idea's of how much to charge

[Dorno]

Hi Everyone I am just wondering if you could give me some idea on prices to charge for clocks similar to these ? These are the first 5 I have made but have many more still to make for the new year. So I would appreciate any thoughts or help that any of you can give me. Below are the pics of the clocks I have made so far but I really don't know where to start when it comes to this type of thing. I certainly do not want them too cheap but would like them at a price that should sell.

IMG_3798.jpgIMG_3806.jpgIMG_3813.jpgIMG_3821.jpgIMG_3830.jpg


Cheers Ian

[Sir Stinkalot]

Hi Ian,

It is always a difficult one to answer and similar questions seem to pop up in the various sub forums.

First of all it helps if you work out why you are making the clocks. Is it just the enjoyment or do you want to make some additional money.

It's worth calculating your costs and its fairly easy. Very simply it will be the cost of the mechanism, timber and finish. If you can't cover these costs then you may as well give up if your intention is about making money. To get a more realistic cost then you also need to start considering the smaller things, sandpaper, machinery wear, electricity and add these onto your base cost. Then add your time at what you would like to make at an hourly rate, and then even a profit margin. It sounds easy enough but unfortunately it often then prices a hand made item at a rate higher than anybody will pay.

If it is about making money then your price also depends on how you plan to sell them. Making them is the easy (and enjoyable) part and selling is harder. If you are planning on selling at a market be sure to check them out before you book a stall. This will give you an idea of what types of goods are on sale and what type of customer it draws in. Looking at other sellers items (even if they are not the same as yours) will give you an idea of where you should be pricing your clocks.

The way I see it is there is a logical path that can be applied to set your base price, if it is too high you are unlikely to find a buyer. If you are fortunate to have a low base price then it is a matter of finding the right customer. Finding the right customer is tricky, selling to the wrong market they may not sell for $5 each, but if you find the right market they may get $100+ (for the same thing).

Hopefully it helps a little. Unfortunately there are too many variables to simply give you a dollar figure.

[daryl@kit-chens]

Hi Ian,
Your clocks look great mate. But how you price them depends greatly on a couple of factors notwithstanding the cost of your materials and time.

First consideration is "where are you planning to market them?" If your plan is sell them at the local open markets, then your prices will be a bit lower than if you planned on selling them in a shopping centre.

Certainly you need to consider your overheads to have an idea of your Minimum Price. But at the end of the day, Demand is your very best guide. Consider doing a bit of market research. Check out how much similar items sell for in various retail outlets near you.

Remember people at an open market are looking for a bargain and hence they are motivated on appearance and cost. Whereas someone in a retail store is not only looking at the appearance but also quality workings and what they perceive as value for money.

At the end of the day every individual will perceive good value differently. Also remember when you price your product, selling 6 at $50 is better than 2 for $100.

Also make a mental note of the more popular styles. In the meantime all the best of luck. I'd be interested in knowing whether you're planning to sell them in a retail or at an open market. Don't forget to try EBay.

Daryl

[Toymaker Len]

They are very nice looking clocks so they should sell well especially in the christmas rush. I would try a local market and start with $100, maybe make the very best one $140 and the smallest one $90. If they sell very quickly then you can begin to edge the price up or if they don't sell drop $20 off. People like to bargain too so if someone likes a clock but is wavering you can say "Look I'll knock ten dollars off..." Good luck with them, I'm sure you will make sombodys christmas complete.

[Dorno]

Thanks Daryl and Len I plan to sell them at markets along with my pens but I will not be doing anymore till after Christmas because I wanted to get several done and done properly before I take them to the markets. The next one I have is not till Feb so will be getting into some other stuff before then.

Cheers Ian

[Larks]

Before I read the responses to your post, my immediate impression was to price them at a market between $75.00 and $150.00, depending on the size, complexity and featuring in the burl etc. As the guys suggest though, gauge the market and make the price worth your while to do them without being greedy so that they will still be buyable and reasonably affordable. All the best with them

[ian]

Thanks Daryl and Len I plan to sell them at markets along with my pens but I will not be doing anymore till after Christmas because I wanted to get several done and done properly before I take them to the markets. The next one I have is not till Feb so will be getting into some other stuff before then.

Cheers Ian

Hi Ian

I think you have a problem right there.
What is the price range on your pens?
Will the clocks represent a 10 or 20x increase in cost compared to the pens?

Len and Daryl covered the principle of pricing to recover your costs.

Also, as well as the type of people who buy at the markets you frequent, and the goods that are on sale there, compared to what else that is on sale, would you define your clocks as "gifts" or as everyday objects. This will influence what people are prepared to pay.
Unfortunately, you may have missed this year's Christmas buying spree.

[artful bodger]

Hi Dorno.
The key here is why you are selling them.
If it's to get the maximum for each clock then I reckon selling your wares through a good commercial gallery type place is the way to go.
Generally markets are only on for one day a week, month even. While most good galleries are open at least 6 days a week. And you don't have to be there selling your stuff.
Selling at markets can be demoralising if you sit there all day and sell nothing or not much.
Markets can be good if you have lots of really cheap stuff and get lots of sales, however looking at your nice clocks I doubt that you have bootloads of them and are keen to get rid of them at dirt cheap prices? It doesn't rain burls very often.
If on the other hand you are happy to sell them to the best offers from bargain hunters at the markets then good luck to you.
If you don't mind me saying, I like the clock on the right hand side of your pictures the best. Looks like it is the only one with a matt/satin finish? (perhaps it's the way you photographed it). The really glossy finish on the other ones makes it harder to appreciate the timber under them. Just my opinion, no disrespect intended.