I’m lucky I can walk. Apparently, I’ve had my head up my rear end for so long now regarding pricing, that I’ve come to that conclusion.
I’ll explain. I’ve been working on the Limbert #240 table for a client. I’ve been keeping track of my hours – looks like about 35 hours total, when it’s all said and done. I think that’s quite a bit for that project, BUT, it was my first time making it, and I’m sure I could trim off several hours when I do it again.
What did I price this piece at? $375, and $50 shipping.
WHY did I put that price on there? Because I just looked at it, and did a mental evaluation of how much time it would take, wood needed and so on.
In other words, I guessetimated.
Well, turns out, after the math is all done, I made less than $10 an hour. For skilled craftsmanship. I could skillfully make a Big Mac for that wage, and not inhale as much dust.
And then I looked around the ‘net for other craftsman making the same table. Their prices? $1400, $1800 and $2200 bucks. After doing this project I understand why. I thought prices like that were really high, and these guys had the attitude, “Well, I don’t want to make one for others, but if I have to, you’re going to pay dearly.” Well, now I see they are being paid properly. If they took the same 35 hours or so to make it, as I did, the least they’d make is $40 per hour – a reasonable amount for a skilled craftsman. Hell, plumbers make more.
So, I’m seriously going to up my prices – at least double. If I’m going to take the time and pain, and use my rather decent woodworking skills to make a piece, probably for someone that can afford to burn some money, then dang it, I’m charging good money for it.
And for that matter, double the damn shipping – i always get burned on that too!
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