I suck at numbers, I won't lie. But when I went to pay my Etsy bill last month even I couldn't overlook the obvious. Up until yesterday I wasn't valuing either my product or my time nearly enough.
And I want to be totally up front. I'm not trying to get rich. However, if an endeavor is to continue it has to be sustainable. I have to be able to, you know, pay for my stuff, plus other expenses, plus actually make some money. Not a lot, but some (yes, it was that bad).
I got caught up in an ideal I set upon myself- to make clean skin care affordable. But here's the thing- I just nearly doubled all my prices, and there isn't a product I make that I wouldn't consider affordable still.
Besides looking at my numbers, I have recently (and belatedly) joined some Etsy sales groups on Facebook. I figure I waste so much time there, I might as well make it somewhat useful. Someone asked about a wholesale opportunity, and I clicked on the post, secretly hoping that everyone would be like "no, these are never worthwhile" and "don't do it, it's a waste of your time." Of course I was wrong. But pricing came up. I won't go into details, but basically it was pointed out that we need to consider our TIME as part of the equation for figuring out a price. I hadn't really thought of that in the past.
I didn't just blindly price my items before. I figured out how much it cost to make each item (thanks to a super awesome spreadsheet my DH made me), how much packaging and shipping materials cost, and I added in what I felt was enough "profit." What I didn't consider was two things- 1) there are a lot of "other" expenses when running a business. Office supplies, business cards, shipping from suppliers (that I didn't figure into the price of each ingredient), insurance, and 2) my time. What is my time worth? The first was easier to figure out, although it took some time to dig up old receipts. But my time... that was a tough one.
Running an Etsy shop on one's own takes a lot more time than you would think. Not only do I have to come up with and make all of my products, I have to photograph them (which takes extra time for me, I am not the best photographer), edit the photos, create the listings (one at a time), manage the listings, pack and ship orders, promote on social media,... and I'm sure I'm forgetting something. It is a lot of time.
So partially because of my price change, and partially because I just really, really want to, I am going to redouble my effort to get the ebook finished. And I hop