How I Learned To Price My Pens

[@WickedZen]

This is a topic I was just thinking about. A very simple way to do it. I even got a catalog with my new lathe but did not even think about this. Thanks!

[@RJBWoodTurner]

Thank you. Regards, Bob

[@brentnicol6391]

Very informative. Thank you Bob.

[@RJBWoodTurner]

Thank you Brent. Regards, Bob

[@VTHokies1987]

Thanks for these pricing tips. I think that it’s easy to forget that your time and expertise have a value too.

[@RJBWoodTurner]

Thank you Michael, Regards, Bob

[@angim8984]

I like your method of pricing. It's not overly complicated.

[@RJBWoodTurner]

Thank you Angi. It’s a good starting point until you ca learn your market. Regards, Bob

[@jamesbarisitz4794]

Great advice. Thanks for sharing that strategy. 👍

[@RJBWoodTurner]

Thank you James. Regard, Bob

[@gsmscrazycanuck9814]

Thanx for showing the catalog. I just ordered mine :)

[@RJBWoodTurner]

Thank you. Regards, Bob

[@georgebrill3072]

Always an interesting topic; which makes for a great video. A good follow-on would be where to sell pens.

[@RJBWoodTurner]

Thank you George. Regards, Bob

[@IEraiderfan]

Thank you for posting the video.👍👍👍

[@RJBWoodTurner]

Thank you Lou. Regards, Bob

[@TheTacticalPainter]

You just described the definition of price elasticity, good video.

[@RJBWoodTurner]

Thank you. Regards, Bob

[@bencoleman1893]

Thank you so much for this information sir. I have always wondered about this.

[@RJBWoodTurner]

You’re welcome Ben. Regards, Bob

[@huwdavies5264]

Hi Bob, Great tips and have checked out Pennstate's website. Thanks for sharing. Cheers, Huw

[@RJBWoodTurner]

Thank you Huw. Regards, Bob

[@robertevans6481]

Some good info there Bob.

[@RJBWoodTurner]

Thank you Robert. Regards, Bob

[@WickedZen]

Any advice/tips for shipping finished pens? I was thinking a small USPS flat rate box, obviously with some stuffing. Did not know if there is a better, or perhaps cheaper, option that would work for finished pens?

[@RJBWoodTurner]

There isn’t really a cheap option for shipping. I like the $7.90 box from the USPS. Regards, Bob

[@nigelfrance3481]

Thank you Bob

[@RJBWoodTurner]

Thank you Nigel. Regards, Bob

[@mitchellmanning7887]

Good information,, thanks for sharing

[@RJBWoodTurner]

Thank you Mitchell. Regards, Bob

[@chrisfromnl]

Thanks for the tip, I’m Canadian so I haven’t spent much time on the PSI website. I’ve priced mine at cost (kit+wood+box) + $20 and a bit of rounding to get to a ‘nice’ number (such as $25). Seems to come out similar to median prices on PSI for the kits I’ve sold.

[@RJBWoodTurner]

That’s a good way to do it. Regards, Bob

[@bradgiez6192]

You can up that by $10 more & call it importing fees as most of the supplies are coming from the USA & our CDN exchange sucks. Don't short your self. The lathe & tooling cost money too.

[@RJBWoodTurner]

Excellent point Brad. Thank you. Regards, Bob

[@mountainviewturning5319]

Nice tip 👍

[@RJBWoodTurner]

Thank you. Regards, Bob

[@RPMoore]

Thanks Bob, I've asked myself that 100 times. Altho' I don't sell my pens I've wanted to know a ball park figure of what they're worth. I live in Pa. and started out with PSI but since S & H went to 8.95 at PSI and Pa. has sales tax, it just got prohibitively expensive. Sometimes if I ordered a kit and a blank the tax and shipping cost more than what I needed. Bless our Gov. Wolfe, he never saw a tax that he didn't like.

[@RJBWoodTurner]

LOL, thank you for the comment. Regards, Bob

[@bradgiez6192]

What about labour cost?

[@cyrnus]

I've been thinking on this as well and unless I get a lot faster making a pen then I don't see making a profit on pens when factoring in labor except for some of the higher end kits. It currently takes me about an hour from picking out the blank to final assembly and batching didn't seem to reduce that much. My current pricing model is: (materials + 30 x hours) x 1.4 That's $30 for my labor and 40% for shop profit and supplies. That method would make most pens way over market price. I still plan on making and selling pens, but not as my only items.

[@bradgiez6192]

@@cyrnus the market I live in is a wholesale or no sale market. No matter what the item is new or used people here want & ask for a deal price. So I have no desire to sell locally. So etsy might be the place, the problem is again some makers sell too low. For example a local guy is selling bentwood rings for $5 each, Really!!!! the supplies cost that. No labour charge, So he is killing the local market.

[@RJBWoodTurner]

That is a bad spot you’re in. Only thing I can think of that may help is the story. People don’t spend $30.00 on a pen when they can get it from Wal-Mart for .50 cents. I like to tell the story of each pen like I do in the videos. Talk about the wood and where it came from. If it’s Oak from a local barn or an exotic from another country. I had a piece of wood from Belgium and as I was telling about it, a woman told me her husband was originally from there so she bought the pen as a gift for him. I live in the corn belt so I made pens from corn cobs because what else would you get the farmer who has everything... The story sells the pen. Even on Etsy you’ll command a higher price with the story. Once someone buys one of your pens, then word of mouth takes over. Be sure to give out contact info for future sales. Regards, Bob

[@RJBWoodTurner]

Hello John, Finding a market can be tough but there out there. Look for craft shows in trendy or artsy areas. People in those areas are usually looming for unique hand made items and are willing to pay for the something special. Regards, Bob

[@RJBWoodTurner]

You have you adjust for that. Do not try to make pens as quickly as possible, they will look cheap. People spending what your asking will look it over well. It has to be nice or they’ll pass. You don’t want wal-mart customers, you want people who appreciate custom hand made quality. Regards, Bob

[@wildbill23c]

100% depends on where you live. Where I live people wouldn't buy a handmade pen period, didn't matter the price, they completely believe their best buy is those no-name 10 packs of ballpoint pens at the dollar store. Selling online has a huge headache in the terms of many online venues charge a percentage of your sale, some even charge you to list the item, so you end up paying twice, at the end of the day you may not even break even after you add in the cost of shipping. What I have found is there is an extremely small niche group who want some items, not exactly pens, I've sold more seam rippers and odd-ball pens than the standard kit type pens you buy. So you have to be willing to compromise a little and find that customer market and then play with prices from there. Those guides on PSI don't help much other than a very slim guideline of what a pen could sell for in perfection conditions LOL. I've gone to only making a few pens to give away as gifts, I don't bother making anything to sell anymore, its far from profitable by the time you factor in your time, shop materials, etc.

[@RJBWoodTurner]

Location can play a major role in sales. Around here, they sell well, I just don’t have he time to keep up with the demand. It became a second job. All I want is a hobby. That’s why I quit selling. Regards, Bob

[@wildbill23c]

@@RJBWoodTurner Have you done any fountain pens yet? I've been thinking of doing some fountain pens rather than the ballpoint & rollerball stuff. You can get those at every store it seems not so much for fountain pens. I still have that steel pen body on my lathe, haven't touched it in over a year LOL.

[@RJBWoodTurner]

I’ve done a few. Haven’t recorded yet. Need more experience.

[@dwightl5863]

@@RJBWoodTurner Seems I heard somewhere that fountain pens are a very niche market. Lot to do with nib sizes, type, and "feel". Would be interesting to hear from those that have sold fountain pens.

[@RJBWoodTurner]

I never sold many of them but when I did the price was always nice. People who like them are rabid collectors and willing to spend money for a unique specimen. Regards, Bob

[@raulgomez3588]

thnks you this information is grant

[@RJBWoodTurner]

You’re welcome Raul. Regards, Bob

[@wbradburn8871]

What caused you to stop selling pens, if you do not mind the question?

[@RJBWoodTurner]

I was selling so many that It was taking to much time and was becoming a business. All I want is a hobby. Regards, Bob