How to Price Your Creative Work and Avoid Pitfalls

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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