The Maker's Quest

A Podcast exploring the journey of making things and living a creative life


How to Price Your Creative Work and Avoid Pitfalls – EP19

How to Price Your Creative Work and Avoid Pitfalls – EP19

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Show Notes

Tonight, we talk about how to price your work so you can run a successful business and put food on your table.  Whether it is pricing a custom piece or a mass-manufactured piece, we’ve got you covered with a few tips you can implement today to price your work for success!

  • Sometimes, you just have to guess
  • Compare what other people charge for comparable work
    • What is the perceived value of your product
    • What will the market bare
  • Track your time to know your labor rate is covered so you can better decide how many hours to charge for future projects.
  • Get a design and retainer fee so your time doesn’t get wasted.
  • Determine the client’s budget before spending time designing
  • Don’t cut corners, or you won’t get return business.
  •  Try not to tie up cash; it becomes less valuable over time.
  • Find the true costs beyond time and materials
  • Consumable supplies can add up
  • Determine your overhead costs and determine what that cost per hour.
  • Costs are always moving, so it is not a cut-and-dry situation
    • Track your costs over time and reassess what your average costs are often.
  • Save on bulk rates, not only your materials, but build processes that are efficient.
  • True costs can’t be calculated; it is all an educated guess by tracking everything you can
  • Pay your tuition in school or Pay it in real life.
  •  As you get better and faster at things, be sure to adjust your labor rate upwards, or you will be losing money on efficiencies if you are charging by the hour.
  •  Use passive income sources to offset other costs

Hosted by

Greg Porter
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Brian Benham
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Custom Furniture

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