Glenn Posted January 31, 2011 Share Posted January 31, 2011 Here it is the end of January and the prices of everything seem to have gone up, the steel, coal, phone, electric, water, gas for the forge etc The cost of groceries is up also. If you notice the price may be the same for the one pound box, only now the same box contains 14, 12 or 10 ounces. The size of the box did not change, the contents or weight got smaller (less). Ever notice the item on sale at 20% off this week is the same as the normal price for the same item last week? They raised the price by 20% so they could give you a 20% discount. Do you hate to place an order for consumable materials because you know they will be higher than you paid last order? Do you keep track of your costs and pass the increase along to the customer? Does your price for an item cover your current costs, labor, and profit to make that same item today? When was the last time you raised your prices? And by how much? Quote Link to comment Share on other sites More sharing options...
dablacksmith Posted January 31, 2011 Share Posted January 31, 2011 ya price is slowly goin up for my ironwork ... its got to ... Quote Link to comment Share on other sites More sharing options...
Timothy Miller Posted February 1, 2011 Share Posted February 1, 2011 I always base my prices on current expenses. We almost always call and find out the current price of the materials and any other significant expense relating to the project. You may not always get the job but you will stay in business. We do do a few things where we update pricing once a year with a specific customer I have been burned a few times oh those jobs. Quote Link to comment Share on other sites More sharing options...
forgemaster Posted February 1, 2011 Share Posted February 1, 2011 We are updating all our prices this week, on average we are increasing 13%. Though there are some prices I am finding that have not been increased since 08. So they are being increased a little more. "We're not a charity" is my present favouite saying, but even some charities make more of a profit than us sometimes. Quote Link to comment Share on other sites More sharing options...
HWHII Posted February 1, 2011 Share Posted February 1, 2011 It seems my added costs are coming out of my overhead right now. I am lucky to have a fair amount of work. Alot of my clients are a little shocked at my current pricing and need to be confinced in to the job. If I where to ask for more, I am afraid I might lose the work. Guess I am working for less money. <_< Quote Link to comment Share on other sites More sharing options...
Thomas Dean Posted February 1, 2011 Share Posted February 1, 2011 I was asked yesterday about prices for my fire place tools. The response was "Wow, I'm impressed and a little in awe. I may need to take up 'smithing as a retirement gig. I may just stick with my Wal-Mart variety for the time being. Makes me wish I hadn't sold my forge" I didn't realize at the time this was from one of my wife's nephews! I would give a little price break to family, but...I also told him I teach beginner classes if he ever decides to make his own! My insurance premiums went up 30% over last year with about 25-30% LESS coverage! Thank you Obama.... Quote Link to comment Share on other sites More sharing options...
Glenn Posted February 1, 2011 Author Share Posted February 1, 2011 Let us say insurance costs $100 and they cut the coverage by 30%. You would have to pay $130 to get the same coverage. Take the $130 and add 30% increase equals $169 for the new cost, or actually a 70% increase in one year. You say I am a dollar off, but the cost of stamps, electric (for the lights to read the paperwork), and gas (to drive the post office to mail the check) also went up. Quote Link to comment Share on other sites More sharing options...
mtforge Posted February 1, 2011 Share Posted February 1, 2011 We sell mostly repeat items from a catalog, a web site or shows so we can adjust each price as needed. We try to have a shop rate we want to make for wholesale and retail sales. I've added a time clock into the shop and have tried to keep better records of the time needed to make each item. After material cost if we aren't making shop rate we adjust the price or drop the item as needed. Quote Link to comment Share on other sites More sharing options...
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