Its worth WHAT!?

I have probably mentioned in a blog post or two.. or maybe an email back to one of my comments about wanting to open my own Etsy shop.  The idea just sounds so fun and exciting!! It would help if I knew what I wanted to sell (the little details), but one of the daunting questions out there is, “How do you know what its worth?”  I would hate to price something I think should be sold at top dollar and not get a peep of sales or sell too low and get taken advantage of…. you know what I mean?

What makes a price REASONABLE?  I know lots of Etsy shop owners have probably gone and investigated their competition and really its about quality too, right?

Makes ya wonder how Tiffany & CO. got to be so pricy from the start but look at them now!

Let me get to the point…. I got this catalog the other day, in fact this is my 2nd or 3rd one to get in a month and they have VERY cute stuff.  I have even considered ordering from them, but I will admit that I have run across a few things in their catalog that make me say “ITS WORTH WHAT!?” Just surprised by the cost!  (high or low… to keep ya in suspense)

I know I might not be able to make each one of these, but I bet you a $DOLLAR$ I could get dang close! 

PLEASE BE HONEST---- Tell me how much you think these should cost.. pretend you are selling them in your Etsy Shop (or your make-believe shop).

Item #1:  Seems to me you could get some 2x2 wood and cut it up, make it a bit rustic with stain and some sand paper and either stamp or paint on the letters I – Love- U… right? You could probably find a square box for the holder portion too at hobby lobby for real cheap I’m guessing?

I love you blocksRETAIL PRICE:  $44

Item #2: Looks like you could find some driftwood or something and glue these together?  Am I a simpleton? Is it harder than it looks?  Maybe locating the wood would be the hardest part.  Or finding the right glue?

drift wood peace sign  RETAIL PRICE: $128 for the small, $168 for the large

Item #3: Twigs or Potpourri that you could easily bend and make it into letters and maybe add some metal sticks as flare with some curls?  

Twig Letter Set RETAIL PRICE: $68 (for 2-4 letters), $148 (for 8-10 letters)

Item #3: Those with a Cricut or Silhouette probably will be amazed here—but I am pretty sure I could find a bucket at Hobby Lobby or even Dollar General and slap a vinyl sticker on it… go to the grocery store and buy up some apples for this one.

Personalized Dots Bucket

RETAIL PRICE: $68

I guess I am showing you all how cheap I am because I thought these prices were outrageous for the items listed.  Am I off?  Would you pay that much for these items?  Maybe these are the ‘Tiffany & CO.” quality items that could make it seem reasonable to spend that much.  The retail prices above are hard for me to swallow.  Just think how much each item would be AFTER you add Tax and Shipping!  OUCH! 

This catalog can be found HERE.  I am not doggin’ the catalog or their product but it just goes to show…. that you can price things just about as high as you want and some how people will still buy it. Not sure how my Etsy store would work out if I went with this approach.

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18 comments:

Ali said...

I think prices like these are why so many of us DIY! Those are some crazy prices and I would never pay that much for things I could make.

Jenna said...

Those prices are crazy!!!!!! I do like that catalog though but DANG!!!

As far as your etsy shop, I think you should consider cost of materials, shipping and a bit of a profit for yourself when pricing. But there's got to be some sort of formula to figure that out.

Melanie said...

I am with you; prices are outrageous. I think a lot of it has to do with the name. Like photography, you see it on etsy from 2.00 a print to 50 and above. Just a difference in people. I think you should price things with a price you are comfortable charging for your work and the materials. Good luck!

Brittney said...

way too much I dont think I would pay more than 20-30 for most of that stuff! Maybe I am cheap too but I wouldnt charge someone something I wouldnt be willing to pay for a similar product.

Connie Weiss said...

I used to have an etsy shop.

The hardest part....was pricing things so that I made a profit....but didn't out price myself.

That bucket is NOT worth $68.

Amy said...

My cousin has her own little boutique shop and even in the MK world, I have also heard the same. Rule of thumb: You double the price. For example, if you add all your expenses and get that amount, you just double it. YOUR price- 12.00, you sell it for 24.00. Again, that is all up to you.

Emmy said...

Nope not cheap at all- those prices are insane! But they get those who work and don't have tine to make it themselves.

Bridget said...

I'm with you. The ideas are really cute, the prices are really steep.

Daisy said...

Some people are willing to pay that much but to me that's crazy! You should figure out how much you're gonna spend on supplies and how much you want to charge for labor.

Rachel said...

Ya those prices are crazy for all those things you listed you could definitely make it yourself cheaper.

Sarah Kate said...

Haha...I was laughing while reading how much they were asking for those things. Jeez...I must be a cheap-o, too, but there is no WAY I would fork over $168 for the driftwood peace sign. Wow.

I think Amy's answer about pricing is right...to an extent. Sometimes your materials don't cost very much, but you put a lot of time into it. You have to find a way to factor in how much your time is worth, too. For example, someone who does wood-working, their materials are cheap, but if they spend a lot of time to make it intricate and special, then that time has to be worth more than double the cost of a piece of wood.

Jessica said...

I agree with all the above comments about figuring out your pricing. I would also look at etsy shops (several) that are similar to what you want to sale and get an average price for that type of item.

Those are some crazy prices for these items you have listed. $148 for weeds? No thanks!! :)

Krista said...

Those are some crazy high prices. It was very shocking to me, too, so I don't think you're off at all on thinking they are too much.

Liberty said...

I completely agree that those prices are a wee bit too steep!! It is SO HARD to figure out how to price items... Find something that you absolutely love to do though and your handmade goodies will shine. When you love what you are creating, it absolutely shows. Muah!

Stephy said...

Holy buckets, those prices seem outrageous to me. I don't mind spending money on something, I'm not a cheap person, but boy oh boy - those seemed much too high for what they were offering!

Impulsive Addict said...

Those prices are CRAZY and probably geared for the rich. Or stupid.

Amber said...

That peace sign looks like it's made of bones, gross.

All of those things are super over priced to me, but to someone who has a lot of extra cash to throw around, probably not so much!

Rebekah said...

Holy smokes!!! That $68 bucket about threw me over the edge! I know the actual bucket probably costs more than we realize, but THAT. IS. RIDICULOUS!!!

 
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