Pricing Your Work

Pricing

·      This is not an easy subject because pricing can run the full spectrum. 

·      There’s a lot of emotions that can go with pricing your work as well. 

·      Let me offer some reminders and suggestions to keep in mind and just express how I feel about pricing my furniture. 

·      I am especially going to come from this as a furniture artist that sells most of my work in local shops or booths or from my residence.

·      This isn’t the fun part of any business or hobby.

How to come up with a price for your work.

·      Before we think about what you have in your piece as far as time and supplies, etc. Let’s think about our competition and the artist community where you are.

o   I recommend you go on Marketplace and set your range to like 100 miles and look for pieces like yours. Find 10 items similar to yours, then average the prices out and see where you are. Does that match up with where you need to be?

o   Walk through some local shops and check prices there as well. Make notes.

o   Etsy most likely isn’t the place to look since those items often have shipping included. If you aren’t selling there, don’t overly look at that as an option—it’s not your competition.

·      I have said this a lot—the customers or market sets the price.  Sometimes your patience does too. 

·      Creatives often get infused into the process and forget about the details. I am right there with you. But is there a living to be made?

·      Is this a hobby or a future business?

·      You must make a profit and pay yourself.

·      Do you know how much money goes into your projects? That’s tough to figure out.

·      Items that go into your price

o   Supplies

o   Time

o   Facilities

o   Furniture

o   Booth Rent

o   Commission Fees

o   Travel

o   Deliveries, and more