Friday, 18 July 2014
thoughts and ramblings
pricing is probably the hardest part of running a business for me. and I know it is for a lot of other designer/maker types out there. I seem to alternate between thinking no-one would want to buy anything I've made, so therefore I should make it as cheap as possible, to thinking I'm underselling and undervaluing myself and my work.
how do you put a price on something you've spent weeks, or maybe even months, doodling in a notebook, sourcing components for, making samples of, spent time and money creating, taking it from an absent-minded thought in the shower to a product ready for selling. I know there are lots of formulas for working out your retail price, but I also know it's not as simple as adding a few numbers together and multiplying by another number to get to the real value of an item. it's about perceived value, how much people would pay, how much your time is worth, how much you need to make from your business to be able to pay yourself a living wage.
each piece of jewellery is varnished, glued, packaged, has chain added, all by hand. I design the items myself, and all the packaging and extra goodies that go in with orders. it all takes time, and I love doing it, but I need to ensure my prices reflect the time it takes.
Ladybird Likes is my full-time job, and I want it to continue to be for the foreseeable future. but in order to do so I need to put up my prices ever so slightly. it's not something I do lightly - when I started Ladybird Likes, a core part of my business plan was making items that are affordable as I wanted as many people as possible to be able to buy and wear them. and that continues to be an integral part of my business. but I also want to be able to keep designing and making new items, and in order to do that I need to be able to pay myself a London living wage.
I currently live at home, and am saving to move out next year. I try to pay myself a monthly wage that I could live off of in London, whilst still covering business expenses. I also have a part-time assistant to help with packaging orders and making stock, and I will admit that some months money is a little tight. I don't want to be rich, I just want to be able to do what I love, which is making items for you lovely lot, whilst making enough money to live without worrying about money every day! I want to be able to focus on making new ranges, pushing myself to the limit, trying new things, spreading the word about Ladybird Likes far and wide, without constantly having to check my bank balance. I'm sure that lots of people want the same things, and I feel beyond lucky that it is within my grasp. it has been two and a half super tough years building up Ladybird Likes to this point, and I can't wait to see what the future holds for me and my little business!
I am so extremely grateful to everyone who buys items from my little shop, and I hope you will all continue to do so! I will only be putting prices up by the smallest amount possible (a pound or so on most items) but this will make a huge difference to me. my prices will increase from Monday 21st July. thank you for all your support, and I'm so excited to show you all my new products over the next few months. I'm experimenting with a range of stationery, plus new materials and methods for producing jewellery items. it's an exciting journey ahead, and I hope you'll all come with me on it! I hope you don't mind me sharing this on the blog - I just wanted to be totally honest and open so you know why my prices have increased slightly.
thank you again you lovely bunch! xoxo