One of the keys to running a business is knowing what your product is worth. For the past four years, I have sold around 100 pairs of custom-painted shoes. Originally I sold them at 20$. Then as I progressed and improved my skill I bumped it up to 25$. After that, I realized that due to how much more expensive the black primer was compared to the white, black shoes would cost more. The price also changed if someone supplied the shoes or if I had to buy them. At first, when my dad recommended selling them for 35$ each, my 14-year-old self who had never had a job before couldn’t believe people would pay that much money for a pair of shoes I painted. As time went on I realized two things: the first is that 35$ was not that much money for a pair of custom shoes. The other thing I realized was that people were more than willing to pay that much, and in some cases actually tipped me because they thought I was undervaluing my product. I’ve learned a lot about how to price items based on varying factors and not just shoes. I have sold self-made vinyl stickers, custom home decor, professional sugar cookies, and homemade hot chocolate bombs. I’m grateful for all the amazing creative entrepreneurship activities my mom has encouraged and participated in with me.
BoweryJE22
Hi Tessa, I think that is a very good tip. Knowing how much your product is worth is critical to good selling. Also, I would love to see your painted shoes! If I tried painting shoes (as someone who lacks artistic ability), more paint would probably get on the ground than the shoe.
Tessa,
You are so right. People are willing to pay a lot more than you will even realize especially starting out. It is awesome to have people putting in the work to get the profit they deserve. I also undervalued clothing that i sold online and quickly realized that selling can sometimes be more of a numbers game.
These are some very good points Tessa! I have always had trouble setting a price for things I am marketing and selling. The tendency is to undervalue something that you made in my opinion. However I do know some people who think that their products are the best thing since sliced bread and end up charging insanely high prices simply because they overvalue themselves. There has to be a balance in there somewhere, I have not found it yet myself. 🙂
Wow this is a great example of knowing our worth, and finding the right balance for a product you are selling. When I saw that you began selling your shoes for only $20, I was like, Whatt?? Becasue that seems very low to me. I think your target customers would pay way more for your product, especially becuase you are very gifted with art.