Episode 8: Let's Talk About Money

Money is one of those uncomfortable topics that we rarely want to talk about. Despite that -- and maybe because of that -- getting real about money is one of the best things we can do to propel our business. In this episode, we get real about pricing (especially when you're first starting out in a product-based business), how to know when and what to invest in for your business, and how our personal money stories can shape the way we treat our businesses. This episode contains practical advice about making money in your business, and also served as a bit of a therapy session for Emily and Sarah as they discuss their own hang-ups about money. 

Topics discussed in this episode:

  • Pricing in a product-based business: Wholesale, comparing to your competitors, paying yourself

  • How to price in a way that places a higher value on your work

  • Your customer is not you

  • Discounting and the frequency of running sales

  • Investing in your business

  • How your personal money story can affect how you view your business

  • Reframing negative mindsets about money

  • How to have faith in yourself to succeed

Click play below, or listen to Scrap Paper on iTunes or Stitcher

 

Show Notes

Resources & References for This Episode

The Merriweather Council Blog - Attn: Handmade Sellers: 6 Reasons to Start Charging What You’re Worth Now

Etsy - How to Price Like a Pro

Etsy - Megan Auman’s Pricing Formula

Megan Auman & Tara Gentile Video - I referenced this on the podcast, but it looks like Etsy has removed this video. Sorry! I’ve linked to Megan and Tara’s business pages.

Emily’s New Prints

The Merriweather Council Blog - Why You Should Stop Discounting First Orders in Your Handmade Business

Scrap Paper - Markets + Craft Shows

The Wonder Jam

Creative Pep Talk - Episode 148: An Easy Trick for Unlocking Your Most Successful Side Project

emi CERAMICS

The Lovely Grain

Elise Joy

Quotes from This Episode

“When I get upset in those situations (where others are charging less), I say, ‘my customers appreciate that they’re supporting me.’” - Sarah

“You have to trust not only that your work is worth it, but that you will find customers and customers will find you that really value the work that you’re putting in, the artistry of what you do, and the fact that it’s unique.” - Emily

“It’s better to be known for making something unique and compelling that gets somebody excited about owning that object rather than, ‘Oh, look at this great deal -- it’s the cheapest I’ve seen.’” - Emily

“When you put your work at a higher price point, it puts a higher value on it and people do respond accordingly. They view it in a different light.” - Sarah

“My financial situation is not my customer’s financial situation. My customer is not me.” - Sarah

“If someone doesn’t buy your product, it’s because it is not a high priority for them right now. You can’t blame the price.” - Sarah

“The fact that the future outcome of my business isn’t guaranteed means that a lot of the time I feel it’s way more likely it’ll fail then it’ll succeed.” - Emily

"To me, there is nothing more badass than building your business." - Sarah

“I think we all have negative mindsets (about money). But I think there’s something really powerful and admirable about making the decision that those aren’t the mindsets that you want to support anymore.” - Sarah

“One of the biggest, bravest things you could possibly do before letting your business go belly-up would be to believe in yourself that you could wildly succeed.” - Emily

 

Want to know more about Sarah and Emily’s businesses?

Sarah Harste Weavings

Sarah Harste Weavings website

SHW on Instagram

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SHW on Pinterest

Written Paper Goods

Written Paper Goods website

WPG on Instagram

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