Can you make a living by selling your art solely based on your talent? Read on to uncover the secrets to pricing your art.
As an artist, you’d love to make a living by selling your art. But is it really possible? I’m here to tell you that it is and the journey begins by learning how to price your creations.
Let’s delve deeper into what it takes to price right.
For the materials required, take all the equipment and supplies into account – like paints, brushes, frames, and packaging materials.
The overheads could consist of website charges, transportation cost, the PayPal fee, the credit card fee or tax involved.
When it comes to labor costs, incorporates the amount you would charge for an hourly/per product rate for your time and skills. If you outsource the labor, factor those costs in as well.
As for your profit margin, it is the amount that left, after the deduction of all the material, overhead, and labor costs.
With that first step taken care of, you are ready to make your way in an unregulated art industry of opaque pricing. Begin with research on the standard rate in the market for the product or service you offer. Then charge the same amount. If you decide to charge higher, you will need to provide more value than what the competition offers.
Another way to do this is by simply asking those who follow you on social media, how much they would be willing to pay for your product or service. This might be a great way to gauge your pricing. But do not let it influence your final decision, as not everyone would be aware of the actual cost of running a business.
In the pricing game, pricing wrong can cost you dearly. These tips can help:
Refrain from underpricing. Whatever you do, never lower your rate in the hope of getting more customers. The reason for this is, as your business grows, your costs will go up and the lower prices that you once quoted will become a major hindrance to making an actual profit. Also, by underpricing your art, you are also hurting fellow artists and undermining the art industry as a whole.
Be watchful of underpricing. If your product or service sells out as soon as you put it out, chances are, you have underpriced yourself. In that case, don’t worry, take heart and course correct your pricing. As your brand grows and there is an increased demand for your art, you can increase your price.
Do not ever, ever, work for exposure. Why? Simply because exposure won’t pay your bills or put food on your table. However, depending on the circumstances, you could barter a deal or offer a discount. But never work for free.
Remember, your art has value. Be confident in your pricing. You will be sure to find clients who love your work and are willing to pay what you quote. Oh, there will also be people who haggle, ask for a discount or say you’re overpriced. Just remind yourself that they are not ready to be your clients yet.
Happy pricing to you!