Watching the price of gold continue to increase so drastically over the past couple years, I've been a bit like an ostrich - with my head buried in the sand. Occasionally I'd peak out flutter my prices up a bit and think that was good enough and how I felt bad for increasing the price for my customers. Alas, the time has come that I'm having to truly evaluate everything with a fine tooth comb. Part of this occurrence is the fabulous accountant I have. I've become a lot more organized and actually calculate my profit and loss each month. *Gasp* (That's what I do when I see it calculated)
And it is time I quit keeping my head buried, quit being in denial, and realize that my cost of materials has gone up so. much. more. than I have raised my prices. In the past year, gold has gone up about 33%.... in the past TWO years - gold has nearly doubled... While, apparently I've raised my prices less than 10%. So if you know anything about math, I think you can see how the price of gold really affects my income. Instead of getting a raise, I've been demoted... It all goes back to that being in denial and thinking the price of gold will go down and it'll all be okay.
So I've been doing some seriously calculations and changing prices - some quite a bit and some not so much. But I am feeling a bit more secure that I'm not merely buying gold and giving it away.
I'm puttin' on my big girl pants and realizing, that yes, this is what it means to run a business. I love my customers and I want to provide an excellent product at a fair price - fair, for both of us.
Oh and what do raising temperatures have to do with it all? I have no idea, but it is darn hot in my studio. I'm ready for fall - and falling gold prices. One will come in a couple months - the other... well... I don't think I can keep my head in the sand that long.
1 day ago