Price vs. Time
Every Snug cozy, every beanie, every bowtie, every item sold in our shop is hand-knitted and hand-stitched; which makes time our most precious resource.
In the early days of Onana, we charged roughly half of our current retail price for our mug and cup cozies. Half. I know that sounds crazy. It was crazy. When we started having the conversation about raising our prices, it scared us. We were worried about sticker shock and losing customers. What we failed to take into consideration was the value of our time. And I’m sure this is something most craftiprenuers do when they first venture into the world of entrepreneurship. They don’t realize that the cost of creating is beyond just the cost of the materials.
You may get sick of hearing us say this, but I can’t stress enough that the love and care we put into our craft is something we take seriously. Quality is important to us. That also means we have to strike a balance between the time we invest into our products and the price we set for those products.
Putting value on our time was a tricky process. We obviously can’t compete on the same level as mass-production box stores. What we can offer is a direct relationship between us and our customer. And since we are communicating with our customers, we can have immediate feedback on how to improve our products, what kind of products they are interested in buying from us, and whether our prices are fair.
So if there is one thing we could tell all budding craftiprenuers it’s this: your time is valuable. Don’t be afraid to be compensated for it.