Pricing question

[kitkat55]

Sorry....I've seen this formula before, but can't seem to find it now when I need it!

I've been commissioned to make a framed collage of a friend's son's wedding announcements/showers/dinner invitations. It is a total of three intricate invitations (which, of course, don't really coordinate color-wise). In order to format them effectively, I needed an 11 x 14 area.

I opted for a lovely frame (on sale at Michael's 40% off) that was 16 x 20, matted to 11 x 14. I didn't need much more than that, just one pkg. of cherry blossom embellies and some matching ribbon (to rouche). I already had the wrapping paper in muted tones for the base, and plenty of pearl embellies to fill in.

My question ~ how much above my actual cost should I charge for my time and design?

Thanks so much for your suggestions....I can always count on my SCS sisters!!

Kat

[kitkat55]

Well, I guess I'm on my own here. ;)

My actual out-of-pocket expenses came to $36 (got a heck of a deal on that frame), so I decided to go with a mark-up of about 40%, so the total I'm invoicing is $50.00

I just advised my customer to head off any problems before I actually put any more time into the project, and she was thrilled with the price. :p

Whew! Although that price mark-up seemed pretty high, I figured my time (which included the shopping trip) was worth the $14. or so.

Kat

[mamaxsix]

Sounds really pretty. Did you take a picture? $14 sounds like a reasonable profit and if the customer was pleased I guess it was the right price! I have a pricing question too. I altered a journal today and had a lot of fun with it. I have several more on hand and I'm wondering about selling some at the small artisan/farmer's market in our town. Here's what the journal looked like. 1000 Gifts Journaland the Journal Back

[winnieu]

I don't have a formula when I do something like that. I know a lot of people factor in time and expenses etc. I add up my expenses and make sure I make a profit I find reasonable. Some projects take longer, and then I make sure my profit is bigger. I am glad to hear she was happy. I make cards for people and charge a flat rate unless it is something very involved..then I add to it a bit.

[kitkat55]

Gail: I haven't finished the collage yet....hopefully this weekend. And I'll try to remember to take a photo. I tend to forget until right before I deliver it, when it's too late! :(

I really love your altered journals. The tie thing is a nice touch. I made several one year and sold them at craft fairs. I'm trying to remember what I charged. I think it was $5, without the tie closure. I figured that was a pretty good return, as I bought the journal books right before school started for .10 each and I have a room full of DSP and embellishments, so it was mostly all profit.

Good luck! Your work is lovely and they should sell quickly.... :p

Kat

[kikikaren]

I think you likely undercharged. The way I figure pricing is to add up my supply costs (even DSP you already had cost you something), figure out how long it will take to make and factor in my hourly rate. So, if I want to make something that will cost me $15 in supplies and it'll take me 3 hours to make at $10/hour, then I charge $45 for the project. Artists almost always shortchange themselves on the value of their own time.

The $10/hour is just an easy math example. Make your hourly rate what you think is fair for your time.