Profit from Prints

[Mike Guilbault]

If you're worried about the cost of CC charges, then you're probably not charging enough for your product in the first place.

[K P]

If you're worried about the cost of CC charges, then you're probably not charging enough for your product in the first place.

Its one way to look at it.. but suppose you have $10,000 a month in sales and you're losing 3% on each transaction.. that amounts to $300 every month.  I don't know about you.. but I would hate to be throwing out $300 every month.  You can call it the cost of doing business, but if there is a better way... I say go for it!  I mean does it matter if you order your ink from Adorama, B&H or Atlex?  Its the same ink from the same manufacturer.  Likewise, a transaction run through Paypal, or Visa, or MC or some other form is all the same, unless of course the customer doesn't like your options for forms of payment.  I would rather take cash and save the 3% any day! 

I guess my point is, the more sales you have, the more each 1% matters.

[Slobodan Blagojevic]

... but if there is a better way...

The real question is "is there a better way?" Someone, somewhere will want to charge those 3% (or whatever) anyway. If you accept a payment over a credit card, the CC company will charge you a processing fee. Apparently, American Express is the priciest (5% - that's why many establishments do not accept it - or so I heard).   

... I guess my point is, the more sales you have, the more each 1% matters.

Hehe... the alternative point would be: 1% is 1%

[Richowens]

According to my calculation, 97% of 10,000 beats the hell out of 100% of nothing.

[Mike Guilbault]

That's exactly correct Rich.  I got myself one of the 'Square' card readers just so I could accept CC's when I'm on location.  I've definitely made extra sales by being able to accept CC's that way. It's a flat 2.75% (the reader is free).  So few people carry cash or cheques anymore (I don't accept cheques in most cases - too many returns that cost way more than 3%).

[markd61]

I understand about watching costs but the cost of credit card transactions are vanishingly small compared to the sales opportunities they afford your business. Obsessing about 1 or 2% is idiotic. It IS a cost of doing business and as such you build it into your selling price. So you sell a print for $100. Want to make sure you don't get "screwed" by the card fees? Sell the print for $105 and make even more money!

If your business model breaks over 2% then it isn't worth much.

[leeonmaui]

Aloha,

I think you can make a very good living and beyond from the sales of your prints, lets call your prints art, and the selling of your art business.

The art business like any business takes an incredible amount of work to be successful at, whatever work/time you put into making your art; times that by 10 and add infinity to make the business side successful. In this regard, it's no different from any other business.

Working smart and working with a plan will not necessarily ensure success, working stupid and working without a plan will most likely ensure failure.

I have been earning a very good living for the past two years selling my prints, my business continues to grow and evolve, I have been very lucky to some degree, as I have a great location and solid cash flow, which has allowed me to develop, refine and expand my business model.

I don't necessarily think you can quantify initial success or failure; or always monetize your results every, business has tangibles and intangibles.
 
Making money from your artwork is not easy, it can be done with varying levels of success depending on a multitude of factors.
I think the biggest factor confronting your success is your desire, and your desire must be truthful and fearless.