Thread: pricing finished pieces

second piece is a malle root clock 30cm width $55

The public will soon let you know what your pieces are worth. If they are too expensive nothing sells, too cheap and everything is gone by lunchtime. Start cheap and work your way up until you reach a satisfying level of return for your work. Good presentation is also important, a clean table cloth, a pleasant friendly and open manner, nice clothes,etc. Keep talking about your stuff and paying attention to the customers. Its just too easy to get into a long technical conversation with another woodworker (they never buy anything) and let the real customers go by.
Good luck with it. Your pieces look really nice. Cheers...Len.

It is a provocative question.

Len makes good points. And I'm sure that the pros amongst us with say that they base their prices on cost of materials, construction time - you know, all the appropriate economic factors.

But for the rest of us amateurs, should we think to sell the occasional piece (as distinct to giving it away to friends and family), it is much harder to judge the real worth. Going by the phases of the moon is not good enough (although my horoscope did say I would make a handsome profit today).

The amount of time we amateurs expend on our projects, the wood we waste in redoing parts, the whisky and beer that are a fundamental part of post-session brag or tantrum, and the extra (necessary!) tools that are required for just that project - well, I suppose that we must factor these vital elements into the final price. Unfortunately they are not necessarily appreciated by our public.

I welcome your thoughts. I have a pre-apocalyse era hatstand that was carefully built over a period of 7 years with the best nails and knotty pine. I figure my time and the materials at around $1500. For sale.

Regards from Perth

Derek

Len is totally correct that the general public sets the market value of anything.

Its just as difficult for a pro to determine the value of something as it is for a hobbiest. Looking at the prices that other people are actually selling their goods for is the easiest guide. But dont copy prices or you may end up copying prices of things that dont sell.

The bean counters use a cost plus profit system to work things out but this has flaws. You may spend $200 making something that will only sell for $100. Sad - but the product value is only $100.

I try a few things out for a while then occaisionally I will have a sale and sell for whatever I can get. I figure I'm better off with money back in the pocket rather than being tied up in a useless product. These clearance sales often boost sales of other things that aren't discounted.

Ozwood2003

Before I give you any advice, I'd better declare my qualifications. I'm an amateur woodworker but in between weekends I'm a professional manufacturer - running a multi-million dollar business (nothing to do with woodworking).

For what it's worth, here's my opinion:

First of all, never confuse cost with price. Cost is an absolute. At a given point in time, any fabricated object will cost a defined amount (ie, materials + labour + overheads = cost). People will try to tell you that price is cost + profit. This is a highly desirable state of affairs but it's not always true.

Price is not an absolute. In reality, price is a movable value situated on a line drawn between two points

- The lowest you are prepared to sell it for.
- The most you can get for it.

The market and your willingness to meet it will determine where your prices should be set. Len McCarthy's advice is sound.

Good luck

Col

tnx for reply guys ,all info helpful...seen clock same size a mine ,,same material go for $75 mine go for $60 ...........bit cheaper ..but from what ive seen .....better quality......................thnx for info guys

Got to also consider who you are trying to sell to, going to get a different result if its tourists, residents of an expensive suburb or the local battlers. And if its tourists remember that the poor buggers only get a 20kg luggage limit to the uk so you'll probably sell more of smaller stuff.

I used to knit picture jumpers to order ( as a hobby business), making up designs to suit the person buying, sometimes from photos ... didn't have all the computerised equipment that is available now ... it could be very labour intensive. I found that some people would ask for a quote for a jumper and be really really indignant that I was proposing charging them any more than it would cost at British Home Stores for a manufactured jumper ( local equivalent store is probably Target ). And I'd feel bad about charging them a price that even vaguely reflected the labour involved. Then someone else would go "is that all ... are you sure you don't want more than that".

Have to say the buzz of seeing someone in the street wearing something I'd made was priceless.

Good Luck.

To a certain extent you need to think about pricing before you you make product.

Get an idea of the market by researching wahts out there and what mooves. See what the othere dudes had on their stall early in the day and whats left later and the pricing and what has been on the stall for weeks.

Then make products that suit pricing expectations & your needed margin.

But its always a gamble.