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How to Price Your Work?

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Blog entry by WoodshopTherapy posted 12-22-2018 11:57 AM 1509 reads 2 times favorited 5 comments Add to Favorites Watch

For those of you who sell pieces, how do you price your work? I struggled with this when I started selling my woodworking pieces back in 1999. Since then, I’ve used business skills and understanding my local market to know what works best. From talking to other woodworkers, I understand this challenging for them too, so I share openly what I charge per hour and an industry range as well in this video called:

How to Price Your Work – https://youtu.be/d42Dlu0ehHg

This is a topic where the answer is unique for every person, but the guiding principals apply to everyone. I’m interested in hearing feedback.

Thanks,
Scott

-- Scott Bennett - sharing woodworking knowledge



5 comments so far

View Woodtodust's profile

Woodtodust

69 posts in 2314 days


#1 posted 12-22-2018 01:40 PM

Hi Scott. Lots of info in an 11 minute video. Very good job. These are the basics that have to be considered by anyone trying to sell a product for profit. I think some very good crafts people failed when they tried to make a living selling their products because they didn’t understand all of their costs. Your 50% model is a good eye-opener. Also, using a work breakdown process, as you described, when pricing will help identify activities that would probably be overlooked when pricing a project.

This stuff can be tedious and not as fun as making something but worth the effort. Thanks for sharing.

-- Bill...Richmond Hill, GA--"83% of all statistics are made up."

View WoodshopTherapy's profile

WoodshopTherapy

58 posts in 581 days


#2 posted 12-22-2018 03:56 PM



Hi Scott. Lots of info in an 11 minute video. Very good job. These are the basics that have to be considered by anyone trying to sell a product for profit. I think some very good crafts people failed when they tried to make a living selling their products because they didn t understand all of their costs. Your 50% model is a good eye-opener. Also, using a work breakdown process, as you described, when pricing will help identify activities that would probably be overlooked when pricing a project.

This stuff can be tedious and not as fun as making something but worth the effort. Thanks for sharing.

- Woodtodust


Thanks for sharing your thoughts. It’s too bad there isn’t a silver bullet answer on pricing – it takes time if you want to be successful.

-- Scott Bennett - sharing woodworking knowledge

View a1Jim's profile

a1Jim

117708 posts in 4054 days


#3 posted 12-22-2018 04:44 PM

Very good video Scott,this is a subject that comes up all the time on Ljs and I think you have covered it very well.

View Andrew1500's profile

Andrew1500

5 posts in 262 days


#4 posted 12-29-2018 10:55 AM

Scott, Thanks for putting this together. It is very useful information.

View chrisb89's profile

chrisb89

13 posts in 1199 days


#5 posted 01-02-2019 06:29 PM

Thanks for the video. The info is helpful. I have sold several projects over the years but always struggle with the pricing. The last project I did for a designer, I used materials cost times 3 for the overall price. I felt like I covered my time relatively well, but as a subcontractor, I might have charged to much. Haven’t seen more work from her lately! This is a difficult concept for the public to get. They want to pay less than what they can get it for at a furniture store!!

-- ChrisB

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