You think this is a post about how to price furniture, well its not. This is a post about my current struggle, and sometimes discouraging predicament of pricing my projects to sell.
Most of my projects start from something I have seen, or a cool, cheap piece of furniture or material comes my way.
For example, I bought some printer drawers at the Brimfield Flea Market, about a year ago. I had no idea what I wanted to do with them. They sat in a heap for about a year, till I had some extra wood from another project. Well, let's be honest, I cannibalized a failed project and used it's bits to create this!
It came out way better then I had originally hoped! Now onto the next problem...
Will anyone else like what I have done? Will anyone like it enough to buy? I have no idea. Well, I mean a lot of people like them, just not enough to buy them. Ugh. Back to the pricing problem.
With that being said, this is my understanding of how something is suppose to be priced.
Material + Time = Wholesale
Wholesale + Mark-up = Retail
For Example:
Let's use these chairs I just finished.
CHAIRS = $30
MATERIAL = $63
MATERIAL TOTAL: $93
TIME: 12HRS @ $20 PER HR = $240
SO.....
(MATERIAL)+(TIME)=WHOLESALE
$93 + $240 = $333
(WHOLESALE)+(MARKUP) = RETAIL
$333 + 10% = $366.3
The next question I ask, will anyone pay almost $400 for a pair of upcycled chairs? Would you?
I would love to hear any feed back on my breakdown. Thanks for checking out the blog, come back anytime!
P.S. Both items are currently for sale! I also want to say, I appreciate all the feedback, and encouragement, as well as current patrons who support my dream by purchasing my furniture. Thank you!