Hi, everyone! I opened my Etsy shop, Of Dreams and Daring, earlier this week. I’m selling hand knotted bracelets. If you read my Etsy profile, you’ll learn why… in a nutshell, it’s to inspire both others and myself.
However, I’m finding that my pricing and my passion for my reason to sell aren’t jiving together, at least not for me.
You see, my prices range from $20-$40 a bracelet. I’ve been reading Tara Gentile’s blog about pricing according to your own self-worth (among other things) for months now, and it really struck a chord with me, as someone who has struggled with her self-confidence for years. When I read about Tara’s partnering up with Adam King to start another blog about Reclaiming Wealth, I eagerly clicked over to read. Not long after, Adam wrote up a post about shoes, pricing, and the similarities they share in his mind.
That post completely blew up my perception about pricing and the relation it has with my own self-worth.
Basically, Adam says that he approaches the subject of pricing in a very objective and straightforward manner, much like how he shops for shoes: he gets clear about what he wants, why he wants it, and what the most reasonable/accessible way to make it happen would be.
The key to his method of pricing, and how he doesn’t get frozen in fear or doubt over it, is that he refrains from getting emotionally attached to his prices.
If you know about Tara and her thought process about pricing, you’ll know that it’s basically the polar opposite of Adam’s. Both trains of thought take a lot of effort for me to thoroughly process. Believe me, I’m still trying to.
After being thrown this screwball of a post, I felt confused and anxious to the point of getting flutteries in my stomach. I then wrote out a long, impassioned reply… after which I took a deep, pausing breath and deleted everything, because it was basically a very long-winded, “You’ve completely shattered my Tara-influenced perspective on pricing, and I don’t know whether I want to thank you or dislike you as much as my normally peaceful persona will allow!”
Then I got out my little notebook in which I’ve been jotting ideas/thoughts about my business, turned to a blank page, and wrote out:
What do I want out of my business?
- I want to be able to support myself financially.
- I want to thrive mentally/emotionally.
- I want to forge meaningful connections.
- I want to help other young people reach their own dreams, financial or other, through creative means.
- I want it to be accessible to young people.
- I don’t want to cheapen my bracelets’ value. But what if I’m actually over-estimating their value?
- I don’t want to cheap out on my vision of helping other young people. How am I going to connect with them through my bracelets with my bracelets’ current pricing? Am I disrespecting/devaluing other young folk in assuming “Oh, they can’t afford these bracelets at these prices?”
- Profit or passion. Passion or profit. Can’t I have both? How am I going to figure out that “happy medium”?