Sold! At what Price?

[Sculptured Box]

This is a dilemma for those interested in selling their product to support / re-invest into their craft be they Box Makers, Wood Turners, Scrollsawers, Chainsawers, Rocking Horse Makers, Boat Builders, Furniture Restorers, Chair Makers, Cabinet Makers, Wood Scuplters, Wood Forum host, Timber Merchants, Computer Experts and everyone else whose interest is woodworking!

What are the rules / elements / principles (if there are any) by which we can determine a fair and reasonable selling price for our work?

Yes there are a numerous influences (in accounting terms "cost factors"), such as the cost of the raw materials, cost of production (electricity, machine cost, wear and tear, consumables etc.), marketing cost, selling cost, retail markup cost, plus a proportion representing our creative input, and dare I say it "a profit margin"?

Do you have an answer?

[ss_11000]

the pen turners workbook ( borrowed from library ) states

price= material cost+ overheads+labour+profit

( wood costs, pen kits, sandpaper etc+ electricity, tools etc + hr rate + 15 - 20 % profit )

hth

[Harry II]

It’s all aesthetics to me, not to my knowledge is it able to be quantified or have a set value but is influenced by creativity, skill, originality, fame and the list goes on. Be assured though, for instance, I know of a wood turner who is revered by his peers but his return on his time alone was at one stage as low as $4.00 an hour. You gotta just love it.

[bitingmidge]

Yes there are a numerous influences (in accounting terms "cost factors"), such as the cost of the raw materials, cost of production (electricity, machine cost, wear and tear, consumables etc.), marketing cost, selling cost, retail markup cost, plus a proportion representing our creative input, and dare I say it "a profit margin"?


All of that would be a good start, and if everyone was prepared to do that instead of doing this ridiculous amateur "I just want to pay for my hobby" thing, then there'd be a chance of woodworkers and artisans making a living, and the world would be a better place.

If the playing field was level, then those with marketing and public relations skills or those with a special talent could more easily command a premium.

It's not, sadly so things are worth whatever you can get for them!

cheers,

P