Top 3 things to consider when pricing your work

Fellow artists and creative professionals often ask what they should consider in setting the price for their creative work or service. These are the top 3 things to consider (in reverse order):

#3 Research your contemporaries and how they price their creative products and services to get a sense of what pricing already exists in the market and what customers are accustomed to and willing to pay.

#2 Factor in the cost of all the components that directly (materials) and indirectly, (rentals, transportation, shipping & handling, advertising, etc) used to produce your creative work and get it to the customer.

#1 ALWAYS, ALWAYS factor in the cost of your time and labor. If you’re creating a piece of fine art or directing a performance work, think…”what is an hour of your time worth?” The hourly wage for a fine arts teacher or director/choreographer may be a good proxy. If you’re in the culinary arts, break down the hourly wage for a cook, master chef or even a pastry chef with your equivalent skills.  And if you’re in the computer programming/graphic design realm, what’s the going rate for a consultant in that space?  Consider. your experience and skill level. Be fair and practical.

Etsy blogger, Danielle, shared the following formula for creatives to price their work(s). It’s a pretty good guideline.

Materials + Labor + Expenses + Profit = Wholesale x 2 = Retail

 

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