While working on a talk for the Society of North American Goldsmiths (SNAG) on Creating a Culture of Profit, I got a little stuck. So I called my friend Tara. “What’s your definition of profit?” I asked “It’s the money that’s left over after after your business and personal needs are met.” “That’s mine too.” …
Last week I received an email from a reader that I’ll call L. L had gone through the worksheets in Pricing for Profit and in order to make the kind of profit she was hoping for, she realized she’d need to double her prices. In her words: “This brings my pieces to double what I’m …
When you’re pricing your products, it’s helpful to start with a formula. A formula will ensure you’re covering the cost of materials. A formula will ensure you’re getting paid for your time. A formula will ensure you’re making a profit. I’m a big fan of formulas. But here’s what you need to keep in mind. …
“The artist has only one ambition: to master his material in such a way that his work is independent of the value of the raw material.” -Adolph Loos, ‘Building Materials’ In one of my classes, someone brought up her typical pricing strategy: cost of materials x 3 +20% = wholesale price As someone who has …
Read more “the value is more than the sum of your materials”
Today I’ve got a great guest post to share from Eleanor Mayrhofer of e. m. papers. When Eleanor mentioned that after raising her prices she sold MORE product, I immediately asked her to share the story with DMBA readers. If you’ve been wavering when it comes to raising prices, I hope Eleanor’s story gives you …
Read more “guest post: how I raised my prices and lived to tell the tale”