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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
Brian On Instagram: https://www.instagram.com/benham_design/
Custom Furniture https://www.benhamdesignconcepts.com/