Pricing Help?

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Drstrangefart

Drstrangefart

Member
Joined
Sep 15, 2010
Messages
4,258
Location
Woodstock, Ga. U.S.A.
I plan on setting up my own lathe, around tax return at the latest. I also plan to turn quite a few pens with the goal of selling them. I'm having an insanely hard time figuring out what guidelines to use to price them. I know what I wanna do for the cheaper end, found wood or throwaway wood on slimlines I can make easily for $25-$30. Those will probably be the bread and butter for a while. However, things like Bullets, Pine Cones, exotic wood and the like I have no clue what I should be asking for them. And I like having them to show and possibly sell. The few I have now, the first question is always price. I haven't found a way to make numbers that I'm comfortable with. Any advice would really help.
 
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There are a LARGE number of threads about pricing in the Marketing forum. Opinions are strong and varied. Put on your thermal longjohns. :eek:
 
Like Lou said many, many different ideas about pricing. I have changed mine so many times it is not funny. But keep in mind, no matter what price you go with there will always be those that think it is too high and those that think it is too low. I would just find out what you would be comfortable getting for them and go with that.
 
ebay is a horrible place to check prices for "craft" items now. Some sell for way below cost and other are asking huge prices. and everything in between.

Sit down with a sheet of paper. Figure up your costs first. Kit, blank (if you paid for it), consumables (sandpaper, finish, etc. Need to include at least a small amount to cover these), etc. Then decide what you want to pay yourself.

All that will get you to your lowest acceptable price. This is also what your lowest wholesale price should be. Then double this price (at least) to get to a retail price. (This way if you get approached by a store, you can sell at the wholesale price and not be shooting yourself in the foot)

Then decide if the retail price fits the market you are in. A pen will likely sell for more in NY City than in Hobunkin ND. You may need to make an adjustment to the price to get it to where the market will tolerate, sometime up, sometimes down.

What works for me price-wise may not work for you, but this is the basic info you need to find what your prices should be.
 
Appreciate the help. I will definitely be scrutinizing available outlets. Maybe once I get more turned I'll be more certain of what I want for them. Doesn't sound like there's really on go-to answer. I'm in west Georgia, so I'm already aware the $25-$30 numbers will be the consistent sellers. I'm also aware that I can ad a lot of no-cost flare to them to make them worthwhile to potential buyers.
 
I really have not posted here in so long a time but as to pricing I like to when I start out making a new design go with all brand new items and the current market value of them at the time... kits, blanks finishes et al then the liquids I weigh before I use them if there is a price sticker I get it off but I take the weight before I do the pen and after then I get an idea of just how much I use, some woods take more some take less but it gives me an idea of my costs per pen then I double it and add 10 % this has worked for me in the past. Of Course all this is subjective and another poster has it right, go with what you feel comfortable with and do not by any means get Seller remorse if you felt good pricing the pen before you sold it and they thought it was a bargain then you just made their day, do not second guess yourself or you will soon burn out, just be happy for them and if they did feel they got a bargain tell them to tell their friends and hope you get more business from it. You can either make this a good business or a bad one just by your attitude.
 
If you are just starting out turning pens then I think that pricing of your work is something that may be premature. I don't know how long you have been turning, but I have seen lots of new turners eager to sell their work, but I think that the quality of the work will determine the pricing.
 
I'm still very new, but I do have enough experience with general woodworking and working other materials to get some really good results. As soon as I start turning regularly, I need to start selling to help support the cost of more turning. And I also want to get my work out there. I keep being asked if I'm selling the ones I have made already, but can't find a comfortable spot for a price, hence asking.
 
Oimmuk said:
.. kits, blanks finishes et al then the liquids I weigh before I use them if there is a price sticker I get it off but I take the weight before I do the pen and after then I get an idea of just how much I use, some woods take more some take less but it gives me an idea of my costs per pen then I double it and add 10 % this has worked for me in the past. ... You can either make this a good business or a bad one just by your attitude.
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You weigh the glue but don't account for heat & electric, rent for your shop space, paying yourself for the time spent selling, website maintainence & hosting, travel time and fuel, wear n tear on your vehicle to do a show...
Just sayin ya gotta put in ALL the numbers to come up with a profitable price.
 
Yeah. At least I have an ideal basement to set up shop in ay my disposal. (Once it gets organized. Again.) I should be able to keep overhead low enough, until shows become really regular. Even then I bet I can throw in with my dad and we can cut out costs on stuff like that, too.
 
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