i think about several things when pricing blacksmith work. Cost of operation. where is my current financial standing. Ability to actually make any money doing the project. Future buisness from said customer. and unfortunatley percieved price on the buyers end. materials are usually no where near the cost of labor involved unless you are working with alot of copper or other more expensive material. I can give you an example from my area which is a mostly middle class to lower upper class clients. I make hardware for sale at the local upper end greenhouse. a standard hammered hook to mount on a post to hang a flower bag from with just a clear coat finish is $18 the material is about a buck. I start with 3/4 square so the hook is nice and heavy on the fastening end. This makes people think they are really getting something to last a lifetime. the labor in production to forge wire wheel and coat is about 12 minutes per hook. My shop time is $40. so i have $13 in labor $1 in material $.50 in clear coat. so that is $14.50. take that times 1.25 and you get 18.12 drop the twelve cents and charge $18. the ladys who's greenhouse it is gets a 10% commision on sold work. so minus 1.80 you get $16.20 not bad for 12 minutes work. If you times that by four you get 64.80 now subtract your material cost 4 bucks. You just made $60.80 in an hour (that is if you sell your work). any how that got long.... if you are still reading the bottom line is i think for no matter where you are and what you are doing you are way underpricing yourself if you are trying to run a buisness. I did this for a long time and cringe everytime i think about how much further along i would be if i would have charged properly for blacksmithing and welding work over the past ten years. But remeber if you wanna charge what the big boys charge you gotta act like one. Great work Great customer relation and a Great amount of effort go into be able to charge appropriatly for your work.