Pricing...How in the world am I supposed to price my designs?Oct 20, 2020
The infamous world of how do I price my work?
How do I put a price on my creativity?
I put so much time and effort into putting together a quote...
Or, when I get a retail order, how do I know how many flowers into my designs?
These are just some of the questions that get asked when I work with floral entrepreneurs entering into our intriguing floral industry.
Once these are asked, I ask a series of questions to my floral client to see where they are at... what they are focusing their business on... and who is their client?
There is a fantastic way we look at this in EMC (European Master Certification) Foundation Course that really helps give you a birds-eye view of it.
You have to look at the percentage of time you put into each category and then realize where you are at as a designer.
Or, if you aren't a designer but the owner then you analyze this in the overall picture of your team.
Once this is done, you can allocate your labor costs so that they are in line with your pricing.
Now, if your business is focused on one area vs another, then this will also impact your pricing structure.
I do have a fab tool that works great if you are doing retail designing--it's call the Workroom Pricing Chart. Check it out here.
This tool uses the 33% labor, 33% COGS, 33% expenses process for regular designs.
BUT, the caveat here is when you get into more complex designs most often call "set pieces" or for sympathy work for example. Usually, these types of designs require a higher labor charge.
This pricing chart has the labor already factored in and gives you the "at-a-glance" price for your retail flowers and your retail hardgoods price so all you have to do is grab the allotted amount and get to designing! It's such a timesaver.
Want to discuss it more? Let's chat sometime. We can jump on a consulting strategy call and get it figured out for you!
No matter what, get it right so that you are profitable and are making room to grow.
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