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Ken Vaughan

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Re: Pricing?
Reply #30 - Apr 6^th, 2015 at 10:44pm

Ed Weber wrote on Mar 31^st, 2015 at 4:20pm:

While I don't disagree with what's been said, I definitely fall into Ralph's camp.
Ralph Fahringer wrote on Mar 31^st, 2015 at 3:37pm:

The only way to convince a customer to buy yours is to be better at it than the other guy.

I do know that just being better than the other guy is no guarantee of anything, it's all you can do.
I set my prices to reflect the workmanship of the piece, while others are just happy seeing chips fly off spinning wood and are happy to break even.
I can't change it and i really don't know it it would do any good if I could. Huh

Ed -- spoken like some one who is NOT a salesman.

Sales is to develop the sense of value and make the customer feel that value. Ralph is on the track -- know yours is better and be prepared to make sure the customer understands all the virtues and advantages of your product. Sales is tough hard work.

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Ralph Fahringer

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Re: Pricing?
Reply #31 - Apr 7^th, 2015 at 8:44am

Right, Ken... confidence in your work is key here, I think. Confidence can be shown by something as simple as having a story ready to tell about the piece you made. Let them know that to you, it is more than just pumping out "stuff" to sell. If your are excited about your work and how it came to be what it is goes a long way towards them connecting to it they same way you do.

Remember, part of the reason we do it is the love of the wood and all its beauty. Show that to them and get them as excited as you are. Now you have a buyer, not just a looker.

My 3¢ worth. Thumbs Up

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Ron Sardo WR Administrator WR Patron Offline Chief cook and bottle washer Posts: 9,675 Drums Pennsylvania USA PM 3520	Re: Pricing? Reply #32 - Apr 7^th, 2015 at 10:22am Ralph Fahringer wrote on Apr 7^th, 2015 at 8:44am: My 3¢ worth Inflation or confidence?
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Ed Weber WR Administrator WR Patron Offline Posts: 8,939 Wilton California USA Gender: JET 1642 Grizzly G0584	Re: Pricing? Reply #33 - Apr 7^th, 2015 at 10:40am Ken Vaughan wrote on Apr 6^th, 2015 at 10:44pm: Ed -- spoken like some one who is NOT a salesman. While I try not to be offended by that remark, the point is, as I said, I set my prices to reflect the workmanship of the piece, that's the price, not to be confused with the sale.
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Ralph Fahringer WR Addict Offline I'm the "Burly" Man!! Posts: 1,629 Ellsworth Maine USA Gender: PM3520b	Re: Pricing? Reply #34 - Apr 7^th, 2015 at 11:00am Ron Sardo wrote on Apr 7^th, 2015 at 10:22am: Ralph Fahringer wrote on Apr 7^th, 2015 at 8:44am: My 3¢ worth Inflation or confidence? Inflated confidence!! Otherwise known as my manic phase.
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Ron Sardo WR Administrator WR Patron Offline Chief cook and bottle washer Posts: 9,675 Drums Pennsylvania USA PM 3520	Re: Pricing? Reply #35 - Apr 7^th, 2015 at 12:30pm Ralph Fahringer wrote on Apr 7^th, 2015 at 11:00am: Inflated confidence!!
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Richard Pyle Active Member Offline Carpe Lignum Posts: 154 Oklahoma City Oklahoma USA Gender:	Re: Pricing? Reply #36 - Apr 8^th, 2015 at 3:05pm Would you tell a local artist to price his art in the same range as Michelangelo or Van Gogh?
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Ron Sardo WR Administrator WR Patron Offline Chief cook and bottle washer Posts: 9,675 Drums Pennsylvania USA PM 3520	Re: Pricing? Reply #37 - Apr 8^th, 2015 at 3:11pm Would you expect a Chevy Vega sell for the price of a Mercedes?
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Anthony Yakonick Senior Member Offline Posts: 413	Re: Pricing? Reply #38 - Apr 8^th, 2015 at 4:36pm Richard Pyle wrote on Apr 8^th, 2015 at 3:05pm: Would you tell a local artist to price his art in the same range as Michelangelo or Van Gogh? A. they were local to somebody B. Like many other "famous" artists, they barely made a living on their work. The value of their work didn't come until after they died.
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David Meade

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Re: Pricing?
Reply #39 - Apr 29^th, 2015 at 7:42pm

Alan Hollar wrote on Mar 31^st, 2015 at 8:24am:

The practice of retired folks with skill levels from rudimentary to amazing selling work at any price just because they don't require more to pay the bills cheapens the craft and makes it very difficult for those of us who depend on our work to support ourselves and our families.

In the same light as persons with skill levels from rudimentary to amazing inflating prices to support lifestyles beyond what their work should be valued at. I am of the theory that if your expertise is not providing you a comfortable living it is a hobby. That is exactly why I slaved at another career, while enjoying a hobby. Now in retirement I can showcase my skills.

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Alan Hollar

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Re: Pricing?
Reply #40 - May 1^st, 2015 at 7:57am

It really is fairly simple to figure a fair price. Material plus overhead costs(rent, power, water, phone, etc.)plus 10% percent for depreciation and maintenance, plus 10-20% for profit makes your wholesale price. You have to figure the costs other than material and break that down to an hourly figure. Remember that the time working but not turning counts. The complicated part is getting your production time down to a professional level, then finding a market that offers customers who can be shown the value of your efforts.

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Ed Weber WR Administrator WR Patron Offline Posts: 8,939 Wilton California USA Gender: JET 1642 Grizzly G0584	Re: Pricing? Reply #41 - May 1^st, 2015 at 8:41am Cost to make something is much different than the final price Alan Hollar wrote on May 1^st, 2015 at 7:57am: The complicated part is getting your production time down to a professional level, While maintaining you quality
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Alan Hollar

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Re: Pricing?
Reply #42 - May 1^st, 2015 at 2:43pm

Cost to make something is the beginning of determining the price that will support your efforts now and in the future. Final selling price is whatever you can persuade the market to go for. But if you have only your turning income , you have to account for the true, total cost of production plus a bit over for wear and tear and grocery money, or you slip slowly into bankruptcy. I have made a living turning for the last 20 years, and only now have had to surrender to declining spinal health and take a regular job. It is a tough life sometimes, and the greatest rewards have always been other than financial.

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Ed Weber

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Re: Pricing?
Reply #43 - May 1^st, 2015 at 3:05pm

Alan Hollar wrote on May 1^st, 2015 at 2:43pm:

Cost to make something is the beginning of determining the price that will support your efforts now and in the future. Final selling price is whatever you can persuade the market to go for.

This is what I try to get across to some people, cost is part of pricing but they are not the same thing.
Alan Hollar wrote on May 1^st, 2015 at 2:43pm:

But if you have only your turning income , you have to account for the true, total cost of production plus a bit over for wear and tear and grocery money, or you slip slowly into bankruptcy.

This applies a bit to hobbyists as well, some think their "hobby" pays for it's self, but many do not factor in the items you mentioned, especially depreciation of tools. Then, since it's not the main (or any part of) income, it's easy to overlook and/or justify.

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