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I've been doing a lot of thinking about my Custom Name Albums lately. I enjoy making them and they are what got my business off the ground. The down side is, they're very time-consuming. Over Christmas I had a large order for them and I got a little burnt out making them. So they've remained out of my shop until I could do some contemplating about how I wanted to reintroduce them.
Over the weekend I sat down and ran some numbers. I knew if I was going to bring the albums back, I had to raise my prices. At first I wasn't going to offer the smaller albums as they take about the same amount of time as the larger albums, but I make a lot smaller profit. But at the same time, I wanted to offer options. So I did some calculations and decided to add both sizes (along with the Double Name Albums) back to my shop.
Before, I just had two price points for my albums...up to 6 letters and 7-9 letters. I decided it made more sense to charge per letter. This does make it a little tricky when listing them in my shop as I didn't want 16 listings of basically the same item. So for now, I'm just adding a few different letter quantity options and people can contact me if they need a different amount of letters.
Eventually I'd like to sort through all my photos and file them by size and letter quantity so the listing photos represent the right amount of letters. But this will be quite time-consuming as well, so it will have to be done in intervals.
I feel pretty good about the prices I have on the albums for both the buyer and myself.
Have you had to do any price increases lately? Pricing is one of the hardest things I find about running a business!
