What does it actually cost to run a vendor booth?

As the owner of a brick and mortar business that operates under a vendor booth model, I talk to creatives all of the time who are considering taking the next step towards opening a retail location and the first question is always, “what is the cost?”

The truth is, it costs you time.

The prices that are worked out by any given store to rent space generally have a basis in what the store believes you would be able to make if you work your business for sales. So whatever costs they quote you, wherever you are in the country, are probably appropriate.

There are set-up costs associated that you will need to consider. Most establishments will ask for first and last month’s rent upfront. You’ll also want attractive display pieces if you are selling small items and possibly a rug or lighting for the space depending on the store itself. The biggest up front cost to you, however, will be gathering enough inventory to have the space well-stocked.

You must remember too that once the space is well stocked your goal is to sell those items, so be prepared to replenish the space regularly.

I’ve actually compiled a guide to help you determine if you are ready to take that leap! Simply click the link below and see what other questions you’ll want to consider when making a decision about opening a vendor booth.

Why Pricing Matters

This one is for the Makers and Artists.

Because of my position at Vintage Warehouse of Spartanburg, I have to opportunity to talk to lots of handmade business owners, and the questions I hear most often revolve around pricing. How do I know if I’m charging too much? What’s the problem with pricing too low? Isn’t it better to sell low if I can sell more?

In my new course I talk about the pricing formula I use to price my handmade products and address three big mistakes that most creatives make when it comes to pricing.

But the first thing we need to talk about is why pricing matters so much.

Why can’t we just arbitrarily assign a price to our products? After all if someone is buying then it’s not too high, right? And if it’s too low but I sell a lot of product then it’s worth it, right?

Pricing Matters for Three Reasons.

Consistency

When we are pricing our products correctly there is a consistency in our business that customers will recognize and respect. After all if one week I’m pricing a necklace for $30 and the next week it is $40 for no apparent reason. Why shouldn’t a customer wait until I’m pricing lower again? But when we are using a proper formula we know the value of our products which allows us to be more consistent in our pricing, and more confident in our work.

Confidence

Which brings me to the next reason having a pricing formula is so important. As creatives we need to have confidence in the value of our work and the work of our peers so that we can explain that value to our customers. When we use a formula we can easily answer pricing questions based on the quality of the materials we use, or the difficulty of the process we are using. Ultimately it benefits the entire handmade community when we know the value of our work.

Creating Time

Finally, when we use a formula it takes the emotion out of pricing and saves us time. Rather than browsing the internet and comparing ourselves to other makers, we are basing the decision on facts and numbers. This saves us so much time in the long run, and frees us up to do the creative work that we love doing.

If you’re a Maker or Artist who is ready to have confidence when it comes to pricing and spend more time creating than stressing over prices, then this is for you.

The Perfect Price Prescription is available now. Don’t wait though, it won’t be available forever!