How do I set prices of my rolling pins and the other lefse products?
I should explain first that I am proud to work editors, illustrators, photographers, and designers on my books, and I pay what they ask because I know them and trust that they are quoting a figure that is fair to both of us.
Same with the many providers who make the lefse rolling pins, turning sticks, bowls, cozies, pastry boards and covers, lefse earrings, and on and on. I like that the lefse market sends money their way, which encourages them to continue to create distinctive and beautiful products that customers appreciate.
Again, I pay providers what they want. Too often, creators of art and fine products are underpaid and are forced to “settle” on a payment they are not happy with. Not with me. I pay their fair price and then add on a dollar amount that feeds my business. The sum is the price of the product.
Typically, the retail price is split 50-50. That is, the provider of the product and the seller each get half of the retail price upon sale. With me, it’s a 65-35 split with the provider getting the 65%.
I could charge more to be in line with standard practice in the marketplace, but customers would then have to pay more—or they may not pay at all. Or I could lower prices by driving a hard bargain with providers, and driving them away. I don’t like either of these options, so I go with a 65-35 split. It pays to be unique in the marketplace, especially when I can be fair to provides and customers alike.