Maxprop wrote:
The decision I'd have to make would be whether the fair market rates for my
turnings would allow me to turn for a living. In addition, I'd more than
likely have to make the effort to be able to turn a 10" bowl in less time to
enable myself to sell my turnings for competitive prices.

If you want to make a living, you cannot allow 'fair market rate' to
dictate the price you ask for your products. You have to figure out how
much it costs YOU to make the product and to sell it. If it does not
sell for that price, you do not have a commercially viable product for
YOUR market.

There are exceptions, such as loss-leaders, but you cannot afford too
many products that are not designed to afford you an acceptable income.
For example, I make much more profit from $10 bottle stoppers than I do
from a c.$200 OOAK piece. I make very few OOAK's and they often sit in
my studio for several years before they sell. BUT, they do serve a
purpose. They become a focus of attention, they start conversations with
customers, and they tell a lot about the art of woodturning and give
more perceived worth to the less expensive items. And of course, they do
sell eventually, and it means that when someone comes in with a credit
card burning a hole in their wallet, I have something to sell them.

There are other ways to compete other than on price. Indeed, as I said
before, the lowest acceptable price must be set by your costs and income
expectations. By adding unique design, select wood grains, packaging and
other marketing tactics, you can increase this baseline price by adding
something unique to your product so that a comparison cannot be made to
other turned products on price alone.

The hardest lesson to learn is that selling is not about you and your
work, but about your customer and what you and your product can do for them.


--
Derek Andrews, woodturner

http://www.seafoamwoodturning.com
Wedding Favors ~ Artisan Crafted Gifts ~ One-of-a-Kind Woodturning