How do you price? - Woodworking Talk - Woodworkers Forum
 
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post #1 of 7 Old 02-19-2018, 11:35 PM Thread Starter
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How do you price?

So Iím very new to woodworking and need some help on pricing. What is a good rule of thumb for pricing? Letís say you have $40 in materials on a small table and all youíre doing is sanding it down. Customer doesnít want any stain or paint. What would you sell it for? What if you stain and polyurethane it? What do you normally charge per hour?


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post #2 of 7 Old 02-19-2018, 11:38 PM
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I donít do wood work to get rich. I usually just figure up the appropriate cost plus whatever I want to make. If youíre doing it as a business you should probably come up with a better plan.
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post #3 of 7 Old 02-19-2018, 11:59 PM
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There is a podcast called "Against The Grain" where 3 industry professionals spend 2 episodes explaining how they go about pricing work. Episodes 11 & 12.
Definitely worth a listen!

-Colbi
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post #4 of 7 Old 02-20-2018, 12:03 AM
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Quote:
Originally Posted by Nick W. View Post
So Iím very new to woodworking and need some help on pricing. What is a good rule of thumb for pricing? Letís say you have $40 in materials on a small table and all youíre doing is sanding it down. Customer doesnít want any stain or paint. What would you sell it for? What if you stain and polyurethane it? What do you normally charge per hour?


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To strip and refinish a small table I charge $150.00. I use lacquer though when refinishing. Lacquer is a lot quicker and easier.
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post #5 of 7 Old 02-20-2018, 09:36 AM Thread Starter
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Originally Posted by Sawdustmaker99 View Post
I donít do wood work to get rich. I usually just figure up the appropriate cost plus whatever I want to make. If youíre doing it as a business you should probably come up with a better plan.


Iím not doing it as a full time business. At the same time I donít want to screw people or get screwed. So far my prices are a lot lower than guys around me in my area
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post #6 of 7 Old 02-20-2018, 10:37 AM
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Iím not doing it as a full time business. At the same time I donít want to screw people or get screwed. So far my prices are a lot lower than guys around me in my area
What is your work worth to your customers? Do you do the same or better quality work in the same or less amount of time as those guys around you?

If your work is worth the same as the guys around you and your prices are a lot lower, then I say you are screwing yourself.

Perhaps you might argue that you are pricing yourself "a lot lower" to attract customers and build the business. I say that you are screwing yourself. You are setting low price expectations for your customers, and it is hard to say later, "That was my introductory pricing when I started the business. The true price is double what you paid before."

Only you know what you are truly worth. Believe in what you can do and what value that work has to others. Don't be tempted to discount yourself.

If you need a guideline, my advice would be to set your prices at or just slightly below the "guys around you." If you can't sustain that, then assess the quality and efficiency of your work in comparison to your "competition."
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post #7 of 7 Old 02-20-2018, 04:06 PM
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Ultimately, you should charge what the market will bear. If your customers are willing to pay $150, then you should charge $150. If your competition is charging $150, undercut them at $140. You might have $40 in the project but you're not counting your time and labor at all. The work you do has monetary value. Figure it in.
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