Price check

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bang
Posts: 53
Joined: Sun 22 Nov, 2020 9:22 pm
Location: Perth
Organisation: Barry Allan Scott Fine Art
Interests: Drawing, painting, sculpture, hiking, camping, kayaking.

Price check

Post by bang »

Hi everyone,

I'd like a price check on a couple of frames please?

I lost my settings in Framr and need to update them and tweak so I'm not losing my shirt!

First one:

350mm x 350mm image
L2230 (domino white)
Frametek 6mm white spacer
10383 (optically clear acrylic)
10520 (corri pro back)

fittings: soft steel wire, felt bumpers and sekisui tape

Second one:

420mm x 594mm image
L2231 (21mm domino)
L3130 (bare wood spacer, I had to gesso them white because I couldn't get enough white spacer initially)
D2052 mount board with 30mm visible around the image. Image hedgehog mounted to float on board.
10520 (corri pro back)
10383 (optically clear acrylic)

Same fittings as above.

I'm getting £57 on the first one and £97 on second...

I appreciate it, thank you!!
bang
Posts: 53
Joined: Sun 22 Nov, 2020 9:22 pm
Location: Perth
Organisation: Barry Allan Scott Fine Art
Interests: Drawing, painting, sculpture, hiking, camping, kayaking.

Re: Price check

Post by bang »

I meant to factor in the first one is mounted onto a barrier board, using pass throughs.
Markus
Posts: 1
Joined: Tue 26 Dec, 2023 6:44 am
Location: London
Organisation: JPic
Interests: Photography

Re: Price check

Post by Markus »

Hello,

It's difficult to provide an accurate price assessment. However, I can offer some general advice on how to approach this:

Material Costs: Break down the cost of each component (e.g., frame, spacer, acrylic, back, fittings) based on your supplier's prices. Prices can vary significantly based on quality and supplier.

Labor Costs: Include the cost of labor for assembling the frame. This might be a fixed cost per frame or vary depending on the complexity of the assembly.

Overhead Costs: Consider any overhead costs associated with your framing business, such as rent, utilities, and equipment maintenance.

Market Research: Compare your prices with similar products in the market. This can give you a sense of whether your prices are competitive.

Profit Margin: Ensure you add a reasonable profit margin on top of your costs. The exact margin can depend on various factors like your business strategy, customer base, and market competition.

Customization Premium: Since these frames seem to be customized, you might be able to charge a premium over standard frames.

Discounts for Bulk Orders: If you're producing frames in larger quantities, consider if and how bulk orders might reduce your costs and how that might reflect in your pricing.

For the specific prices you've mentioned (£57 for the first frame and £97 for the second), you'll need to evaluate whether these prices cover all your costs and provide a reasonable profit margin. If these prices are significantly lower or higher than your costs plus desired profit margin, adjustments might be necessary.

Lastly, if you are part of a framing community or have connections with other framers, discussing and comparing pricing strategies with them could also provide valuable insights.
bang
Posts: 53
Joined: Sun 22 Nov, 2020 9:22 pm
Location: Perth
Organisation: Barry Allan Scott Fine Art
Interests: Drawing, painting, sculpture, hiking, camping, kayaking.

Re: Price check

Post by bang »

Thanks for your detailed response, I appreciate the advice.

I have been using a popular computer program to calculate my framing costs, inputting my overheads etc and allowing it to calculate wastage and markups.

I recently had to change my settings because I lost the old values when I needed to update the program.

I do find that due to the increasing costs of everything that I'm finding it harder to cover costs. I have increased my hourly already and I'll see how it helps.

I started out by manually figuring my costs some time ago, I think I need to go back to that and will take your advice and consider averaging my overheads together with other costs. I'll try doing that and comparing to the figure my computer spits out.
fitz
Posts: 189
Joined: Sun 03 Jan, 2021 3:46 pm
Location: Dunning
Organisation: Latch Burn Framing
Interests: Picture Framing. Watercolour painting, dog walking, fly fishing.

Re: Price check

Post by fitz »

I use bbest pricing software and find that my customers are very happy with my prices. They keep coming back. You’re pretty bang on with No.1, I had £62 but for No. 2 I think you were giving your customer a good deal. I had around £120 for that one.
bang
Posts: 53
Joined: Sun 22 Nov, 2020 9:22 pm
Location: Perth
Organisation: Barry Allan Scott Fine Art
Interests: Drawing, painting, sculpture, hiking, camping, kayaking.

Re: Price check

Post by bang »

Thanks, Fitz. That's very helpful.

My settings must be off, I might be missing a markup that accommodates size of the work and wastage.

I'll have a look at the software you mentioned too. It might be a little more user friendly than the one I've had on trial.

I appreciate it. 🍻
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