it later. But the upside is now I know what it takes to price my more extensive work fairly. This small business is always a learning process and it keeps me on my toes. It keeps me feeling satisfied and…out of trouble…for the most part!

Price adjusting will need to happen year to year. It’s just part of business. Now that it’s all straightened out I can move on to taking lots of photos of new work and creating new listings in my Etsy shop.  Stop by there often. My shop’s growing as we speak!

Cheers!

Jennifer

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