Kinda bummed that the matching earrings didn't go at the same time, but I'm so excited about my first sale that I don't mind.
I learned a lot from my first sale, like that I need to remember that Etsy AND PayPal assess transaction fees and that I need to account for those in my pricing. I some how missed that PayPal would be snagging 2.5% plus $0.30 for each transaction. My pricing formula was pretty basic, and it most definitely didn't take the transaction fees into account. I was going to try and figure out how to adjust my prices so that I would net the prices I had already figured out. Does that make sense?
For example, I had an item listed at $25. That number is what I want to walk away from the sale with, so my challenge is trying to figure out at what price I should list the item so fees are covered and I put $25 in my pocket. That seems like an awful lot of math though. It's been suggested that I just adjust my prices upwards by 10% across the board, which would easily cover the transaction fees.
I'll probably hold off on making adjustments until after I attend the Etsy lab Etsy Success: The Basics of Pricing with Danielle and Michelle on May 10, 2012 from 3:00pm to 3:30pm. I'll see what I can learn there and then sit down and re-work things.
In the mean time, I'm going to get back to designing and creating pieces. I feel like I've been spending a huge chunk of my time promoting my shop and fooling around on social networking sites and what not. And while it seems to be paying off, I mean I actually got a SALE (!!!), I would much rather be making pretty new pieces for my summer line.
That's all for now. Hope everyone's having a great week!
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