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Reply by northwoodsman

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Posted on My First Craft show

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northwoodsman

242 posts in 3562 days


#1 posted 03-07-2010 10:50 PM

I think you need to look at it several different ways. Start with your material costs. If you are buying $6.00 blanks, you are paying about $54 per bd ft. for the lumber. You need to get that cost way down. Go to a saw mill and buy scraps or ends, or cut them from larger blocks of wood. If McDonalds went to a grocery store to purchase the ingredients for a burger, we woud be paying $9.95, not $0.99 for a small cheeseburger. $3.50 for a stopper isn’t bad, but if you can cut your wood cost down, I’d invest some of that back into a higher quality stainless steel stopper (maybe you already are). You could then raise your price. You can figure the cost of the finishing supplies into the equation, but I would leave the lathe and the tools out of it for now. Did you buy the lathe and the tools solely for the purpose of generating an income, or did you buy them for a hobby?
Wood – $1.00
Stopper – $5.00
Misc. Supplies – $0.50
Labor – $15.00
Sales Price – $25.00
Profit = $3.50 (14%) + you paid your self $15.00 per hour.
There are thousands of business owners who would be doing cartwheels right now to make even an 5% profit.

-- NorthWoodsMan


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