Woodbury Woodturners Website

How much should I charge?

This is perhaps one of the most often asked questions of all craft workers - not just Woodturners. Too often we hear people say "I am happy to just cover the cost of the materials" - well maybe, but in doing that you undercut the professional and also undervalue the whole substance of woodturning. I remember Stuart Batty saying how the USA values woodturning as an art and consequently the public are prepared to pay for their woodwork. As members of a woodturning club dedicated to furthering woodturning as an art form it is up to us to lead from the front in ensuring that quality work attracts quality prices.

So just how much should I charge? This is an art and not a science but the following are the guidelines that I use. To my mind there are three methods:-

1. The Multiplier - the simplest method. Take the cost of your wood and multiply it by one of the following multiples:-

3 - for a craft fayre

4 - for a gift shop

5 - for a craft shop

6 - for a gallery

To this price add the cost of any accessories (candles, pewter, knives, china) + 20%. For example a clock sold in a gift shop with wood at £5, face movement and hands at £7 comes out at £5 * 4 + £7 + £1.40 = £28.40

2. Bottom Up or Cost Plus - Add up all your costs and convert them to an hourly rate. Decide your own cost of labour. For any given piece work out how long it took and accordingly the hourly cost. To this add the cost of the wood and accessories. This is a tiresome exercise but one that has to be done if you have to make a tax return! For an example I allow £260p.a. for workshop light and heat, £180 general administration, telephone etc., 30p per mile for the car, all sundry items at cost, memberships and subscriptions (yes my WWT sub is tax deductible) at cost, capital equipment at 40% for the first year and 25% of the balance each year thereafter. If you charge your time at £5-£7 per hour you will find that the total comes to in excess of £10-£12 per hour.

3. Top Down or What the market can take - A thick skinned approach! Somewhat more subjective as it really involves looking at the competition - what are they charging and how does it fit with your own prices. Remember they may be too cheap! Again fit the price to the venue as in 1 above, if you are comparing a gallery to your craft shop price then divide the gallery price by 6 and multiply by 5 to get to your price.

Each system has its advantages and disadvantages, often I use all three and try to get a fix from that. At the end of the day always remember the golden rule "You can always discount - But you can never surcharge". If the customer is ‘humming and harring’ and the price is the only problem then as long as you know your cost base for the item you can always give a discount to get the sale. Also in discounting if the value of the discount is less than £5 the % discount always sound better i.e. 20% off £20 sounds better than £4!

Finally if in doubt on a price for an item ask another member of the club - some of us have been there before!

Walter Goodridge An artist who creates stunning bowls and MASSIVE Taiko drums. This is turning on a supersize scale!

Axminster Power Tools is a very well known supplier of many woodturning and woodworking supplies.

Woodturning Online has articles, photos, links to clubs and what have you.


Welcome Home page Adverts Events Galleries Articles Our Constitution Contact Us Login	How much should I charge? This is perhaps one of the most often asked questions of all craft workers - not just Woodturners. Too often we hear people say "I am happy to just cover the cost of the materials" - well maybe, but in doing that you undercut the professional and also undervalue the whole substance of woodturning. I remember Stuart Batty saying how the USA values woodturning as an art and consequently the public are prepared to pay for their woodwork. As members of a woodturning club dedicated to furthering woodturning as an art form it is up to us to lead from the front in ensuring that quality work attracts quality prices. So just how much should I charge? This is an art and not a science but the following are the guidelines that I use. To my mind there are three methods:- 1. The Multiplier - the simplest method. Take the cost of your wood and multiply it by one of the following multiples:- 3 - for a craft fayre 4 - for a gift shop 5 - for a craft shop 6 - for a gallery To this price add the cost of any accessories (candles, pewter, knives, china) + 20%. For example a clock sold in a gift shop with wood at £5, face movement and hands at £7 comes out at £5 * 4 + £7 + £1.40 = £28.40 2. Bottom Up or Cost Plus - Add up all your costs and convert them to an hourly rate. Decide your own cost of labour. For any given piece work out how long it took and accordingly the hourly cost. To this add the cost of the wood and accessories. This is a tiresome exercise but one that has to be done if you have to make a tax return! For an example I allow £260p.a. for workshop light and heat, £180 general administration, telephone etc., 30p per mile for the car, all sundry items at cost, memberships and subscriptions (yes my WWT sub is tax deductible) at cost, capital equipment at 40% for the first year and 25% of the balance each year thereafter. If you charge your time at £5-£7 per hour you will find that the total comes to in excess of £10-£12 per hour. 3. Top Down or What the market can take - A thick skinned approach! Somewhat more subjective as it really involves looking at the competition - what are they charging and how does it fit with your own prices. Remember they may be too cheap! Again fit the price to the venue as in 1 above, if you are comparing a gallery to your craft shop price then divide the gallery price by 6 and multiply by 5 to get to your price. Each system has its advantages and disadvantages, often I use all three and try to get a fix from that. At the end of the day always remember the golden rule "You can always discount - But you can never surcharge". If the customer is ‘humming and harring’ and the price is the only problem then as long as you know your cost base for the item you can always give a discount to get the sale. Also in discounting if the value of the discount is less than £5 the % discount always sound better i.e. 20% off £20 sounds better than £4! Finally if in doubt on a price for an item ask another member of the club - some of us have been there before!	Walter Goodridge An artist who creates stunning bowls and MASSIVE Taiko drums. This is turning on a supersize scale! Axminster Power Tools is a very well known supplier of many woodturning and woodworking supplies. Woodturning Online has articles, photos, links to clubs and what have you.
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