Even though you own a small business and you are creating everything you sell, I still think it’s worth putting certain items on sale. It’s good for business and it’s good for you.
I can only tell you what I’ve experience about owning my own little business. When I put an item on sale. It sells and it sells fast. When I’m at a show and I scratch out the original price and write a sale price, the piece sells. As someone who likes to shop, I know that I like to get a deal. I want to snag something wonderful and unique, but also want to feel like I didn’t pay full price. I’m pretty sure I’m not the only one that feels this way.
Your inventory takes up space. Whether you are making something tiny or large like furniture, you will eventually run out of space if you are not selling on the spot. This goes for having a brick and mortar or working from your home. You are either paying rent to display your items to sell and/or store your items. If you work from your home as I do, then you lose bits and pieces of your personal space and home. We haven’t had a car in our garage since, well, ever! It’s worth putting some products on sale throughout the year to release some of that realty for new inventory.
As a shopper, I purchase items on sale when the next season is approaching. This is when you get the best deals. There are definitely seasons to refinishing furniture I’ve noticed. Fall and Spring seem to be times when clients want their furniture refreshed and their homes updated. You certainly don’t have to do a sale every season, but maybe start with one to clear some decks.
I think it’s really important to not hold onto pieces and inventory for too long. I think mentally it can really wear on a creative person to see an older piece or a piece they’ve done years ago just sitting, collecting dust. Self doubt starts to creep in and even depression or a loss of focus. If you are feeling this way, then a) you are not alone and b) it’s worth losing some money to move the product out of your site.
I’ve priced items really low to move them and I’ve also even given pieces to friends that would appreciate them when I was just getting too sad to see it every day in my work space. It pinches a bit for sure, but you won’t even remember the loss once you get a new project going and fill the vacant space. That being said, try your best not to cut into the cost when you put something on sale. For example. If I’ve purchased a dresser for $200 and I want to put it on sale, I make sure I do not go below my cost base of $200. Ideally, I want double for what I’ve paid. If I need to move it for space & sanity, I try to at least make a bit of money from the sale. In this example, at least $300.
Of course there are exceptions. If you have an amazing, unique & wonderful item that you a) love and/or b) you know you could sell for full price later then you want to keep it. Put it in your own living space and look at it, use it and love it. What a treat! I have some beloved pieces that for some reason or another did not sell and I’ve incorporated into my home and I would never sell now. Lucky me! OR if you know that you have a treasure then hold on. Try to find another platform to sell your piece/product or even be patient and wait.