one thing you MUST KNOW before getting into woodworking
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- Опубліковано 21 вер 2024
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Pricing your products properly is one of the most important things you need to do if you actually want to succeed in business. If you are looking to sell items on Etsy, Shopify, Squarespace, or somewhere like a craft show, you need a reliable pricing method to make sure all of your costs are covered. In this video, I'll walk you step by step through my simple pricing strategy that guarantees you make money each and every time and also talk about why one of the most popular strategies isn't necessarily a good one!
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What happened to only taking woodworking-related sponsors, Eric? Quite the change of heart. Between that and the dumb titles you've become a full-on viewer-hostile sellout.
You give the impression you are sharing this. Then we go and find out it is $32. Sorry but be up front that it isn't free in your presentation. As a pensioner, that is a lot of money to me, especially as it has to be converted from Australian Dollar to US, so about a third more. Liked the idea.
@@peterrschuck Look at the circumstances he's operating in, then at the workshops of the successful guys. You don't want this clown's "business model" unless you want to be bottom of the pack.
Dude, love the content. The problem is that videos titled like yours are super misleading. If I didn’t know any better, I’d lump them into the category with “amazing technology “ videos where a plow being dragged through a field by a mule is the “technology”. I’d suggest being a lot more specific, and it would help clearly setup the viewer’s content expectations.
Agreed. I love your content, but the titles are usually irritating ("I don't know why people do this") and do not indicate what I'm tapping in to. I generally watch yours because I know I enjoy the content from an accidental viewing of one your videos a few months ago (when I subscribed) but I usually avoid similarly titled content like the plague, and I suspect you're missing out on some woodworkers who are avoiding checking you out for the same reason. Just my two cents, consider or disregard as you please.
WHAT'S IN THE VIDEO ERIC, WHAT'S IN IT, PUT A TITLE THAT SAYS WHAT'S IN IT GODAMIT!
Agree. Click bait or vague titles and causing me to unsubscribe from so many makers and woodworkers.
But where is the fun in that?
Atleast this one hes got figured out or understands.....
Yes please. Please add in the title what the video is about. Try to go through your old videos and find what you are searching? Impossible...
I agree. I can't force myself to watch anymore without saying what it's actually about. "Why do people still do this" or "I dont understand why people do this" on every video is just self destructive on a platform like this
Michigan: Your comment about cutting customers loose who don't want to pay is so spot on. My experience is that your first couple of potential clients are often the worst. Eventually, you find clients that want to pay the right price, so don't let the first couple of cheapskates sour you on your plan.
So true. Even when I was trying to start up a photography business, the first 4 or 5 people were absolute time wasters. I'll pay you with exposure, that's too expensive I have a cousin that can do it for free or the classic ghoster.
When my family was in the retail apparel business we determined there were really three different types of customers. Beginning of the season shoppers who wanted the latest styles and bought at retail. Then we had the customer that bought clothes as a necessity and wanted a sale but would buy at regular price. Then we had the customer who only shopped on sale. We determined that we needed all three types of customers even the sale only customers because we needed them to help us clear out our buying mistakes. ( They bought the ugly stuff). It essentially works that way in any business. Sell the ugly stuff to a salvage store, sell the unfinished stuff to an unpainted furniture store, sell the best stuff to the retail or high end customer at regular price. It is a dance. Also finding niche markets that no one has discovered is also a good idea. Finding markets that sell most of the year is good for cash flow. Putting them altogether is a profitable business. We were a one store apparel store. In 1986 about two years after the IBM PC came on the market for $5000 I talked my family into getting a pc and a printer. I input customer data into a database. We created labels and I went to a printer and had them make up postcards. We mailed them out to our customers for our sales twice a year. It was a big boon to our business. These are all the things you need to think about to increase sales. Good luck.
For the folks out there starting up, if you want to get serious about woodworking you need to be charging a day rate. Don't sell yourself short and be an hourly laborer, you're trying to work for yourself. If you're tempted to lower your prices because people often say they cannot afford it, those aren't your customers. Know your craftsmanship and quality of woodwork coupled with the years of experience. If you find you can't sell ANYTHING, broaden your inventory and make small, medium and large-dollar items. let tons of your small and medium-dollar items fuel your larger projects and get you in front of clients that WILL pay the high prices. But no matter how tempted you are to lower your prices on your furniture, don't. Unless you're charging ADAC (Atlanta Decorative Arts Center) vendor prices for poorly made items. There's so much room for learning and I wish I'd had a mentor and I am glad to see Eric helping fellow woodworkers in this regard. When we realize we are not each other's direct competition and help others succeed we all win.
Michigan.
Love your content. Hate your video titles. Please be less click bait and more transparent.
Michigan!
Thanks for the detailed layout to price your product. I’m sure others have done something like this, but you’re the only one I have seen that has went to this extent to show how to do it. Thank you!
I remember way back in the day when I first started out my wife used to do my billing. She always got aggravated when paying the bill for hardware at the end of the month. So she had me put a white board on the trailer door so every time one of the guys would grab hardware, screws or anything on it. That way I could keep track of what was going out the door. I would buy hardware in bulk and charge retail plus a handling charge. It added up fast and the customer could see where the money went. If they ever had a problem with the charge I would educate them as to how they were saving money because if I had to send someone to the store to pick up the supplies the labor would cost more than the supplies. Have a good day. Every job and customer is different. Time will teach you how to deal with them.
I have a line for all the small items labeled “shop supplies” on my bids. Screws, glue, sandpaper and items like that. It’s normally $5-$10
Great line! Sounds like not enough money though. Every time you use a tool you are using it up, yah. A big glue- up uses a visible, even measurable amount of glue; what about saw blades and chisels? Solvent for the pine tar. Pay the sharpening man. Buy a new stone. Spend time sharpening and maintaining your tools. Billing ten bucks seems cheap.
All that equipment and various usages are baked into my price. The shop supplies are just that, the simple supplies. Smaller projects are $5-10 but if I’m doing kitchens or build-ins it’s substantially more.
Great advice on difficult customers. It applies to any business. You’ll learn the signs of a difficult customers over time. Learn from that and when you sense they’re going to be difficult, walk away. The time consumed working with difficult clients will destroy your profitability and your business.
GOD BLESS YOU FROM DOMINICAN REPUBLIC
Upper Michigan is beautiful! I just wanted to thank you for this video, I don't know if I will take my woodworking to that level but you just took a huge load off my shoulders and are one of the main reasons that have been holding me back! Thanks again Eric!
Michigan. Thanks for the video and worksheet.
Your story is a lot like mine. I do a lot of artsy tartsy stuff. Everything from oils on canvas to 3d printing. But what makes me money is being a disabled veteran and that's what got my attention about you and your friends. You all do a lot for the disabled. Thank you very much.
Upper Michigan is Great! Love your channel. Thanks for that detailed layout on pricing your projects. It is a BIG help for me. Keep those vids coming too. Your videos have touched on every issue I have had to deal with. I have a small work space in a two car garage, but I have to keep things mobile because we still have to park one car in the garage. Not enough electrical outlets, you've touched on that as well. Yeah, you have helped me out tremendously. Thank you.. Jorge
I don't know what company you work for, but in any big company the engineer does the design, analysis, testing etc. Not the budget!
MICHIGAN. Thank you for this most informative set of ideas.
Michigan. Like Gosforth Handiman in UK, you come from a pricing day job background. So many folk go into business with their hobby. They are not taking a business approach. I've seen many perfectionist hobbyists confused at how they are losing money because the world doesn't love and value their product as much as they do. Eventually they raise prices... and get undercut by the next naive hobbyist turned professional who, in turn... Very important to start with a proper pricing model and refuse jobs that won't pay properly
Go Blue! 😊
Michigan is a beautiful state! Loved the video, as a book keeper and woodworker I definitely relate to this content!!
2x multiplier?
I work in custom furniture manufacturing for a small team. try a 40-50x markup.
Somethings we just cant do in-house, we have vendors for that - Stone work, foundry work, powder coating, etc - all those guys also have to get paid.
My job is final assembly, finishing and QC. My last project I spent up to 20 hrs just on patina work for aluminum.
So many people want heirloom quality furniture for around, $200. You know the conversation "Could you make me a kitchen table out of (some expensive wood) for $200?" How about 2500+? Me: The wood alone for that size table will be around $1100. "Yeah, but don't you have it already? So it's already paid for?. Me: Oh, you're right. I got that wood for free in a box of Wheaties a couple of years ago. And so it goes. The people that put the most pressure on you are usually the wealthiest. Lake Michigan supplies some of Chicago's water. Chicago trivia.
Michigan is where I went for graduate school study and where my son was born. The 3 years there is the most memoriable time of my life.
One suggestion to your videos - the bait UA-cam title is confusing and not easy for people to come back and search content from your videos. Viewers would like your content and keep coming back, not because the title in my opinion. You've reached to the amount of subscription that needs more quality and routine videos to reach next level. Keep up the good works!
Great insight on pricing! I used to make signs for businesses. I hand painted the lettering and gilded with 24k gold a lot of times in reverse on the backside of glass. When I first got started I didn’t properly value my time and just wanted to stack jobs. Once I started pricing my work correctly I pretty much stoped getting any work. It’s a thin line to try to balance on doing one off custom projects. Everyone wants custom but the price just normally doesn’t fit their budget. I’m guessing it’s the same with 1500$ coffee tables.
If you don't make money doing a project it is just a hobby. You wouldn't invest in a company that didn't make money. Why take your money and time when you do not get a return for your capital and time investment?
Valuable advice on how to establish a pricing structure for woodworking projects!
Great video. Thanks for sharing.
I just listened to your AWP episode, you gave such great advice about youtube. Now I'm in awe of your video titles, and wish you all the best getting the big surprise for your girlfriend 🤫
Michigan. this is very good. You have basically confirmed my vision. Now i just need to finish the plan and put it into action. thank you
Bama sucks (sorry I'm in the SEC)! This is a great tool for beginner woodworkers/hobbyists! 90% of the woodworking I do is for my own use, but occasionally I get requests for commissions. This will absolutely come in handy!
Been following for inspiration for a while now. Hopefully I'll jump in and start making projects. Oh yeah 10:25 Michigan still sucks. O-H!
Nice OSU Cornhole boards! Hope you pull them out next time Michigan is in town! The real question is what's up with the new table saw?
Great vid. Wish UA-cam and this vid was about when I first started in this game 25 years ago
Go Blue! Was that what I was supposed to say for making it to the end?
Seriously, good video. If I ever “go pro” I’ll be back watching again.
Michigan was too cold for me in the winter. Ice every day, it seemed.
Also, you're!
Im a finish carpenter by trade, been at it for 25+ years and when it comes to regular day to day work building decks, installing windows doors and trim pricing has never really been an issue. Where I do have an issue is doing more custom and artistic work, like miniature doll furniture, hand carved and wood burned signs and home accessories and decor. While smaller the work is still time consuming and hard to price. For example I made a 5 ft tall 1"x12" sign with a hand carved Gaelic phrase on it, wood burned designs, then I painted sanded and weathered it...All in all 20 hours work. I charged $35/hour and had issues with the buyer who didn't want to spend $600 on the sign. I ended up settling for $400.
Problem here is that if you are going by "firm" pricing you are giving up the opportunity to negotiate. So you conclude that $1,550 is your ideal price but that really ought to be the minimum you accept. Round that up to $2,000 and then you have a $450 buffer to offer discounts. People who have been doing contract work know there's always a baked in 20% buffer for discounts, meaning that whatever price is initially quoted can be reduced by at least 20% and still be profitable for the contractor while being a better deal for the buyer.
The other consideration that you may want to factor in is limiting the degree to which you will customize work. You can design some "base parts" and then offer customizable options for that base part. This lets you control the time it takes to produce the final product while allowing for people to get the results they want. Doing one-offs is really not a sustainable business model for long term unless you are demanding 50% profit margins or better. You also have to consider that one-offs are not necessarily going to translate into repeat business for multiple reasons.
Good video - so many people lose money and don't realize why.
DO NOT CHARGE FOR YOUR LEARNING! If you are a novice, and by necessity slow because of your inexperience, you can't expect to get $50 an hour. Until your speed gets up to average, you will lose money.
You need to track the time it takes you - actually write it down - until you have made enough of an item to know how long.
And keep track of all the shop supplies you buy, even if you only toss the receipts in a box and add them up once a month.
Good advice. In fact, I'd probably go so far as to say that it's best for newbs to set their price based on the competition. Don't undercut people, but definitely don't expect to get more than your direct competition.
Michigan rules. This one confused me in that a spreadsheet that takes less than 10 min to create is $32.00 to download.
Your woodworking is informative and I do like your channel.
Not everyone knows how to create a spreadsheet in 10 minutes.
If it would take you a few hours to learn how and build it - how much money could you have made by buying the spreadsheet and building things out of wood.
"Make versus Buy" decisions are always happening.
When I was a very small plumbing contractor my biggest problem was competitors wanting my contractors by under pricing me. Usually this did not work as the next bid, raising their prices back where they should be, failed. Another problem was "guess bidding". When I neared the end as a sub contractor and when I could no longer strap on a tool belt I lost my very best contractor who was quoted as saying "if Eric isn't on the job then there is no reason not to take a cheaper bidder.
Great things to consider when pricing your work!
Michigan. Complicated Maths (interesting you said it like British English) is only complicated for US and my country, UK. Apart from the few we label as Maths geeks, we are two stunningly lazy and thick people groups. An advantage of living in multi-culture London is seeing how everyone else is unafraid of numbers and appears genius like to our teachers
Never been to Michigan myself but I do appreciate the excellent answer to this FAQ
Oh man I thought I was already following you here! 😮 Thanks IG! 😅
Do you have a plan for garage workbench?
Michigan happens to be the state that I'm from. With that said love your videos. I did wood working full time for around a year after getting in as a hobby. I probably jumped the gun and wasn't making enough mainly because I didn't charge what I should have. I am setting up a shop again but with much more knowledge at my disposal.
Michigan Sucks! I’m in Cleveland, and love the channel! Want to do a collab? I have a dresser project with customer! Ready to go!
OHIO STATE!!! Woot
Michigan Sucks. This video is great and I appreciate your effort. Not sure if you care, but the title of the video should be "You're losing...." But maybe it was intentional because it's the first thing I noticed. Keep up the good work.
Michigan isn't top of my list, but I can be helpful. I love seeing your content, and I appreciate the information you provide to us!
I understand the click bait titles, but be careful what your click bait says. You are sharing the template with us that you use to run your business....so does that mean if i follow your advice it will Destroy my business? Are you trying to run everyone also out of business?
Michigan!!! GO BLUE !
Very helpful information
Michigan is what it is. Lol. Thank you for the advice and details.
Eric. Love the show. What cad program do you use? Go Bucks!
Michigan. Love the channel!!
Excellent… thanks Eric
Michigan sucks! I'm an engineer and estimator for a large utility in New York. I love this video. You did such an awesome job explaining the details! For some reason, I always feel guilty adding profit to my woodworking projects. I need to get past those feelings.
Go Blue!
Michigan (obligatory)
You're* (title, hate to be that guy)
I saw that search, nice touch
Michigan Is FROZEN! No thanks.LOLOL Ohio is too cold too... I love the information. Very inspiring!
Glad to finally see this video. after all the time you talked about it on the podcast. I think the biggest issue with pricing for me is my mind telling me it is too high. but like you said if they want custom they will most likely pay more if not. sell to the next person. Michigan sucks!
Suppose you worked in a cabinet maker's shop? Would you work up the price according to the rules? Ask your therapist why you're willing to shortchange your own self? If someone is going to flinch at the high price, it might as well be the other guy.
Go Blue
Go Blue!!! Love the video
Some really good information in this video. This is a hard concept for many to understand and is, not only the reason some people go broke, but it also contributes to "ruining a market" by weekend warriors underpricing things and driving legitimate prices down to an unsustainable level.
One bone I will pick with you ... while I understand that you are in business to make money and I can watch your YT channel for free - you kept doing one misleading thing in this video. Multiple times you referred to your pricing spreadsheet. You said you would include the d/l link in the description. You inferred that all one had to do was d/l the spreadsheet and just use it in whatever spreadsheet software they used. You NEVER said/indicated/implied/mentioned or alluded to the fact that one would have to pay for the spreadsheet. I don't begrudge you making money from your hard work, and I can understand why you would need to charge for your work - but you should have made that clear in your video every time you mentioned it. I know you can say that it was "clearly displayed" in the picture of the spreadsheet where it mentions "more information about pricing" - but the way that is worded it looks like it applies to the subject of the video ... not the cost of the spreadsheet.
Then just make your own, bro!
@@alphaforce6998 It's not that I'm opposed to paying for something like the spreadsheet - I just think it should have been made clear that it was for sale - not just a simple d/l link
Michigan is da bomb... thanks for the video and the pricing guide!
Good information Thanks Spence i grew up in Michigan
hey eric - been watching your videos for a while now and been enjoying the content. I'm no youtube expert or anything but one thing i wish your channel would do is have video titles that more accurately describe whats going on in the video. If i see a good tip in a video its hard to go back and find again since the titles of the videos dont really tell me whats going on in the video. Anyways keep it up man thanks for the videos!
How are those Rigid power tools? I have a corded trim router and it seems like it's well built and solid. I'm in the market to expand my collection of power tools and I'm going to stick to cordless from now on.
why do all your videos have the same names not related to the project? i learn a lot on the channel and it makes it hard for me to look back and find something. is it like an engagement or algorithm tactic?
thanks for the work/info you put in your videos
Michigan- go Blue! Glad you’re back
I dont understand the "profit margin" piece. Isnt that my hourly rate? If i should be paid more than $50hr, then i should raise that cost vs. an arbitrary profit margin percentage. I could be absolutely wrong....i just dont understand it.
The main question i have is here, where do you find the clientele to actually pay that much for these kind of pieces?
Of course, i am not in the USA, i don't know if something like this is like standard practice there. But nearly 1600 quid for a small table seems like an awful lot of money to me.
Yes, i am not trying to compare to an "ikea" esk thing, cause yea... but yu getting in the rang of art prices, not furniture pricing here.
I dont think i would be finding people willing to pay 1500 pounds fo5r a small table here in the uk, FAR away from the 1 cesspool of ridiculousness of London.
Michigan - Thanks for your time doing this video
I’ve found that people with exception of wealthy customers just aren’t going to pay the cost with a custom piece. PERIOD !!
Eg. I built for myself a wall unit with lower cabinets and an upper with book shelving, 8 ft high x 8 ft wide with a upper cabinet in between.
My father-in-law loved the piece and wanted to commission one. He was thinking $1500. In actuality the price would of been 3-4x that. I tried to explain all the planning, the materials, the finishing materials and all the man hours required to justify my cost. He just could fathom I wasn’t going to build it for $10/hour. You got to remember furniture in stores is built in an industrial setting cranking out hundreds of pieces a day. I told him to go to the furniture store. Not Ikea !!
The best pieces to sell are pieces requiring 3-5 hours to put together and minimum material. Batch out 10-20 at a time where it becomes more cost effective.
Michigan Sucks. How do you determine your pricing to compete with other home woodworking shops or even some of the big box furniture stores? Example: I made a new large dining table for my wife. With how much I spent on materials used alone, it would have been more cost effective to go out and buy one of the same size.
It all makes sense, but it always blows my mind how much custom woodworking projects costs. Luckily I just build stuff for myself/family and don't keep track of costs
Yes 😂 I see many so called professionals selling at the craft shows for less than their kits cost ( I said to one ware in the world did you get your finished things) I know this but let’s live it at wherever your mind wanders!
Thanks for showing this maybe us pro wood working individuals can compete!
I traveled the world for 49 years looking at the cost of so called supplier to decide on who could do that work. I found that many US companies didn’t even know their overhead numbers !
Monsignor
Michigan- thanks
Michigan...? Notre Dame would have been much better. Thanks for the great info!
Michigan! Oh, and *”You’re”. 😂❤
Michigan is a neat place. Found your channel recently and have been greatly enjoying your videos. This one is particularly helpful and timely, as I am in the process of spinning up my own shop doing custom work and turnings. Thanks for the videos and for helping to build up others!
Michigan!!
So, you didn't talk about "balloon" pricing in your video! We could put a business model suspended from am balloon and then shoot it down over Michigan...sound doable to you?
I must day. I'm rather indifferent towards Michigan
Best woodworking business channel on the YT.
(1,163 x .25) + 1,163 is the equation for a 25% markup. Same answer, just less wordy than what was said.
I do a ton of thinking on pricing and on what I value my work as and quality of the piece. Yet at times the reason I don't factor in some things is because I haven't gotten to the point It's my full time job.
Thanks Spencley for the very informative video. I'm going to download your template, and convert it to Euros (I'm in France).
Just a couple of comments:
- A 25 % markup is 1163*1.25 = 1454; by dividing by 0.75 you actually make a 33 % margin (1/0.75 = 1.33).
- I'm looking into purchasing a Shaper Origin, as a pseudo-CNC. It's expensive, but less than a standard CNC table, and it's pretty much unlimited in terms of surface area you can process.
Keep cranking out them videos, cheers!
Michigan
Does this account for taxes as well?
Yay, a video instead of a short!
It is cold in Michigan in the winter! Thanks
Michigan's great info ! Thank you very much👍
Michigan is weird. Everyone there thinks they live in a mitten. Woodworkers in Michigan probably price their projects wrong too. 😂 I kinda like Grand Rapids though if I’m being honest. Anyway, brilliant video. I’ve been in sales and had to estimate pricing for years and this is solid advice throughout.
Michigan, great video, thanks, keep em coming
Meatchicken SUCKS!...BTW, If you are in the Bucyrus area...Steve's Hardwood has some good stock...he goes from log to board..(He used to sell his wood to your favorite supplier back in the day. 😉
Michigan !
Michigan is cold! I have never heard it as x2 have always used x3 materials x3 gives you wages and profit almost always comes to the right estimate :)
Well Eric it has been a great video. However (yeah here it comes) I live in Ann Arbor , Michigan. I know I will get bombarded. I am totally NOT INTERESTED in sports. As my daughter says “just saying “ 😀 And what the heck is a Buck eye 👁️? LOL