“How much should I sell my wreaths for?”….If I had a nickle for every time a wreath maker asked me that question, I would be a very, very wealthy woman! Haha. Honestly though, that is a very valid question. Pricing wreaths can be difficult and down right daunting. You don’t want to price too low and you don’t want to price too high, so here are some tips for finding the sweet spot for pricing your wreaths.
Here are a few questions that I ask people when they ask me about pricing wreaths:
- Where do you plan to sell your wreaths? Online, craft fairs, locally, etc…
- How long have you been making wreaths?
- Do you have an Etsy shop?
- Do you have a Facebook Business page?
- What type of wreaths do you make?
- How long have you been selling your wreaths? Have you sold any wreaths before?
- How much do you spend on materials and supplies for each wreath?
I ask these questions because pricing your wreaths is not as cut and dry as you would like to think that it is. Unfortunately, you can’t always just double or triple the cost of materials and expect that you will sell every wreath that you put out there for sell.
Here is why: Experience matters. Where you plan to sell your wreaths matters. The type or size of your following and influence matters. The type of wreaths that you make matters.
Let’s talk about experience: If you have just started making wreaths and have never sold a wreath before, and you have $50 in materials in the wreath, no matter how stunning your wreath is, it may be difficult to get someone to pay $150 for your wreath (cost of materials x 3). The reason it may be difficult is because you have to build up your reputation and brand. People may be hesitant to pay that kind of price if they do not know you or the type of reputation you have. When we first started making wreaths and selling them online, sometimes we barely broke even (we may have even lost money on a few), but the great thing about that is that we were able to sell wreaths quickly and start to gain referrals and recommendations, and then gradually we were able to start raising our prices. Now our wreaths sell for well over $100-$200+. You almost have to think of it like “paying your dues”.
Where you will be selling your wreaths: The type of wreaths and where you will be selling them will play a part in the price that you will get for your wreaths. If you are selling at craft fairs and trade shows, you will generally have to sell at a lower price point that if you are selling in an Etsy shop. Mesh wreaths generally sell for a lower price point than floral grapevine wreaths. Do some market research and see what other sellers are selling the type of wreaths that you make for. Look at sellers who are “newbies” to wreath making and ones that are “seasoned” wreath makers. This will give you an idea of what you can expect yours to sell for.
The size of your following: If you you are a well known wreath maker and your wreaths are flying off the shelf and you can barely keep up with orders, then it is time to INCREASE your prices. If you are relatively unknown in the industry (maybe you do not have a following at all) then I would suggest selling your wreaths at a bit of a lower price point and really work on promoting your wreaths and gaining some followers and fans of your work. This will help you get referrals, reviews, and recommendations, and trust me, those are GOLD for your wreath making business.
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If you loved this article, be sure to check out:
- How to Make a Farmhouse Pig Wreath
- How to Make a Magnolia Wreath
- Pricing Wreaths: How to Price Wreaths to Sell
- 7 tips to sell successfully on Etsy.