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Home > On the Way to Fixing Big Boo Boo

On the Way to Fixing Big Boo Boo

April 17th, 2013 at 09:39 am

About a month ago I wrote a funny but foolish story how I missed out making a lot of money. It involved writing a 'how-to make an adjustable ring' on a jewelry lesson website. Normally those lessons are available for a small price, but there are a good number of free lessons. I had put that one on the website free sort of as a return favor and to pass on the good karma.

I didn't think about it much once it went public, except to enjoy watching the number of people who downloaded the lesson...100 then 200 then 450 then...you get the picture. It was up to about 1500 almost 2 years after the start when my daughter remarked casually, 'You should make that for pay'. OH!

*slap forehead* See above where it says -->I didn't think??!!

Of course, you are allowed to change the price (or the contents or the photos). It was just in my head that once the price was free, that was fixed. NOT!

So immediately I changed the price to a very nominal $2 (I get half).

Obviously some of the original audience took the lesson because it was free, and would never have paid anything regardless of price. But my guess is that somewhere between 1% and 10% would have paid the fee.

That means I realistically lost at least
1% x $1500 = 15

or as much as:
10% x $1500 = $150

It's been 2 months since the price change and I'm happily watching people BUY the lesson at a nice steady rate!

Month 1 earnings = $ 8
Month 2 earnings = $ 9

So I feel I'm recouping that lost opportunity! Phew!

In the meantime, take a look at the latest hand built box off the work bench from Pretty Cheap Jewelry where obviously it's not all about just jewelry.

Victorian Friend - Flask Style Round Box
Edged with little white pompoms and covered with engraved look floral paper outside. Lid rim says 'Friend Friend Friend' all around. Top features a bouquet of artifical heirloom style pink roses, buds and leaves.

Thnks for looking and see me on twitter @PrettyCheap

6 Responses to “On the Way to Fixing Big Boo Boo”

  1. Joan.of.the.Arch Says:

    I noticed something interesting on the Etsy store of a seller I bought jewelry from. Every time I bought something, she continued to offer an identical piece, but raised the price. Making a sale seemed to be proof to her that maybe her jewelry was worth even more. I guess she would raise it to the point of making no sales on it, then tweak it downward to find the highest price at which it would move....Is that a business technique that is common?

  2. pretty cheap jewelry Says:

    Not a common tool as far as I know! Definitely price setting is tough - the amount to cover materials/labor/overhead/profit would certainly be more than what the market would bear for many products. And jewelry is very competitive!

    On the other hand, pricing below forever will result in a bankrupt business.

    What I do in the end, is set the price on what --> I -- would pay for the item. That means my prices are somewhat lowere in comparison because of my more frugal point of view.

  3. creditcardfree Says:

    I was wondering if you could charge more? I wonder if some would think the $2 instruction might not be as valuable as a higher priced version, say $5-7? If there are good feedback reviews from the free sales, that might help you charge more. You might work with it to find the 'sweet' spot. Great job beginning to charge for your skills!! You deserve it.

  4. ThriftoRama Says:

    I might like to take your class! What site is it on?

  5. pretty cheap jewelry Says:

    Yes, the tutorial is for a pretty simple, but rather IMPORTANT design element - the 'ADJUSTABLE' part is the draw I am sure though there are not many reviews (except one that is grateful for someone putting up an adjustable design).

    The main objective I want to stick to on this tutorial is high volume. Not so much exquisite detail, as many other tutorials are all about.

    Thanks for the suggestion, and how about the box above? What price would you recommend? It is 4-6 inches tall, about 4 inches diameter. About the size that a gift card would fit.

  6. pretty cheap jewelry Says:

    Thrift o - it is on www.jewelrylessons.com

    Tutorial called
    'Classic 3 Bead Adjustable Ring'

    hopefully that 2nd link works

    It takes 16g wire (heavy), have you some experience with that and if you want to discuss more use my email prettycheapjewelry at gmail.com (cause I would be happy to do a comp)

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