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A Slow Nickel, or a Fast Dime

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Forum topic by pashley posted 02-11-2014 01:52 AM 1110 views 0 times favorited 8 replies Add to Favorites Watch
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pashley

1031 posts in 2691 days


02-11-2014 01:52 AM

In this meandering Shopnotes blog post, I talk about the merits of pricing high and pricing low….

-- Have a blessed day! http://newmissionworkshop.com


8 replies so far

View Monte Pittman's profile

Monte Pittman

17412 posts in 1312 days


#1 posted 02-11-2014 02:45 AM

I fully understand your point. As of January 1st I raised prices. I am still not “high end” furniture. However I am moving up. I certainly want to get there. My 2 main reasons for moving up slowly are;
1. I have been improving my skill level. My prices have gone up as I believe that my skills and quality have improved.
2. I don’t live in a large population. So as I build up my name, I have started low and have steadily moved up with more notoriety.

Right or wrong, that’s been my approach. I started out barely breaking even. I am now making a “decent” profit. My intent is to get to a “good” profit next year.

-- Mother Nature created it, I just assemble it.

View Eric in Florida.'s profile

Eric in Florida.

3738 posts in 2549 days


#2 posted 02-11-2014 05:13 AM

I think your post has merit.
Some times it takes someone else to inform us that we should be asking hgher prices for our work.
I think I always secretly focus on the small things I think I could have done better, and forget to realize that my talent has grown from where it was.
You will never know if you could have commended a certain price unless you ask for it.

-- Nothing is particularly hard if you divide it into small jobs ~ Henry Ford

View Jake's profile

Jake

789 posts in 605 days


#3 posted 02-11-2014 05:21 AM

I really enjoy all your thoughts you are putting out there on the pricing, thanks for that.

And Monte, how on earth do you not regard yourself as a high end producer. Have YOU seen YOUR projects?

-- Measure twice, cut once, cut again for good measure.

View NoLongerHere's profile

NoLongerHere

893 posts in 1650 days


#4 posted 02-11-2014 02:07 PM

enjoyed the blog.

Price and demand….which came first?
Nickels are the price of admission
Invested Nickels turn in to dimes.
Dimes lead to more dimes and nickels are paid forward
It pays to live in the land of dimes

Ha! having fun with words.
Hey, I hope everyone gets paid exactly what they’re worth.

View DrDirt's profile

DrDirt

3273 posts in 2716 days


#5 posted 02-11-2014 05:27 PM

I think part of the fast nickels is driven from the idea that as woodworkers, we are very critical of our own work.

We look at our creation and recall the dovetail we had to shim to close a gap, or a run in the finish that had to be sanded….Maybe we are all a little neurotic, and give our projects a bit of “low self worth”

The other feeder- is that we tend to actually be good craftsmen… but crappy sales people.
We don’t really blow our own horns, We think the work will “speak for itself” which leaves our products to sell on price…since we can’t/won’t really SELL the quality of the finished product – - beyond stationg that it is NOT made of particle board with plastic woodgraining by Sauder..

-- “The kind of man who wants the government to adopt and enforce his ideas is always the kind of man whose ideas are idiotic.” ― H.L. Mencken, Minority Report

View joeyinsouthaustin's profile

joeyinsouthaustin

1286 posts in 1046 days


#6 posted 02-11-2014 11:43 PM

I think you are refining your ideas about pricing and marketing quite well. If a slow dime equals a fast nickel, I’ll take the slow dime any day…. but I personally like the fast dime better than either!!

-- Who is John Galt?

View Monte Pittman's profile

Monte Pittman

17412 posts in 1312 days


#7 posted 02-12-2014 12:30 AM

DrDirt has a point. I HATE the sales side of things. In a perfect world i could build lots of pieces and someone else would handle the sales. Not reality though.

-- Mother Nature created it, I just assemble it.

View Betsy's profile

Betsy

2950 posts in 2870 days


#8 posted 02-12-2014 12:35 AM

There’s a lot to be said for you pricing thoughts. Marketing is a challenging endeavor that most of us don’t get right. It’s an entirely different scenario when you sell your things for fun and not to make a living. Don’t get me wrong, I make a profit on my pieces and don’t sell at a loss, but I probably go on the slow nickle theory.

-- Like a bad penny, I keep coming back!

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