How to price your work! P=((Mx1.5) + (TxD)) x 2

Dont know how much to charge for your work? In this (Not So) "Quick Tip" I discuss how you can easily answer the age old question "How Do I Price My Work?!?!"
With a little bit of math and some practice YOU can use this foolproof formula to EASILY and QUICKLY determine the price points for SELLING YOUR ITEMS!

FORMULA: P=((Mx1.5) + (TxD)) x 2

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[JohnD-pemp]

Good advice, I've been in the business for 30 years. I always have to explain to my clients why the price is so high and I still struggle to pay bills at times. It's the folks out there that low ball their work that hurts everyone. Good formula, stand by your quote or walk away. I will factor in the "B" for beer. Working with friends and family deserves two beers just to get through the stories about how they could build the project themselves but just don't have the time, experience, tools and knowledge.

[Redfiregtag]

Truth, thank you for saying it, we all need to charge more. I argue with so many other carpenters who like to say im charging to much. So many people dont understand the concept of profits, profit is the ONLY way a business can succeed.

[richhubert]

I'm a jobber but I do agree 100% with charging more! Nothing Pisses me off more than being undercut by some asshat that builds the same thing but looks like shit but calls it rustic. I also stay away from copying someone else's work. I am going to steal your formula! Thanks

[thomasalison]

Great video, thanks! I definitely see the same thing, people not charging enough for their skills!! Very frustrating!

[mervynmorel]

Bro you are awesome. I’m about to start a woodworking business here in Dubai UAE, and I’ve been trying to find a formula on how to price my products and how to pay myself a salary at the end of the month, and you just save me the headaches with your amazing formula.
Really appreciate you sharing your knowledge and I’m truly grateful.
May your blessings be 10x10 and more.

[nathansilver]

I know this video is a year old, but I really appreciate your valuable information that you've given me. This was extremely informative and insightful. Thank you so much for sharing this information with us. I will definitely apply this formula in my work.

[samnaderiofficial]

Thank you so much bro!! This has been bothering me for awhile and I honestly am a numbers guy but see some sub par craftsmanship that just doesn’t seem to be priced right. This is very useful and I will definitely be following you.

[tcw]

Hello Phil and thank you so much for this video. I have a relatively organized shop and I’m just getting into The business after 25 years in the computer field. Working with one’s hands is such a delight to see Hardwork and vision come to fruition. Your formula is fantastic! I figure I’m going to start a bit of a lower hourly rate and work my way up as I get more experience. Thanks again And keep up the great work let’s all benefit from fine craftsmanship and skill. I think all of our clients current and future will appreciate the hard work we all put in.

[ForestWoodworks]

Definitely some solid pricing insights. Thanks for that, and to the other creators offering their own perspectives! It helps me get oriented to the subject. Thanks so much!

Edit: I was so enthralled with the video, I didn't notice the math discrepancy. Glad I went to the comments and thanks to everyone for clarifying!

[saterialewoodworking]

Some very good information you shared here . I think with Hobby and Jobbers (As you call them )the biggest thing that hurts Pros is the pricing they use . Low balling products hurts the entire industry (IMO) mostly for small shops like your own and mine .

Another problem is the lack of wood knowledge . Construction grade lumber has no place in fine furniture (IMO) sites that promote the use of it for building really need to better educate themselves about the materials they use and suggest other woodworkers use . This is doing nothing but soil the small furniture maker industry. Thanks for sharing and getting these messages out there for everyone .

[lemhanback]

Love this formula, after all no profit no business. I had never thought of the daily rate before but makes perfect sense. Thank you.

[angevega]

LOVED THE VIDEO MY FRIEND! THANKS FOR SHARING!

[ChtoDelaetMaks]

Hello from Russia. Thank you for the formula. I'm happy for you. you know we have the same problem in any business. People who work at home doing hobbies are able to destroy any business by lowering the price. Thank you! Well good luck.

[codacreator]

Great video! Awesome advice! I keep forgetting to increase the cost of materials, which shorts me on consumables like screws, glue, finish, electricity and whatnot. I also forget to log time in design and materials pickup. I'll get better. But, the most important lesson I learned here is not to undersell just for the sake of selling! Thanks!

[rachandfred]

Thankyou another thing is if you have unit/staff/insurances don’t forget to work these overheads into hourly rate /daily rate as they can be quite expensive

[abbashussain]

Thanks Phil, I also just starting out and in the learning stages at the moment. Your video was truly helpful and informative but what was even better than the video itself was how you reply to every single message making each person feel valued, top marks from me Phil, God bless and wish you all the best for the future.

[slowburnwoodworks]

Thanks, man👍I'm another beginner who eventually wants to take this as full time as possible sobI can stop hating 40 hours/week of my life. This is the perfect mindset to instill right out of the gate. Solid reasoning and explanation on the formula. Thank you!

[OCRamnghahmawiaEEE]

This is what i am looking for my whole life.... Thank you man

[colinaindow]

I'm just starting up with my woodworking business over the pond and this was a great help, it just makes sense - thanks for posting this video

[ArmyVet]

Thank you for this info. I have never been good at charging the right price for my woodworking. I never learned algebra but the way you explained this formula is very easy. You got a new subscriber 👊🏼