Here's How To Set Your Etsy Prices
You have your niche, your idea, and maybe even your Etsy shop opened… So exciting... But then you go to put up a listing and are like crap what do I sell this thing for? What’s the right price? That’s what I want to talk about today so I can help you with this deceivingly complicated decision. As we roll into the new year I want to give you something to help you set up your goals and action items to get to your goals this year! This is the missing piece you need! Get your free Goal Setting Guide Here There are 3 factors to consider when it comes to pricing: What are your costs? What’s your profit margin? What’s the market/competition doing? PRO TIP: This exercise should be done early in your journey to ensure your niche has enough PM to be sustainable. Shoot for at least a 30% PM or more. Where to start: Find your costs Next: Use this method to give you an idea of a starting price: Costs x 2 = Wholesale price Costs x 4 = Retail price Next: Use retail price to find your profit margin Use Alura Etsy Fee Calculator which will do all the math for you. It's free. Get it here Next: Research competition and compare. Set your final price based on competition, profit margin, and wiggle room for promotion. You can use Alura to find the average price of products based on keywords. This will make your research much easier! Snag your free trial of Alura here.