Woodturner's Resource
Woodturner's Resource  
  • Featured Artist    • Websites   Support Wr
Tutorials, Projects & Tips   • Event Calendar   • Tool and Book Store
  Home Page Forum HelpSearch Map TPT Resources LoginRegister
 
Page Index Toggle Pages: 1
Send Topic Print
Product Pricing... (Read 208 times)
 
John Grace
WR Addict
*****
Offline


Everyone needs a good
wingman...

Posts: 759

Bel Air, Maryland, USA
Bel Air
Maryland
USA

Product Pricing...
Oct 11th, 2018 at 11:25am
 
Earlier this year, I purchased several of the 4-in-1 screwdriver kits and will be making some of these for a show I'm doing in November.  Appreciate the prices vary based on many factors, I'm still curious if anyone else sells these, and if so, at what price?  thanks...John
Back to top
  

“If history were taught in the form of stories, it would never be forgotten.”  Kipling
 
IP Logged
 
Register To Remove Ads
Bill Neff
WR Addict
*****
Offline


WR Rocks!

Posts: 701

Barronett, Wisconsin, USA
Barronett
Wisconsin
USA

Gender: male
Re: Product Pricing...
Reply #1 - Oct 12th, 2018 at 9:15am
 
When I price bowls I multiply the width x height x 2.   You could do the same with the screwdrivers.    Kit x 2.5.  So if you paid $5 for the kit, you could ask $12.50.
Back to top
  

Some people are like slinkies... totally worthless but it puts a smile on your face when you push them down the stairs.
WWW  
IP Logged
 
Ralph Fahringer
WR Addict
*****
Offline


I'm the "Burly" Man!!

Posts: 931

Ellsworth, Maine, USA
Ellsworth
Maine
USA

Gender: male

PM3520b
Re: Product Pricing...
Reply #2 - Oct 12th, 2018 at 10:54am
 
An equation like that doesn't take into account the cost of the wood blank AS WELL AS your time and experience to make the bowl... or the pen.

So, if an 11" x5" thick bowl blank cost $25.00 and you charge $110 for it, you only made $85.00 on it.

I sold an ambrosia bowl with that size for $225 and definitly could have gone higher on it.  I cut her a break as she had just brought in almost $1,000 in framing... and on more than one occasion.

The blank cost about $35 including shipping.

I have sold smaller bowls for $285.


Seriously, that "rule of thumb" of deciding the price based on that equation of WxHx2   is so not the way to do it!!

I'd say that equation could be used to figure out how much the WOOD is worth!!! THEN decide how much your time is worth ON TOP OF THAT.

Why would would you sell a pen you custom made  and only make $7.50????? Makes NO sense AT ALL!

In my framing business, I mark up the materials all the time as does eveyone else in business....THEN i try to figure out how much more to charge for labor (and 25 years experience in my field) that I need to make to cover my overhead and my salary and possible retirement.

Doesn't matter if you are only doing it as a hobby. Make some money while enjoying your hobby!! Thumbs Up
Back to top
  

Originality is the art of concealing your source.
 
IP Logged
 
Ed Weber
WR Administrator
WR Patron
*****
Offline



Posts: 5,708

Wilton, California, USA
Wilton
California
USA

Gender: male

JET 1642
Grizzly G0584
Re: Product Pricing...
Reply #3 - Oct 12th, 2018 at 11:08am
 
Most of the ones I've seen sell for min. $25, ave. $30, max who knows.

Bill Neff wrote on Oct 12th, 2018 at 9:15am:
When I price bowls I multiply the width x height x 2.   You could do the same with the screwdrivers.    Kit x 2.5.  So if you paid $5 for the kit, you could ask $12.50.

IMO this is apples and oranges.
Calculating the price based on size of the finished product is one thing but you can't use the same calculation using raw material or "kit" cost alone.
I would never base my price solely on a multiple what my materials cost me.
JMO

Back to top
  
 
IP Logged
 
Ralph Fahringer
WR Addict
*****
Offline


I'm the "Burly" Man!!

Posts: 931

Ellsworth, Maine, USA
Ellsworth
Maine
USA

Gender: male

PM3520b
Re: Product Pricing...
Reply #4 - Oct 12th, 2018 at 12:39pm
 
..as a sort of post scrip..

Just because you got the wood for the bowl for free doesn't mean the customer ALSO gets the wood for free!! Smiley


Back to top
  

Originality is the art of concealing your source.
 
IP Logged
 
Cliff De Witt
WR Addict
*****
Offline



Posts: 916

DeSoto, TX, Texas, USA
DeSoto, TX
Texas
USA

Gender: male
Re: Product Pricing...
Reply #5 - Oct 12th, 2018 at 5:29pm
 
The thing I have been doing is; every time Harbor Freight has their screwdrivers for free I stop in and pick up a tube of super Glue and a free screwdriver, I get eight or nine a weekend.
The handles turn right off and you have a free kit for the screwdriver, I sell mine for $18 to $25.00 depending on the wood, all of which I get for free from a cabinet shops dumpster, down the road.

Screwdrivers pay for all my registration fees at shows, and Farmers Markets.
Back to top
  

One of my biggest fears is that my widow will sell all my toys based on what I told her I paid for them.

Matthew 25:45
 
IP Logged
 
Don Stephan
WR Addict
*****
Offline


WR Rocks!

Posts: 1,846

Cincinnati, Ohio, Ohio, USA
Cincinnati, Ohio
Ohio
USA

Gender: male
Re: Product Pricing...
Reply #6 - Oct 12th, 2018 at 7:19pm
 
Harbor freight prices are lower because their cost of materials is lower, in other words they use cheaper materials.  So the screwdriver tips will not stand up to regular/hard use like better quality tips.  If you get a reputation for tips that don't last, your sales will plummet.
Back to top
  
WWW  
IP Logged
 
Paul Grenier
WR Noob
Offline


WR Rocks!

Posts: 13


Powermatic 3520B
Re: Product Pricing...
Reply #7 - Oct 14th, 2018 at 7:31am
 
I successfully use the diameter X the height formula, BUT my formula uses a multiplication factor of between 3 and 6 depending on the wood, the design and the level of difficulty.  So if I have a 12" X 6" bowl out of a highly figured cherry burl, I would use a multiplication factor of 3.5 to four ($252 to $288) depending on where it was for sale and the quality of your work - no tool marks, even wall thickness, no sanding scratches, etc.  That price is considering that I got the wood for no out of pocket cost.  I know turners that price their work absurdly low and when I've mentioned it to them, them seem to take it as a compliment.  Don't undervalue your work.
Back to top
  
 
IP Logged
 
Register To Remove Ads
Ed Weber
WR Administrator
WR Patron
*****
Offline



Posts: 5,708

Wilton, California, USA
Wilton
California
USA

Gender: male

JET 1642
Grizzly G0584
Re: Product Pricing...
Reply #8 - Oct 14th, 2018 at 9:47am
 

Calculating cost is Math
Anyone should be able to figure out the out of pocket cost of their work. Once you've added up all the variables (time & materials) you're done.

Pricing work is Art
Pricing your work has more to do with aesthetics of the work and the venue in which it's sold along with current market prices.

If the OP makes a nice screwdriver and sells it for $30, that the end goal.
it doesn't matter if he paid for the wood, got it from the scrap pile, bought a kit or used parts from harbor freight or any other combination you can think of. If screwdrivers are selling for $30, that's what he'll get.
Back to top
  
 
IP Logged
 
John Grace
WR Addict
*****
Offline


Everyone needs a good
wingman...

Posts: 759

Bel Air, Maryland, USA
Bel Air
Maryland
USA

Re: Product Pricing...
Reply #9 - Oct 14th, 2018 at 3:11pm
 
Thank you to all who chimed in...it's appreciated.
Back to top
  

“If history were taught in the form of stories, it would never be forgotten.”  Kipling
 
IP Logged
 
Arlin Eastman
Senior Member
****
Offline


Born in the USA

Posts: 292

Council Bluffs, Iowa, USA
Council Bluffs
Iowa
USA

Gender: male

PM3520B
Re: Product Pricing...
Reply #10 - Oct 26th, 2018 at 1:58pm
 
I kind of do what Ralph says, however, price is also determined by where you live.

For slimline pens I charge $25 and for the bullet pens I charge $35.  On special figured woods on making bowls I charge more.  I sold a quilted bowl that was 8"x2.5" and sold it for $75 and the same size bowl in Walnut I have sold for $55.

In the Omaha area there is a lot of wealth and if you are in the high priced market but that is one where all the pictures are needed and a big fee to get into it around $500 to $1000.

So like I said know your market.

Last I would like to say what someone told me and it kind of fits.  Figure out the hourly rate you wish to make like $50 to $100 per hour.  Then add the cost of the material as in wood, sand paper, electricity, tool cost and so on.  Remember you will have to buy more tools in the future and sand paper and had to pay for the lathe or even a bigger one in the future so with the money made put some of it off to the side to use later.
Back to top
« Last Edit: Oct 26th, 2018 at 2:08pm by Arlin Eastman »  

It is always the right time;  To do the right thing
 
IP Logged
 
John Grace
WR Addict
*****
Offline


Everyone needs a good
wingman...

Posts: 759

Bel Air, Maryland, USA
Bel Air
Maryland
USA

Re: Product Pricing...
Reply #11 - Oct 26th, 2018 at 2:56pm
 
Arlin Eastman wrote on Oct 26th, 2018 at 1:58pm:
Figure out the hourly rate you wish to make like $50 to $100 per hour.


Appreciate the input Arlin...those are good thoughts to keep in mind.
Back to top
  

“If history were taught in the form of stories, it would never be forgotten.”  Kipling
 
IP Logged
 
Page Index Toggle Pages: 1
Send Topic Print