This model probably doesn’t map well to woodworking. 2) Divide by the number of weeks you plan to work say 50=$1600 per week. I have been recently presented with the possibility of my first commissioned project and was struggling with the pricing. Mine is maybe 15-25 $/hour at this time as Marks is 35-40 $/hour (50 in a perfect world :). Used your info and a couple links from above, namely the Etsy site and the Bridgewood estimator, I feel more comfortable with the new price I came up with. So in total, furnace cord will have full cord of wood cost around $227. I charge my projects so I’m able to pay all the bills and (hopefully) have some benefit (+- 10%) left over to invest in future projects. This super-detailed method allowed me to accurately price products. So we can say the whole thing should take 47 hours ( now multiply it for the hourly rate and you are done). Now, what that means is that if there’s time available that no one buys, it is simply 100% lost money–and you never get it back. Oh I totally agree with you John. My thinking is that if my stuff is “priced to sell” then I’ve been able to practice the craft, learning and improving along the way (hopefully) without going broke in the process. Usually 80 to 90 percent of the work can be defined as things you did before plus the new ones you have to learn/figure out. In the beginning I also charged less, but that didn’t help me at all. And I can ‘buy’ someone but I have a piece of furniture, only that (with features and errors)…. Wood-burning Uses wood logs which lowers energy bills. Annual chimney cleaning and inspection costs $200 to $400. In some cases there will be items that will be delivered faster and some others slower so they compensate and once more, the whole idea is get a good ball park that allows you to estimate how much time are you investing in this new piece of furniture. 1. I end up buying tools that will save me time, since time is my biggest variable. Very well said! So its important to figure out a system that gives the client all the info they need to make an informed decision about you and your work, without sinking too much time into the process. Stick to your guns on your price and be convincing about your quality, that’s what I’ve learned the hard way. The regulations for the sale of firewood cords varies by But like you said, that may not last forever. Charging the client different amounts for essentially the same thing (from their viewpoint) doesn’t make sense. Been doing this for three years so every project has big learning curve for me. And no, taking 2X or 3X the material cost is not good enough. I cover my costs and, essentially, get to practice “for free”. I usually take that number and add 10% to cover any miscellaneous costs: extra boards, gas money, your time at the lumber yard, etc. Then go build it! I have found that charging more for family then friends is easier, because friends don’t come and say hey can you do this for me and expect a dirt cheap price. They wouldn’t buying the insurance they were buying me. Keep an eye on what other craftspeople at your level are charging and do not over- or under-price your work. If they want something custom, of course I charge them for the price of the materials. Do I have a final answer no, but I as I look at I see people way underpriced. One thing I realized though is that customer service will go a long long way in improving a business. I think that’s probably intuitive, but if you have a larger shop/staff it’s also helpful if you load it proportionately according to the people/resources applied to the projects you do; this helps you optimize utilization of people and equipment that much more effectively. Given this, please assume that any links leading you to products or services are affiliate links that we will receive compensation from. Pricing can be done in many ways. Don’t give it away. A wood stove fireplace insert costs$750 to $3,000or more. The job estimate will now include the time for the project times $40/Hr + materials x 1.2 + shop expense (glue, finish, rags, saw blades, sharpening, electricity, insurance, rent, filters, etc.) In our city, there are no bans on the cards (yet) for domestic wood-stove heating Nice article! Now that’s not to say I don’t keep a sharp pencil when times are slow and I’m bidding against other contractors, but it’s a small margin. While the size of the unit generally determines its maximum heat output, it's also important to also consider the manufacturers Btu/h rating (British Thermal Units per hour). Now as far as pricing strategy goes you have to remember repeat and referrals. I tried lettering on my car, but has not help in a huge way, but it does make me look more professional as does my “Project Woodworks Staff” t-shirt. Thank You for your contribution! I may need to get a specific piece of wood, or I don’t have the type of cutter that I need, or I might need to buy a gallon of stain or finish to match the door. Lets say you price yourself low and that person refers you or wants something else what kind of price do you think is expected? Thank you for doing a write up on it as I would have been a little low. In the beginning a proposal that was based on $40/hr could come out at $30. Any thoughts? So before I ever cut any wood, I make sure all the details are ironed out and signed off. But every time I would price out a job, I would get to that final number and realize there was no way the client would accept the bid, so I would make “the common sense adjustment”. This stragedy allows for me to make some mistakes in my calculations but assures the product will be delivered for not more than the $500. Thanks Christopher. We were shocked by how high it was and how much we were underestimating it before. into the wholesale price, or use the percent key. Your system is very much like the one I use. For example, a simple cabinet could be broken down into 8 sections: cutting carcass and door parts, joinery for the case, assembly of the case, joinery for the door, assembly of the door, edge treatments, finishing, and hardware installation. Note that you probably ALREADY believe that the reverse is true: rushed jobs get a surcharge, as do jobs which bring the rest of your shop to a standstill. The price to convert a wood-burning fireplace to a gas fireplace can be $500 to $5,500. Using that method, I had to enter the 1.25, or the 1.30 and so on, then multiply it against each of my required wholesale prices. Any suggestions? Also, if you have brokers or sales reps out there, this model allows you to really hone in on incentive compensation. It seems like too many of the store bought items are made of plywood and thin veneers that will not hold the tests of time. So if I paid $50 dollars for the wood, and I only used 10% of it, then I am only charging them $5 dollars for that piece. As a serious hobbyist, I’d expect to do materials cost plus some fee high enough to make me excited to do the project. I inquired around to stores, bankers and mathematicians, but just got the method noted above. When you do a craft as a hobby, of course your costs are lower – you are personally subsidizing the real cost of business – but many then try to increase their workload and turn it into a business. Many variations to this way of pricing, but think about it. Over the years I have seen a lot of hobbyists, woodworkers, quilters,artists, etc, routinely under price their work. Before that all started I was in the corporate world designing interactive databases. Lowering down on price means elimating some fancy gadgets. Basically, it stems from the idea that we’re all paying for heat, lights, tool costs, etc, but what we really sell is TIME. $35-$40/hr turned out to be a much more appropriate number. Important or good about being there in the highest regard remove and three. Even distribution of heat bids, but it will provide another point of view especially I. Wood the installation of flues and wood burning stoves are cleaner-burning “ far. 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