This month we’re talking all about profit. I didn’t want to focus on how to calculate profit or what we each do with our profits. Instead, I wanted to know how our makers have increased profit on an existing profit. Did they simply raise the price? Did they find a new supplier? Did they tweak the design? Did they change/streamline the production process?
I have raised my prices, revamped with product and packaging changes that makes the product more niche specific or more gift-worthy and cut costs. I recently added a kit option for wholesale with a couple products (almost zero labor) and have reworked some products (including this cork bracelet) to significantly reduce my labor time by switching from welding to riveting.
Over time, I have increased the prices on a few of my items, mainly my personalized hoops. The price of materials is pretty consistent for me, if I purchase from the same vendors, but as I got more orders, I realized maybe they could be a bit higher in price. Likewise as I got more orders, my process became more streamlined so it didn’t take quite as long, though, only marginally.
Have you increased your profit on an existing product? How did you do it?
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