A question about pricing

[Gary Koval]

Hi everyone,
I have a question about what members would charge for these signs. Being from an area of the country that is more depressed than others economy wise, I just wanted your opinions. Both signs are approx 11.5" square Corian or similar plastic material. Both took about 1hr. to carve, and both took about an 1.5- 2 hrs. to paint with water based hobby paints. They are coated with a clear in/outdoor spray lacquer. A key hole slot is carved in the back to be used for display.
Keeping the state of the economy out of the equation, what would you charge individually for these signs?
Thanks,
Gary

[lawrence]

First off, they are beautiful

Secondly, as for pricing- I think that your time, material, and carving calls for $100ish but the actual market for something like that around here would likely be more in the $40-$50 range. A lot also depends on what market you are selling in.

I know my answer seems low- this seems to happen quite a bit with hand-painted detailed signs... my hourly wage goes waay down on those as well and I'm sure will continue to do so until I get faster (which I will do with practice)

Lawrence

[TerryT]

Beautiful work Gary.

[Ton80]

Nice work. You're pretty fast painter if you were able to get that detail in 2 hours :)

I don't know what the corian cost but decide what you want to make per hour and add the cost of your material to it for something like this and see what happens. If you sell your work online you can reach areas that might allow you to charge a little more.

I think Lawrence's price of around $100 is what something like that is worth given the investment you've made to develop your skills. Whether others that would buy it agree is another question.


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[badbert]

Give 'em a deal! That's what I always say. Tell them you usually sell them for $100 but right now they are on sale for $60 or 2 for $100! That usually gets them to make you an offer, split the difference and count your money! By the way... Beautiful work!

[Smoken D]

What I have learned, mostly area where I live, the rule is, "Wal-Mart customer, Wal-Mart price". And many of those cannot spend what money they have on what we produce. Then when on the Plaza (ritzy place in Kansas City) The sky and beyond is the limit:)

Oh yea, really a beautiful job!!

[Gary Koval]

Thanks for the responses guys. I just want to know what you would charge if you were selling them. I know a lot of variables play into it, lets just price the corian at say $7.00, $5.00 worth of paint, and $1.50 worth of spray lacquer. so say $13.50 in material. Less taxes, shipping, what would you charge for the piece itself?

[jaustin]

$13.50x3=$40.50+$10(per carve hr)=$50.50 round to $50

[dehrlich]

Well in MHO I think in the $60-75 range would be fair, perhaps a little more. I have stopped doing stuff for cheap and I'm still almost too busy. Here are a couple of examples:

60214
This sign is 12x15 on maple. I charged $80 for it.

60215
This one is on Cherry, 8x10. I charge $60 for them and sell 2-3 a week. Have gotten good enough I can paint one of these in an hour or less.

My strategy is put a price on something that you think you want. If they don't sell start dropping it a little at a time until they start to sell, then you know where the price should be. But I would rather not get a sale then sell something so low I'm not making much money. Customers have to consider the years of time it has taken to aquire the skill you have, all the money invested in tools and so on. You can mention that they will not get a custom item like this anywhere else, painted the colors they want with thier name. If you want custom, you have to pay for it. A body shop will not paint flames on your car for cheap will they? Just my $0.015.

[lynnfrwd]

Totally agree! Don't undersell yourself. You can always go down. It's much harder to go up.

[wlkjr]

My philosophy is "Do I want to be tired and broke or rested and broke?" Unless it's for special friends I'd try to make a minimum of $20 per hour. At that you still wouldn't be making that much. I'd say $60-75 also. Once you go too cheap and then try a fair price, someone will think you're trying to cheat them. My wife says I'm too cheap but I charge what I feel good about.

[aokweld101]

I'm having the same problem I want to sell them and been a vendor on 4 different times and had a hundred at least people look at them, I feel that I'm not asking enough for them but can't seem to sell them and i been asking $40.00 for a 10.5 x 17" made with cypress and not just a simple carve, but been making projects such as the heart box, endless heart box, the cookie box, bread crib and the likes.and they like what I have and tell me how great they look and walk on...I have a good Investment on this also with about $9,200 invested. and only sold 4 carves. And what is frustrating its a hobby and I just want to be able to keep doing it...thank gosh I'm not making a living with it I'd starve to death...lol

[unitedcases]

I have tried many methods, but the one that I have found that works for me is materials and machine time (5 an hour) x2. It's simple and it has been working for me. If I feel I can get more then I throw some padding on. As far as profit an hour I don't worry about that since I am still classified as a hobbyists so to speak. My business survives well on its own profit. Well enough that today I finally ran a 70amp service to my building and it was all paid with project money from the CW. Also I try to stick more with making things and loading them on eBay and my website. Also Facebook and the yard sales sites. That way I am doing what I love at the speed I love. Instead of having a due date for everything. You have to come up with your own way of pricing. And you have to really look at your market and what sells there.

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[Ike]

[QUOTE=Gary Koval;198442]Hi everyone,
I have a question about what members would charge for these signs. Being from an area of the country that is more depressed than others economy wise, I just wanted your opinions. Both signs are approx 11.5" square Corian or similar plastic material. Both took about 1hr. to carve, and both took about an 1.5- 2 hrs. to paint with water based hobby paints. They are coated with a clear in/outdoor spray lacquer. A key hole slot is carved in the back to be used for display.
Keeping the state of the economy out of the equation, what would you charge individually for these signs?






Gary this is how I charge for my signs. I go by the square foot. I use different prices for simple signs they start at $30.00 and go higher for the more detailed. For those who don't know how to figure square foot this is how it goes. You take the thickness times the width times the length divided by 144. I.E. 1" X 6" X 24" / 144 equals 1 board foot. Then pick a price for your sign. Now keep in mind to determine the price you charge is what material you use, the time and detail of the painting and finish.

For your signs it very detailed and very costly material used! Now your signs are simple math 1 board foot. Remember when you buy boards they round up a 12" board is usually 11 1/4", but they charge for 12". What I would charge is a min. of $75.00. But with all the detail I would charge $100.00. I just sold a sign 1" X 14" X 28" which is 2.7 board feet I sold for $150.00 It was very detailed and I do a base board size then add for art work.

The simplest way is just by the board foot, however I first charge for the blank in the 1" X 14" X 28" blank I charged $28.00 a board foot which came to $75.00 then I added for the artwork it had 6 pine trees then an RV a buck and a oval edge and finished. $20.00 for the trees, $10.00 for the RV $10.00, $10.00 for buck and $10.00 for the oval edge. Oh and $10.00 for the finish. It came to $175.00, but for the simplest way it is $65.00 a square foot. I break it down because it let's the customer control the price and can change whatever to adjust the price.

Hope it made sense? If you go to my website www.rcwoodworksonline.com and to the online shop you can see how I have it broke down.

Ike
Thanks,

[Gary Koval]

Thank-you everyone,
I had wanted to lower my asking prices from $45.00 to $30.00 to move them, but after reading, you folks are right, I am going to look for a broader customer pool. Everytime I look at these finished pieces, I think, man these have got to sell for a higher price than what I'm asking... The saga continues... But thanks for the good advise
Gary