As a creative business owner we’re faced with a dilemma. Do we create what we want, when we want to, or do we run our creative business based upon our brand image and mission? Most creatives will say they are only interested in the creative aspect and don’t focus on how they’re going to make a living. You may have a vision in the back of your mind of finding part or full time work outside of your studio which can pay the bills and allow you to continue to make your art when you have the time!
Andrea and I are here to tell you that this thinking is harmful and isn’t necessary! The fact that you have decided to make a living as an artist or creative doesn’t mean you cannot make money in that industry!
There are important steps you have to take and things you must realize about yourself and your work to be successful in business. There are ways to Broadcast Louder and wiser! It’s time to stand up and say, my creativity deserves to be noticed by the RIGHT buyers and purchased.
Broadcast Louder will teach you how to get the perfect client to take notice, be inspired by your art and purchase it! The beauty of being YOU and owning your own business is that you get to set your own rules. You can create what you want, choose your clientele and charge what you are worth, and the only person who determines your worth is YOU.
Pricing Your Creative Work & Knowing Your Self Worth
The way you feel about yourself, your self esteem and self-worth is tied to your valuation of your art and in today’s society, it’s difficult for a creative with a small business to feel as if they are worth MORE then the large companies mass producing overseas. Let’s take Pandora as an example. They have a HUGE following, their name is well known and they sell. Are they innovative? Are they pushing the creative envelope? Not really. They are a mass market company selling charms and simple jewelry and they have found their niche customer. Their pieces can’t compare to a master goldsmith who painstakingly hand crafts one-of-a-kind jewelry into works of art. It’s two different worlds. But our mass market society who are into sound bites and apps, who are more consumed with following celebrity style and what’s given to them in magazines, are a large consumer and they are primarily looking for deals and sales. Why do you think that Lanvin is in H&M and Fendi sells through Target? Because the slow paced customer with disposable income, who is searching for quality, is dwindling.
Tips to Pricing Your Creative Work
1- How many years have you been creating your art or products and what is your skill set? Are you constantly learning and increasing your technique or are you staying stagnant? If you’ve been working with your materials for a long time and increasing your techniques then your prices will be higher than someone who has just started out, regardless if it were the same type of item, because your creation would be higher in quality and you’re worth more as an artist.
2- Based upon your answer to the first point, determine your manufacturing costs, which are your WORTH as a creative, times the hours and minutes you took to make and finish the particular piece. THIS is the important part – remember what we have told you about your self-worth and selling/pricing.
3- The cost of materials and packaging materials, including the costs associated with shipping them to your workshop. Some people add a certain percentage or amount to cover their studio costs or incidentals. If you do, we’ve seen people multiply by four but you can play with that number. Another standard method is to multiply that total by ten percent for overhead costs. After you add all of these numbers up, you’ll have your cost, or the amount you PAID to create this piece. This is your reimbursement number.
Something we’ve learned from Julie Steelman
When pricing assignments or products, don’t just think about how much you want to make, but how much you want to keep. Don’t price down your products to make the “sale” because then you’re just covering your costs, if that. If you’re in business to make money, then you must make a profit on each product or service you sell.