How do you price woodworking?
Why is it Important to Price Your Woodworking Products?
Some woodworkers wonder what price to charge for their work, and others wonder if they should price their products high or low. The right answer depends on how your woodworking business works and what you want to get out of it.
The number one question is always, “What price do you price your products at?” First you need to ask yourself what your customers want to pay. If they want to buy the best you can produce for them, then you should price your woodworking products at a reasonable rate. Customers that are looking for a bargain should pay more than customers that are satisfied with their products.
Pricing is also about marketing. Many times it helps to have prices that customers can see in a store. This lets them know exactly what the product is for. They can compare prices easily and can make a decision much faster when you include prices for a large variety of your products.
Pricing is also about keeping up with current trends. Woodworking prices need to be the best you can offer so customers will keep coming back to you. It helps to keep your prices competitive to get to good word of mouth referrals.
Some woodworkers charge more for certain items. There are certain things that are worth more than others, and these items must be priced accordingly. For example, intricate furniture and tools such as routers, jigsaws, routers, and power tools are going to cost more than hand tools and smaller pieces.
It doesn’t mean that you can’t offer discounts or free training to attract new customers to your woodworking business. Just because they are working in a woodworking shop doesn’t mean they don’t have needs for hand tools and accessories. They may need something else and that’s okay.
Make sure you understand your market before you start your business. Then you can figure out a price to charge based on those numbers. You can also take advantage of some free training programs. You can offer free training and product demonstrations on the methods used in your woodworking business to encourage customers to come back.
Once you figure out how to price woodworking, you can take the necessary steps to promote your business and build your customer base. You should take the time to learn how to price woodworking and make sure you are presenting the best deals available.