Creating Success from the Inside Out - 2013 Year in Review

One of the things I have learned about goal setting over the last couple of years is that it's important to take the time before setting new goals to review the previous year's goals.  To take it even further, this time of year is really a great time to look back at the year as a whole and reflect upon the wonderful things that happened to you this year, the challenges you faced, the lessons you learned, and overall the feelings you have about the year.

How do you go about doing this?  There are so many ways.  You could get together with your whole family and make it a yearly tradition.  Make a nice family meal and afterwards have everyone share their yearly highlights, some things that were really hard for them and how they handled it, a few things they accomplished that they are most proud of, and some lessons they learned that they will take with them into the new year.

 

Or, you could keep it private and journal about your year.  Look at your previous year's resolutions.  Which ones did you achieve?  Which ones are no longer valid - you changed course, went in a different direction, or came up with newer, more meaningful resolutions?  Which goals, if any, were too ambitious or unrealistic?  Which ones did you hit out of the park?  What did you do that helped you to fulfill a resolution?  Conversely, what could you do to help you fulfill resolutions that you missed this past year?

Custom Altered Book by RobinsArtandDesign on Etsy

The tool that I used last year and am using this year to help guide me in my year in review, and then to set my goals and intentions for next year, is Leonie Dawson's 2014 Create Your Amazing Year Workbook and Calendar (Life + Business Editions).  These workbooks and calendars are beautiful (you could frame each page!), colorful, inspirational, and each page/exercise helps you to dive deep in a peaceful, respectful way.  The section for reviewing your 2013 year is not only fulfilling, it's fun too.

I print mine out and put them in a three-ring binder so that it's accessible - something that I can review each month to help me reach my goals.

If you are interested in learning more about these workbooks or in purchasing your own, click here.  The links shown here are my affiliate links.  I'm not just an affiliate, though.  I am a firm believer in the value of these workbooks and the content that Leonie offers.  I am a member of her Amazing Biz ; Life Academy and through this group, have met a wonderful community of like-minded business women.

I'm interested in hearing how your 2013 went.  What were your wins?  Overall, how do you feel about the past year?  What lessons did you learn?

Creating Success from the Inside Out: Acknowledge Your Successes

Just the other day when I was browsing my Kindle, I decided to wipe the virtual dust from Jack Canfield's Success Principles and started reading it again.  It's the kind of book you can read over and over or just pick up and read a chapter whenever you have time or inclination.  Each chapter stands alone as a success principle in and of itself.

The chapter I read that really resonated with me has to do with acknowledging your past and present successes, both large and small.  If you're anything like me, you let your inner critic get the best of you sometimes (more often than I would like to admit here!). When the voice inside your head that criticizes you for not getting all those items you made added to Etsy that day or for locking your keys in your car, or for eating that cookie that you didn't need (and then eating 3 more), it can be damaging to your psyche.  After all, we attract to us what we most think about.

Canfield offers several suggestions for kicking the habit of negative thinking about yourself and your actions.  One strategy he recommends that intrigued me is what he calls the "Mirror Exercise".  To do this, you stand in front of a mirror every night for 3 minutes, look yourself in the eye, and appreciate your achievements that day.  By achievements, he's not talking about things like making 10 sales on Etsy or running a marathon, although those would count too!  Rather, he means all of the little things that you do each and every day that make a positive difference in your life and the lives of those you love, work with, and interact with in general.  You could appreciate the fact that you ate a healthy breakfast, that you got your butt to the gym, or even that you told your kids how much you love them.  Whatever you can think of, say it.  Then when you are done, tell yourself, "I love you".

It sounds very corny, I know...  But I am so dying to try this.  Canfield reported that after 40 days of doing this exercise faithfully, he had eradicated all that negative self talk he had previously experienced.  I am going to try this and I hope you try it too!

Creating Success from the Inside Out: Tracking Sales Goals

I hate selling.  There, I said it.  It's awkward for me, I'm shy, and basically a dork.  That's why the internet has always been my salvation.  I can sell AND hide behind a curtain of code in the process.  This has its advantages and disadvantages.

But I wasn't always like that.  My Catholic high school (rock stars at sales, by the way) had me going door to door to sell $25 daily raffle calendars.  They gave away really cool prizes (okay, Champion sweatshirts - yes, I'm dating myself) for meeting different levels of sales goals.  And you know what?  Man, did I hustle for those sweatshirts.  I was one of the top sellers.

 

The highly coveted trend of the 80s - The Champion sweatshirt 

Before that, I sold everything from beach towels to greeting cards.  Granted, I had the "cute little kid is at my door, how do I make her go away" thing going for me which tends to rack up sales.  But I believe that what really helped me be successful is the fact that I had a goal to meet (a prize) and I was willing to hustle for it, tucking away my shyness for the good of the goal.

I was pondering this the other day after reading an article about the importance of setting sales goals.  In comparison to the sales experiences of my more youthful days, it dawned on me that I'm not using a similar approach in my business.  I do track my sales very carefully, but I don't often look at the total (usually once a year when doing taxes) and I only have one lumpy goal for the year (and no prizes!).

I decided that I'm going to set a sales goal for each month and I'm going to write that in a spreadsheet.  As I make sales, I will deduct it from the goal and track my progress in real time.  I think this is going to be a good way for me to associate directly what I do every day with the outcome of meeting a tangible goal.

If you already do this, then I want to hear more about your sales goal awesomeness -  please share your experiences and wisdom in the comments below.

If not, join me!  Set a sales goal today.  Think about all the ways you can make that sales goal happen.  Even determine what your "prize" or reward to yourself  will be upon meeting your goal.

If you happen to be a jewelry designer, Flourish and Thrive Academy is going to start a free "20 Sales in 20 Days Challenge" today (9/30).  Acclaimed jewelry designer Tracy Matthews and her marketing guru partner Robin Kramer are going to share a multitude of ideas/tips/tricks for getting more sales.  You can go here to join:  Flourish andThrive: 20 Sales in 20 Days Challenge

Happy Selling!

Creating Success From the Inside Out: Give 'Em What They Don't Even Know They Want

We may be in this Etsy business for a variety of reasons, but I have a hunch that the majority of us have Etsy shops so that we can earn an income doing what we love to do creatively.  If that is the case, then read on for an exercise in finding that sweet spot where you are doing what you love most and giving your customers what they want (but don’t even know it yet!). 

Original card by Wishbone Letterpress

The first step in this exercise is to dig out your top 5 strengths (see exercise in blog article from June 2013, Selling Your Uniqueness).  Read through the list so you have them at the forefront of your mind.  Now think about what your natural aptitudes are.  Consider these questions:

• What am I naturally good at?
• What things come so easily to me that I don’t even realize it?  (Consider that the things that come easily to you don’t always come easily to everyone else, too).
• What things do I love to do so much that hours can go by and I don’t even notice?
• What things do I do in my life that others appreciate and that I enjoy doing (doesn’t feel like work)?

Using these questions, brainstorm a list of between 5 and 10 ideas for ways you can provide value to others while doing what you enjoy and are good at.  It doesn’t have to be directly related to your Etsy shop or business.  It could be related to your hobbies, day job, other interests, etc.

Got your list?  Great!  Now onto more fantastical thinking outside the box… You need to know your ideal customer in order to do this next exercise.  If you haven’t flushed that out, see the blog article from April 2013, CreatingSuccess from the Inside Out: The #1 Thing You Must Do to Prep Your Business for Total Success. 

What can you offer your ideal customers that would make them totally stoked?  This is the time to do some seriously crazy outside the box thinking.  Don’t worry about being realistic or how you will execute.  This exercise is to get the juices flowing.  Write down at least 10 ideas.  

Cupcake Pendant by A Studio by the Sea

Now go back to your first list of things you enjoy doing that could provide value to others and circle the things that you think your customers would pay for.  Then circle the wild ideas from the second list that you would love to provide to your customers.  These items are what business and marketing genius Marie Forleo (www.marieforleo.com) calls the “Sweet Spot”.  Based on this list, you may already have some perspective on new products or offerings that you can develop and sell in your Etsy shop.  If some of them seem too pie-in-the-sky, then spend some time letting them sink in and consider how you can make them do-able in a way that will thrill your customers.

Did you come up with some new ideas?  I would love to hear from you in the comments below!

Ceating Success From the Inside Out: Selling Your Uniqueness

No two pop-tarts are alike and the same goes for people.  Yes, it’s true.  I was going to use the analogy of snowflakes, but that’s so overdone.

Seriously, though, as small business owners selling on Etsy and at craft fairs, we can often feel overwhelmed and lost in a sea of other artists and makers.  When we feel this way, it can help to take a step back and get introspective about who we are and what unique points of view, skills, and strengths we have to offer the world.  Then we can use that powerful information to present ourselves and our products in a way that no one else can.  Unlock your special pop-tartness right now, with these steps.

Know your greatest qualities.

We all have pre-conceived notions of what makes us special, but the people who know us, love us, and work with us can tell us what they consider to be our best qualities from a totally different perspective.  So ask them and don’t be shy about it.  Set up a free account with Survey Monkey and create a one-question online survey asking at least 20 people you know what they think your 3 best qualities are.  You can make it anonymous if you like so that people can respond freely. 

Once you have the data, rank the responses until you can see what your top 5 best qualities are according to those who know you best.  Consider these top qualities and reflect on whether these traits are reflected in your brand and the way your present yourself to your customers.  Write down at least one specific example of how you can better incorporate or represent your top 3 qualities into your brand.

For instance, one of your top qualities may be that you are detail-oriented.  That quality will surely be reflected in your work, so promote that unique selling point.  Make it obvious for your customers.  Mention it in your Etsy listing descriptions how every detail is carefully considered by you before being executed.

Tell your unique story.

Each one of us is a product of our experiences on this Earth.  We all have stories that make up who we are. What are the big stories that have shaped your life?  Write down at least 5 one-sentence story points that define you that you feel your ideal customer would relate to; things like family stories, overcoming adversity, why you do what you do, how you discovered your art, accidents, near misses, exhilarating moments, losses, life experiences, momentous occasions, fortuitous events, etc.  Then turn each of these story points into a full-fledged story (write it down!). 

Once you have these stories, you can use them in different ways as your present yourself and your business to the world – through your About page on Etsy or your website, blog articles, or biographies for shops or galleries where you sell your work.

Think about your goal – you want to establish connections with customers who appreciate what you have to offer and who return to see what else you are producing.  For instance, when potential customers read your About page, they don’t want to just learn about you.  They want to learn what it is about you that can help them get what they want.  So make sure that you tell a story in your About page that shows customers what they can expect from you that they can’t find anywhere else.

Remember, there’s only one of you in the history of this world and what you have to offer is of value to others.  What is your unique story that will connect you to your customers? 

Resources.

Want to learn more about yourself, your strengths, and your best qualities?  Here are some resources:

Strengths Finder 2.0 by Tom Rath

http://www.howtofascinate.com

http://www.tonyrobbins.com/ue/disc-profile.php

Take Action Now!  Follow the steps above then leave a comment below.

In My Studio: Quality Control

Sarah with a basket making group in Northern Namibia

I was lucky enough to work in Namibia in Southern Africa for 3 years helping crafts people to make and sell products for the burgeoning tourism industry.

The crafts were mainly made from natural resources such as basketry, wood carving and pottery. I helped to design products they could make which would both appeal to tourists and be easily transported.

One of the main problems with the products was maintaining good quality control. As one way to illustrate this for people who spoke many different languages we came up with a list of '10 Commandments For Making Quality Craft Products'. 

I was looking at this the other day and was amazed how relevant  it is to crafts people everywhere- including us. So I thought I would share these Namibian 10 Commandments so we can all keep in mind the importance of quality control and to remember that we are only a small part of a much larger community of crafts people working all over the world.

 Quality is remembered long after the price is forgotten. Gucci Family Slogan


Good Luck and Good Making!

by Sarah Omura, SO Handmade

www.etsy.com/shop/SOhandmade1

Creating Success from the Inside Out: The #1 Thing You Must Do to Prep Your Business for Total Success

I have to admit that I groaned when I found out what this one thing was because it is not an easy task.  In fact, it is incredibly difficult. 

It is something that a good friend of mine, a product manager at my day job, has been telling me that I should be doing for my business.  He even went so far as to telling me to stop everything I was doing for six months and go through this process because it is so important.  I ignored him for the last year and then recently I started an online business class – the whole first week of class was devoted to this one thing.  That finally sent a strong message to me that it is really important!

So what is this one thing?  In very short terms, Voice of Customer (VOC).  We must identify and understand our ideal customer(s).  To do this, we need to interview our customers/potential customers so that we can understand their wants, needs, fears, and desires.  Once we have this information, we can create an image of our ideal customer and tailor our products and marketing to that customer.

Mexican Mocha Lollipop by Catskillcandyco

You may have more than one ideal customer for your products.  For example, I sell bridal jewelry and everyday jewelry.  So I have bridal customers and regular customers.  I can also look at my regular customers and break that down further into my customers who buy the more modern jewelry I make and the people who enjoy more classic, ornate work that I create.  Each of these types of customers has their own set of wants, needs, fears, and desires. 

To start, come up with a survey of questions to ask your potential customers.  You want to gather information like age, gender, marital status and occupation.  But delve deeper to find out what kinds of magazines and books they read, what music they listen to, and what their interests are.  How do they live their lives?  What is important to them?  What are their concerns and fears (related or unrelated to your product)?  What are their dreams and what kind of life would make them happy? 

Here are some suggestions for accessing your customers to get this information:

1.       Who in your inner circle of friends and family are customers or meet the criteria you have set for who you think your potential customers are?  Talk to them first to go through the survey and tweak it based on these early interviews.

2.       If you have a Facebook page or website, put up a link to the survey (you can sign up for Survey Monkey for free and create a 10 question survey) and offer a coupon or some incentive to those who fill it out

3.       If you do art shows or craft fairs, have surveys available for people who come to your booth.  Offer them incentives to fill out your survey.  You might also glean some good information just by chatting with them casually.

4.       Use your email list and send out a survey request to your current customers.

5.       Do you have repeat customers with whom you have a working relationship?  Talk to them, too.

Once you have enough information gathered, you can look at the trends and start to come up with an ideal customer that represents these commonalities.  Make this ideal customer into a real person.  Give them a life and a story. 

Working Woman's Organic Salt Scrub from BeyondThePicketFence

 

At first I thought I was my ideal customer.  After all, I make things that I think are nice and that I would wear.  But once I started this process of identifying my ideal customer, I realized that I am just one person amongst many and not everyone thinks like me, wants the same things that I want, or even has the same fears and desires.  I realized that by limiting my customer experience to just myself, I would be cutting off a whole world of potential. 

Once you have an ideal customer created, it will help you to see whether the products you are offering fit what this ideal customer wants or needs.  Maybe it will generate some ideas as to new products you could offer that you hadn’t thought of before.  Perhaps you need to tailor your products to fit the price range of your ideal customer.  It may also give you some insight into where and how you could be marketing and promoting your products. 

Consider who your ideal customer is and leave a comment below.  Who is your ideal customer?  What insights did you discover from doing this exercise?  What other ways have you used to glean information about your customers?

Creating Success from the Inside Out - What you need to do right now to maximize your profits

We might sell handmade scarves, beautiful one of a kind collages, jewelry, vintage finds, soap, pottery or any other untold number of products. It doesn’t really matter what it is – what’s important is that we are selling.  Selling is what sustains our livelihoods.  So how do we maximize our profits so that we sell more?

Blackbirds Baked in a Pie Tea Towel by wickedmint

It’s time to take a good hard look at our profit history.

I’ve known subconsciously for a long time that there are some jewelry styles that I just love to make but that don’t get many views or sell in my Etsy shop.  At the same time, I know that there are certain styles that sell more often.  But without actually sitting down and analyzing my profit history, I would never actually know the facts so that I could take action to maximize my profits.

Here’s what to do:

1.   Dig out your spreadsheet, software program or whatever it is that you use to keep track of the items that you sell/have sold.  You can do this analysis for any time period you wish – this year, last year, the last 6 months...  I did it for the last 3 years since that’s how long I’ve been in business.  Do what makes sense for you.

2.       Take out a piece of paper and think about how to divvy up the types of products that you sell.  Write down your categories.

You want to determine what percentage of your business income comes from each of these types so figure out how you want to compare.  For instance, if you sell hand knit outerwear, you could create these categories (mittens, hats, scarves…).  Or perhaps you sell different styles of outerwear, in which case you may want to divide your categories into children’s mittens, children’s scarves, adult mittens, etc.  For example, I sell earrings, bracelets, necklaces, etc.  I also have a bridal shop, so I created categories for bridal earrings, bridal necklaces.  For my own purposes, I also broke it down further into vintage style earrings, modern earrings, resin earrings, etc.

3.       Write down the total revenue you got in each of the categories.

4.       Next to each category list the average price point of the product. 

You probably have a range of prices within each category.  Look at what you sold (for your chosen time period) in that category and come up with the average price point (total revenue in that category divided by the number of sales in that category will give you the average).

5.       Determine what percentage of your total business income came from each category.  Do this by calculating your total revenue for your target time period.  Now divide the revenue for each category by the total revenue and multiply by 100 for the percentage.

Crow Steals Sun for the People by geminiriverrocks

Now you have written proof of what products sell the most.  You may already have known this intuitively, but seeing it on paper and seeing how much your best selling products are contributing to your bottom line can be very helpful for focusing your energies in the future on the products that are yielding you the most revenue.

I sell far more earrings than necklaces or bracelets.  Since doing this exercise I’ve given myself permission to go crazy making earrings and not worry so much about having enough necklaces and bracelets in my shop.  In doing this exercise, did you confirm what you already knew or did you discover some new insights as far as where your revenue is coming from?

A little plug to the fabulous Rich Happy Hot B School, the online marketing course that I am taking right now which is transforming the way I look at my business and teaching me how to turn my business into the best it can be.

Next time, I’ll talk about the number one thing I learned recently that we must do in order to prep our businesses for total success.

Creating Success from the Inside Out - Get Psyched-up By Your Competition, Not Psyched-Out

If you are at all like me, you may have had the experience of being in a really good groove with your business – you’re creating products that you are excited about, motivated about reaching your goals…and then all of a sudden you get psyched out.  What a downer that can be!  I’ve pinpointed the triggers for when that happens to me and have developed some tips for getting out of the psyched-out mode and back onto the Psyched-Up Groove Train.

I have recognized that sometimes when I start browsing Etsy and looking around at all the beautiful items that others are creating, I get overwhelmed.  I start to feel like a little fish in a gigundoid pond.  I start thinking, “How will people find me in this sea of glorious products?  What makes me so special?”  Other times I decide to do an Etsy search to see if my tags are working the way I want them to.  Let’s say I have some hot pink flower earrings and I want to see when they come up in search, so I type in that tag and I am then faced with fifty pages of hot pink flower earrings.  I start looking for mine and realize that there are some really talented people out there selling gorgeous hot pink flower earrings.  The self-doubt kicks in and I start clicking further.  Inevitably I click on some shop’s cute hot pink flower earrings and see that they have 2000 sales under their belt and they opened their shop a year after I did.  Total psych-out.

 Green No Sleeves Monster by knotbygranma

Here is what I have realized from going down this path one too many times that inevitably gets me back on track on the Psyched-Up Groove Train.

• Recognize that others have proven they can be successful on Etsy and that means you can, too!

The fact that there are other jewelry makers out there getting ten sales a day (in a land with hundreds of thousands of jewelry sellers) is proof that people can be successful on Etsy.  I reframe my thinking to ask myself how I can get more of that Etsy revenue pie goodness.  I also consider what I might be doing/not doing that is preventing my sales from skyrocketing.  I focus on what I can do better with my business.

• Remember why you went down that rabbit hole in the first place. 

Oh yeah, I was trying to improve my tagging when I stumbled into Psyched-Out Land.  So maybe I should get back to that and focus on my own business…  Tommy Hilfiger didn’t get where he is today because he was worried about what Ralph Lauren was doing.  Reframe and refocus and get back to it.

• Celebrate your own unique abilities.

If you haven’t read Gay Hendricks’ The Big Leap, you might want to grab yourself a copy.  The book is all about discovering your unique abilities so that you can focus on that and live in your Zone of Genius, where you will be most content and serving your purpose for the world to benefit.  Look at your body of work and recognize what it is that you do that is different from everybody else and just celebrate it and adore it for a while.  Let it sink in.  Each of us is one of a kind in this whole universe – our experiences, relationships, talents and interests all come together in this luscious soup of uniqueness that no one else can replicate.  And the art that comes from your hands is representative of that uniqueness.  Cherish it.

• Realize that there is an endless amount of abundance in this world.  The more we create, the more there is, and that benefits everyone.

In a book I read recently called The Art of Earning, this message of abundance was described through nature.  A deer drinks from a stream and lives and thrives.  It passes on and other deer are born and drink from that same stream and the circle continues.  The stream continues to flow.  Success in business works the same way.  There is room for everyone who wants to partake in the offerings of the Universe.  You just need to ask for it, work for it, and be ready to receive it.  Just because there are other people getting 2000 sales on Etsy doesn’t mean that you won’t or can’t get 2000 sales on Etsy.  It may not be easy, but it’s certainly not impossible.

Brown Bird with Orange Tulips by digiliodesigns

Have any of you grappled with similar psych-out thoughts?  If so, how have you dealt with them?   

In My Studio: Time Saving Tips

The other day I was in my studio sewing on my machine.  After taking the fabric off I realized I had sewed the wrong sides together; I would have to unpick the whole thing. I was so cross with myself, how could I have done something soooo stupid! What a waste of time! Yes, that's the crux of the issue TIME.

As a Mom of a very active 3 year old boy I don't get much time to devote to my business. The time I do get is therefore very precious and I hate wasting time knowing that the sound of little feet will come along any minute to put an end to my industry. Don't get me wrong I love my family very much but getting that work/life balance right is so hard and in my case, ultimately, work is always on the losing side.

With this in mind when I am not making mistakes on my sewing machine here are some of the ways I manage to save time:

1.    I try and keep my studio organized and tidy, it saves time looking for things and cuts down on accidents.

2.    I stow any products that need to be hand sewn in a basket, together with the needle, thread, and scissors. I bring this out at night and sew in front of the TV.

3.    Similarly, I collect together anything that needs ironing in a pile and do it all at once in the evening in front of my favorite show.

4.    I bring a flask of tea and a bottle of water into the studio with me in the morning to cut down the trips to the kitchen for refills.

5.    I make a quantity of products at the same time, cutting them all out at the same time, then making them up stage by stage until all of them are completed.

6.    I throw ingredients into a crock pot early in the morning then dinner will be ready on demand and the extra stress of preparing dinner has been taken away.

7.    I try and go shopping for supplies in the evenings or weekends when my partner is home to babysit, therefore freeing up those precious weekday/daytime making hours.

8.    Similarly, I try and do a couple of hours of paperwork/computer work at the weekend when my partner can take the little one out. The accounts always get forgotten and doing a couple of hours a week saves me loads of time later on.

9.    In order to stay on top of things I always keep lots of lists; lists of supplies to buy, lists of outstanding orders, lists of events to plan for, then when the opportunity arises I can plunge right in.

10.  I never try and do any work when my family are home,  the distractions are just too stressful and I end up making mistakes that set me back even further. Close the studio door!

11.  Having said that, when things get busy I sometimes utilize my partner to help with packing and postage.

Good luck and good making!

by Sarah Omura, SO Handmade

Creating Success from the Inside Out - 5 Money Traps to Avoid When Pricing Your Work

I was inspired this week to talk about setting prices for our work after participating in a webinar about money blocks, given by the Lucky Bitch, Denise Duffield-Thomas.  It got me to thinking about what money traps we artists on Etsy may fall into as a result of our own money blocks.

1. Setting your prices at wholesale level in a retail environment

I have gone through several iterations of pricing formulas and read lots of articles to figure out the best way to price my work.  The conclusion I reached was that I need to price my products so that I can sell wholesale, establish pricing consistency no matter where a customer might find my product, and still make a profit.  If I sell a pair of earrings for $40.00 on Etsy, then wholesale buyers will need to buy those earrings from me for 50% of that price, at most, so that they can sell those earrings in their shop for $40.00 and still make a profit.  This also means that I need to price my products so that when I sell my earrings to a wholesale buyer for $20.00 I am still making a profit.  If you are thinking to yourself, “I don’t sell wholesale, so I can set my retail prices lower”, I ask you to reconsider this as you read the rest of this post.  I believe this thinking is potentially damaging to your wellbeing as an artist.

2.       Not paying yourself for labor

If you’re like me, you love every minute of creating your handmade items, so it doesn’t often feel like work.  However, there are two points to consider here.  The first is if you want to scale your business up and potentially hire a person to help you in the future, then you need to build labor rates into your product prices.  If you don’t charge yourself for labor now and then you find yourself hiring someone later (whether it’s a person to help you bead, sew, knit, balance your account, or ship product), you will have to recalculate all of your prices at that point, which could affect an established customer base.  More importantly, your time has value.  Your skill has value.  You should get paid for that time and that skill.  And I don’t mean $3.00 an hour!

Lucky Cat Sculpture by amberhlynn on Etsy

3.       Assuming that YOU are your customer

I fall into this trap all the time!  As artists, we may not have an income level that matches that of our customer.  It certainly depends on your market, but it’s important to avoid pricing your items according to what YOU can afford.  You may have an item that, when you calculate the price, you think, “Oh, no one will buy that at this price!” If you are assigning an appropriate value to your items then the customers who love what you offer and see the value in the product will be happy and willing buyers.  If you sell the item for less than what it is worth, then you are in danger of devaluing yourself as an artist. 

Another aspect to this trap is that we spend so much time with our products that sometimes we can grow too close to them to assign an appropriate value.  Familiarity can cheapen the value of the item, in our own eyes.  Try to look objectively at your work.  Put each item on a pedestal and adore it!  That customer who has been hunting for just the right thing will adore it, too, when they find it in your shop.  And they will pay money for it.

4.       Looking at what your competitors are charging and pricing your items accordingly

I believe that setting your prices according to your competition is detrimental to your wellbeing as an artist and a business owner.  When I browse products on Etsy, I’m amazed at how cheaply some sellers price their products.  It can be hard to offer an item for sale that is sometimes double what other sellers are offering for a similar product.  Don’t let other people’s money blocks dictate the cost of your items.   Come up with the formula that feels good to you, that helps you meet your business goals, and that reflects what you are worth as an artist.  You will be more at peace with yourself and happy doing the work because you know you are getting paid fairly for it. 

5.       Feeling guilty about asking for the true value of your work

I love lifestyle business guru Leonie Dawson who explains that there is a balance to the Universe in the exchange of goods and services for money and that when one person gets more value than the person on the other side of the transaction, it’s not healthy for either party.  That’s not to say that you can’t offer sales or promotions.  When you offer a promotion, you aren’t just selling your items more cheaply.  You are doing it for a reason; perhaps to create more buzz for your shop; to get more customers to sign up for your newsletter or blog; or for other non-monetary reasons that still have value to you as a business owner.

Do any of these money traps resonate with you?  How have you overcome them?  Are there other money traps we, as artists, should consider?