Pricing Your Work - Without Ripping Yourself Off?

Pricing remains one of the most thorny aspects for any artist or craftsperson. This is why the recent Professional Development Seminar spent over two hours discussing just this issue. It was a "jam-packed room" of over 350 people. The energy was high! The conversation moved quickly. 

If you are seeking a pricing strategy, listen to the SlideShare presentation with audio from our four speakers' presentations titled, "Not Just Another Pricing Presentation: A Dialog About Pricing Your Work." Then listen to the 55 minute Q & A with our speakers and the audience. The discussion was lively and informative. You can find information on past SNAG Professional Development Seminars on the Professional Development Seminar page on the SNAG website.

 

YELLOW SHELLER BANGLE
Recycled Paper, sterling silver
Artist: Francesca Vitali

Did you notice that "overhead" was a confusing topic? I tried to cover "Overhead expenses" and Overhead labor in previous posts.

The first revelation with bold honesty came from Francesca Vitali (one of our speakers). She realized that she was pricing her work incorrectly! She had not grasped that she needed to include overhead in her pricing formula.

 

MURA TRIO RINGS by Frucci Design
recycled paper
Artist: Francesca Vitali
Photo Credit: Philip Cohen

Francesca Vitali was making the most frequent mistake of all emerging artists. They are not including their overhead expenses and overhead labor. Consequently, most of the work is grossly under-priced. I would boldly say that these new makers are ripping themselves off!!!

In the previous post, Pricing Your Work - Overhead Labor and Manufacturing Labor and Pricing Your Work - What is Overhead?, I discussed two umbrella categories of Overhead expenses.

In the next posts, I plan to show how you can estimate your Overhead Expenses and integrate them into your pricing strategy. Yes, I said estimate. Including your overhead within your pricing formula is always a "guess-estimate", but the BIGGEST MISTAKE is to ignore it or forget to include overhead.

Harriete overwhelmed with overhead.

Overhead includes every expense in operating your business that can't be attributed to making one specific piece or artwork. Start today while you work in your studio and in your office. Think about how many hours you spend cleaning, organizing, preparing your materials, purchasing parts, planning your booth, packing your work, managing your inventory records, writing your artist statement, posting your work online, or standing at a show selling your work. How many of these hours have you forgotten to include in your pricing? Are you ripping yourself off?    

Harriete
This post was updated on January 15, 2022.    

MULTI-COLOR April Flower with Soft Yellow to Aqua Greens and Red Coke