OK, so I caved in and read the blog post. I agree, to a point…
I cannot build custom guitars and charge $3000-5000 or much higher. Why? Because no one has really ever heard of me as a premier builder, no great artist, (lots of little ones) is playing my guitars in huge venues. There is no Brad Paisley or Buddy Guy playing a Tsunami Guitar.
And yet, I have a backlog of four guitars right now, at my price point in the $600-700 range. Am I underpricing? You would think so, but if you look at my expenses, my final hourly rate I get ends up around $20 an hour in my shop, after materials, utilities, insurance, etc.
Work at home for $20 an hour? You bet…
Another example: In the one gallery where I exhibit, there was a fellow from one town over who was recognized in the world of woodworking. He had some awards, had been shown in New York, Los Angeles, etc. This gallery sells to the top people in our local community, the filthy rich, and people who come through to see the unique museum, who almost always have a lot of money in their pockets.
His two items simply rotted in the gallery for almost a year, when he finally was asked to pull them. As the manager told me, his price point was "off the charts".
So there is limits, and you must find them. Can I get $150-200 for a simple cutting board? Maybe, in the right market, at the right time of year, with the right person hitting my site. But on a day-today basis? Not a chance.
And that is the way it goes for most items.