One of the toughest things a custom furniture maker has to do is to put a price on their work. It’s a bit of a fine line. We are makers and like to make, but we need to do so profitably, or we won’t thrive if we are making a business out of our passion.
Making a handcrafted piece of furniture is an internal personal creative process, but pricing it for sale is about an external business process. The more you understand how the handcrafted furniture market works and where your work fits into the big picture of custom work by individual craftsmen and women, the better prepared you will be to price and sell your work confidently.
If your prices are too low – You won’t make enough money to stay in business. You risk running a loss because you don’t have enough money to pay for your marketing. You may also inadvertently give the perception that your products and brand are cheap, poor quality, low value, or bargain buy.
If your pricing is in the middle, you won’t make enough money to grow. You will always be creating, selling, creating, selling, but never breaking out of it to create more and sell more because you don’t have enough money for more.
If your price is too high, you risk alienating customers. You might get a sale now and then, but you are always thinking about when your next sale is going to be because your work is not priced for your market.
Many factors go into the final price, and you have to be able to demonstrate that your prices are fair and reasonable. – which is what makes it difficult – but there are tools, like this custom furniture calculator, that can help you do a better job.
Use this course to help you get better at pricing your work and be more profitable in your business.