Pricing Technique discussion--lets share examples of how we price

[lawrence]

All right folks-- I'm curious what the thinking out there regarding pricing for your work is--

None of us seem to be in real direct competition with each other so I propose that this be an open discussion... I'm certainly willing to share my experiences with y'all.

I also know this has been discussed in the past, but lets face it- times are different today than they were a year or two ago.

Take the recent lithophane and shadowbox I posted- my costs were

$111.00 for 2 pieces of 12x18 material with rush shipping. I ended up only needing 1-

$20 or so for LED christmas lights (I had them at the house already)

$3 or so for a cord with switch (I had it already)

approximately 3bf of Honduras Mahogany (retail is approx $17 per bf, though that is not what I paid) so the value of the wood is about $50- though again, I paid about $5

less than $10 for the back ply, foam backer and felt, and glass

In other words, my material cost (retail) was just under $200 retail (just under $100 in reality) The carves took 3 hours and change for the litho and about an hour for the 2 sides. My labor time, including design, shopping, drive time, lumber prep, assembly, and finishing was 15-17 hours. I'm charging $500 and got $200 down.

At first glance, this seemed like a high bid, but now that I see that I made about $20 per hour based on the retail costs ($25 per hour or so for actual costs) I see that I got about the right price in reality. If I hadn't overbid the price in the first place I would have been making less than the $20 or so per shop hour I charge for custom woodworking. This being said- I still feel like this was a high bid and if asked again (now that I have the bugs worked out) I would probably confidently price at $350-$400 for a like piece.

I'm curious how you all price out your work and if you're willing to share your experiences I'm sure we'll all benefit.

Lawrence

[gregsolano]

I have been selling small projects since I got my CW a few months ago. I want to graduate to larger projects but these were good practice items.

I have sold about a dozen clocks.

Pine $5 per clock, clock parts $4.50 per clock, stain pens about $5 per pen each pen does about 6 clocks, Clear lacquer spray paint $4 per can which does 6- 7 clocks. So roughly $11 per clock, and it takes me about 1 hour labor and 2.5 hours carving time in the CW. I have been selling for $35 each.

I have also sold 6 Jesus on cross candle bases which I sell for $25 each. Pine is about $3 per item, same stain pens and lacquer roughly $1 per item, about 1 hour labor per 2 crosses ( I make 2 at a time). about 2 hours carving time on CW.

Misc other projects like a butt plate I am now making for a old Mexican Mahogany rifle cabinet I am trying to make $20 to 25 an hour.

I am looking to make some larger projects which I expect to sell for a much higher price, A southwest design Bench which I want to sell for $100 to $200 dollars, And larger Religious items. So far I am about half way to paying for my CW which is a version C I bought used for $1000 .

I have also bought and sold two older sears compucarves for about $200 profit on each. One had rubber belts and a full bit set which I kept for my machine before selling it so that was worth a few hundred to me besides the $200 I made re selling the machines. I bought the first just to get the bit set and rubber belts then after I still made $200, I bought another when I ran across it for $700 and sold it locally for $900.

I have made numerous items I have given away to friends and family but I consider those practice and learning projects.

Greg

[quarrydesigns]

I have always had good success with a simple pricing concept of $100/day above cost. Meaning I estimate the number of full, half or quarter day a project will take x 100 + expenses. Of course accurately estimating the time is the key.

For example the tumblehome jewelry box with carved top shown below is priced at $75, $50 for 1/2 day, $15 for reclaimed chestnut, $10 for tray, flocking, finish knob etc..

Daniel Smith
Quarry Design Wood Working
www.quarrydesignswoodworking.com

[gregsolano]

Daniel your attachment did not come through, You may need to edit your post in the advanced mode and re attach it.

[captbuck]

I have not had my CW machine very long but I have been a self employed woodworker and construction company owner for a lot of years. There is only one theory I adhere to when it comes to pricing, or working for hire, it is, "If I ain't gonna make nothin', I'm gonna make it doin' nothin'". A little humor never hurts does it?

[CarverJerry]

I have sold some of the things I've made. My hottest items are lithopanes and I sell them for around $125 for a 5X7 which includes the LED's, the shadowbox made from cedar. Some of the other items like what comes with the POM's are really nice but if you put a $20 or $25 per hour price on it I don't think I could live with myself. Example would be the coin caddie, everyone loves that but I have close to 5 hours into these and I just can't see charging someone $100 or more for those. Maybe I'm too slow at finishing things but I'm also a perfectionist and if it isn't perfect it gets redone.... I try and keep this as a hobby, but still make enough money to keep my supplies going. I don't think anyone will ever get rich off the CW.... Just my 2¢ worth, as I just love to work with wood.

CJ

[Gean]

I have sold a few items and use the following as a pricing guide. $8.00 per carving hour on the machine then one half the carving cost for sanding, assembling, and finishing. This makes things cheap enough for most people, yet expensive enough that my hobby doesn't turn into a business. I did that once with my greenhouse and the hobby became a job with associated stresses and worries.

Gean

[drsprky]

Love your philosophy, Jerry. It's about the wood, isn't it? Just making enough to support one's habit/obsession (I won't call it a hobby) is probably enough. Right? I haven't done any liths yet, but I've been boning up on materials and such. I can see those being very marketable. With an artistic bent, and knowing of the many craftsmen who are 1)self-taught, B)industrious, and, Also)devoted to detail, I have dreams of making some really high-dollar stuff. For now, though, and for the almost-a-year since I got my machine, almost everything is an experiment. A wild ride on unfamiliar roads. So far, I've made $40 on a desk plaque. I gave away four others, hoping to attract interest. I'm moving on to more eye-catching things. I've found that people really are vainglorious, in that they love to have "shiny things" to show their friends. The history of art and of craftsmanship is a testament to that.