What is the correct price to charge for a picture frame? This is a question even experienced framers ask; and it’s not surprising as pricing a frame is complex.
It's not uncommon to find framers struggling to pay their bills at the end of each month, materials are multiplied by a factor in a hope of covering all their costs, yet there is a constant struggle to make ends meet. Why is this?
If this sounds a little familiar, don't worry!
With some practical pricing knowledge you can build a more profitable business and therefore, a more professional and relaxed business. A business that allows you to truly realise the freedom of being self employed.
Manufacturing custom frames is labour intensive. Not only is making the frames labour intensive but all the other factors of keeping the business running take up your valuable time.
This gives framers limited hours in which to make frames and therefore limited time to recover their business overheads. These overheads are only recovered by charging them into the price of the frame, making it vital that overheads are correctly calculated into every framing job. Business overheads are by far the biggest cost of manufacturing most frames, and only by accounting for them can you be confident that you’re pricing profitably.
These articles will mostly explore the cost of labour and how to reliably calculate your business overheads into the manufacture of the frame, as well as giving guidance on applying a mark-up that is sustainable for your business, whilst keeping your frames affordable to your customers.
I hope you find the articles helpful.