ChetlovesMer Posted February 20, 2014 Report Share Posted February 20, 2014 Okay, I'll chime in too. Firstly my little business is all word of mouth. I only accept 3-5 projects per year. I probably turn down 10-20 potential opportunities. If I'm going to accept a project for commission it has to be something that I'm either interested in learning, or excited about building, or for a client that I really like, or something where I'll get paid really well and I can't pass up. A good example is the farm house table and bench I recently did for a good friend. After I did that project I have been asked to make several more. I now charge 3 times what I charged for the first one. Why? Because, it's no longer an exciting project for me, so I may as well make a lot more on it. Okay that doesn't answer you question. Let's assume I'm accepting a project. Here's my basic formula: My Price = $100 + (2 * Cost of all materials including finish and any tools needed) + X X = a fun factor. If its something that sounds really fun, X = -$100 If the project is standard fun, X = $0 to $100 If its something I've done a lot of, or I am not interested in for what ever reason, X = between $100 and $1000, depending on how uninterested I am. This little formula has served me well over the years. (20 years or so now.) Have I left money on the table before, of course I have. But now after using the formula for so long I'm really getting pretty good at estimating X. If I became a true production shop, or if I had to do this to feed my family, I'm certain I'd need a better formula. Over the years I've been doing this my little company has grossed a minimum of $1200/year and in my best year I grossed about $15K. Again, I only bid about 5 projects a year and actually build 3 or 4. If you end up trying my formula let me know how it works out for you. Good luck. Quote Link to comment Share on other sites More sharing options...
Beechwood Chip Posted February 20, 2014 Report Share Posted February 20, 2014 Here's my for pricing commission work outside of my day job. Quote Link to comment Share on other sites More sharing options...
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