Pricing a project?

Stuff i normally do is usually for family and friends.

But besides cost of the pattern (if purchased) and materials, how do you somewhat come up with your price?

I figured that when I purchased my machine i took the 200 hr warrant and divide it by my purchase price to get about $10 a hr to repay for my machine while it was under warranty.

Then take the cost of materials add that. that what I would charge family and friends.

oak tree 5.5
carve time normal 4.5
Oak wood-10 +5 for consumables.
total $65.50

What would you charge for a non family or friend?

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I started out with a similar format. However, the carve time ended up pricing me out of most markets. We do a number of craft shows. What I do now is first figure out wood costs then my time actually working on the project. Taking those cost, I compare that to what people might spend on this product. For instance, I carve quite a number of crosses. Most of the patterns I got for free off of the pattern depot, the one I paid for was $10, but I have carved at least 50 crosses off of that pattern, so it is not a cost I even consider. I also make a specific sled for each product to reduce wood waste. I also look at carving multiple product at the same time. I sell large and small crosses. The large I carve 1 at a time, the small 4 at a time. I started off charging $40 for a large cross carved on a 10" x 14" piece of cherry (about $4-$5 for the wood) and a small cross carved either on a 20" x 10" (4) or 16" x 10" (3) cross for $25( about $2-$3 for the wood per cross). Sold 1 or 2 at a craft show. I reduced the prices to $30 and $20 respectively and would sell a decent number of crosses. In fact yesterday I started with 16 and sold all but 2 of my crosses at our church craft show. The key is figuring out how to spend the minimal amount of time making your projects, sanding, staining and painting. Hope this helps.