Tuesday, August 30, 2011

Pricing Tips

Kelly Rae Roberts is the author of Taking Flight: Inspiration + Techniques to Give Your Creative Spirit Wings, a bestselling book that encompasses all aspects of what it means to live the creative life. Her work has been featured in a variety of media, including Cloth Paper Scissors, Somerset Studios (her artwork was on the 03/2010 cover!), Where Women Create, Memory Makers, and more. Kelly will be participating in this year’s THE CREATIVE CONNECTION EVENT, a national conference and market celebrating creative women and entrepreneurs in St. Paul, Minnesota, from September 15 – 17, 2011.

Pricing: It’s a tricky thing. I’ve struggled with it (and still do), but especially when I started out. Original works are very hard to price because they are, indeed, one of a kind works that likely took a lot of time to create. In my first attempts at pricing my originals, I sold them at or around $100-200. Many years later (and with much more experience), I now charge anywhere from $200-$900 for a painting.
Here are some factors to consider when pricing your own work:
Time: How long did it take you to create that piece? Was it three hours? Ten hours? Give yourself an hourly wage. When I first started out, I paid myself $20 an hour, so if a painting took me five hours to paint, I’d consider starting my price analysis at $100. However, I wouldn’t stop there. That price could go up with the following considerations…
Experience: How long have you been doing this? A long time? A short time? Using the example above of paying myself $20 an hour when I was a beginner, let’s say some time has passed and I’ve gained more experience. Let’s even say I have some press mentions, a larger audience, maybe I’ve even been published. That $20 per hour may need to jump up to $30 an hour, or maybe more! Just remember, be sure to pay yourself and give yourself raises as your accomplishments increase – just like any other job.

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