Would you like to sell more art? Would you like to increase the profit margin for each piece of art you sell? In this post, you will discover how creating a pricing chart for your art will increase profits.
How Creating A Pricing Chart For Your Art Will Increase Profits
Do you know exactly how much money you are making from each piece of art you sell? If you don’t you are not alone.
One of the first questions I ask an artist when they hire me to coach them is, “How much profit do you make from each piece of art you sell?”
Most artists I ask do not know the answer.
There is no debating that it feels good when you sell art you have created, but it would feel even better if you make a profit from the sale.
It costs money to create art and if you do not calculate the cost of your materials and marketing costs you could easily see your profits diminish. Even worse you might find yourself losing money when you make a sale.
In this post I will be talking about pricing strategies but even more important, being consistent with your pricing.
How To Price Artwork For Beginners
There are many variables that play a role in pricing your artwork.
- Medium
- Size
- Subject
- How long you have been an artist
- Brand awareness
- Marketing skills
- Market value
Are you have a difficult time deciding what you should charge for your artwork?
Pricing my art was one of the most difficult tasks I faced when I started selling my art.
I felt uncomfortable asking people for money for something I enjoyed creating. I realized early on that if I wanted to reach the goals I would have to accept that my work is valuable and people are willing to purchase what I have to offer.
Over the years I have spent a great deal of time researching the market and how to price art to sell.
Having an understanding of how to price art for a profit makes it easier for me to develop a pricing strategy that works.
Are you have a difficult time deciding what you should charge for your artwork?
The Art Pricing Guide – How to Price Art to Sell eBook will help you to develop pricing strategies for your artwork.
The Cost Of Creating Art
Do you know how much it costs you to create your art?
Here is a list of costs I take into consideration when I calculate my profit margin:
- Art supplies
- Internet
- Electricity
- Heat
- Water
- Marketing costs
- Workspace
Many artists I talk to do not factor in the cost of the internet, electricity, heat, water and marketing costs.
Everything that you use to operate a business should be included in the cost of creating your art. If you do not calculate all of the costs associated with creating your art you could be losing money every time you make a sale.
Knowing exactly how much you spend will help you to determine the price of your artwork.
Take time now to calculate the cost of running your business.
After you have finished calculating all of your costs, decide on how much of a profit you would like to make for each piece of art you sell.
The profit you make will be determined by:
- How long you have been creating art
- The medium you use
- The size of your art
- The market
- How well you market your products
- The value of your brand
Price Chart
Now that you have a clear understanding of your art prices and why they are priced the way that they are you should feel confident in standing firmly behind them.
The next step is to create a price chart for a reference.
What Should be included in the Price Chart:
- Price based on the size of the art
- Price based on the material used (for example the price will go up if you offer a frame)
- Price of commissioned work (calculate how long it will take to complete a project)
- Price of prints (if you offer prints of your artwork)
- Workshops (Based on travel time and time spent with students)
- One on One classes (Based on travel time, cost of materials, and time spent with students)
This FREE Art Pricing Chart Printable will make it easy for you to keep track of your art prices.
Print an art pricing chart for each variable and put the printables in a binder for easy access.
Documenting and organizing your pricing strategy will help you to stay consistent with your prices which will increase your profit margin.
Download your Free Art Pricing Printable today and receive free weekly newsletters that are filled with valuable to help build your online art business.
Fine Art Marketing
Now that you have your prices documented, it is time to start marketing your artwork.
Your price chart will make it easy for you to post consistent prices on all of the different platforms you will be marketing on like blogs, Facebook Twitter, Pinterest, website, POD sites, craft shows etc.
With all of the different platforms you can use to sell your art you might find yourself posting different prices which will make it confusing or frustrating to your buyers. There is even the possibility you might lose a customer if they have discovered they have paid a higher amount buying your art on one platform over another.
Now that you know how to price your art for a profit and your art using a price chart to keep your prices consistent let’s talk about how to sell your art.
The online art marketing posts, eBooks, workbooks and courses below will help you to build a strategy that will help you to build a strong foundation for your online art business.
Art Blog
Digital Content Marketing – What Artists Need to Know
Optimize Art Blog Posts for Search eBook
28 Day Blogging Challenge for Visual Artists
Social Media Marketing
Easy Social Media Strategies That Drive Traffic to Art Blogs
How Artists Can Save Time Scheduling Social Media Posts
7 Social Media Marketing Tips and Tricks for Artists
Pinterest Marketing
Create a Pinterest Business Account Step by Step
How to Use Pinterest to Drive Massive Art Blog Traffic
Increase Your Art Blog Traffic with Simple Pinterest SEO
How to Start a Pinterest Strategy for Artists
How to Create a Pinterest Profile for Your Art Business
Pinterest Board Tips That Will Attract Your Target Audience
Email Marketing
How To Start Your Email List Today so You Can Sell More Art
Ultimate Email Marketing Guide for Selling Art Online
4 Email Opt-in Plugins for WordPress
Best Places to Add an Email Opt-in on Your WordPress Blog
7 Email Services for the Artist Selling Art Online
Conclusion:
Learning how to sell art online is one thing but learning how to make a profit is another thing.
Take a few minutes to write the costs of creating your art, develop a pricing strategy and make a price chart so your pricing will be consistent.
How Creating a Pricing Chart for Your Art Will Increase Profits Overview:
- How to Price Artwork for Beginners
- The Cost of Creating Costs
- Price Chart
You might also be interested in:
28 Day Blogging Challenge for Visual Artists
Are you ready to start building an online presence?
Available on Amazon or Download your copy today.
The Productive Artist How to Live Your Dreams
The right mindset and time management skills are essential for any business. These topics are often not talked about but are key elements for your success. You will learn how to have a winning mindset and time management skills necessary for operating a successful art business.
Available at Amazon or Download your copy today.
Get More Done in Less Time The Part-time Artist
Proven strategies that will help you to get more work done in less time so you can sell more art and earn more money.
Available at Amazon or Download your copy today.
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Art Business Planners
Hi Dave,
There is a tone of great information about pricing your work here. I especially like the part about including your electricity, water, internet, and heat! I think we forget that things like this are a cost of creating artwork.
This is fantastic! I think I might even link it to one of the articles I wrote because I love it so much.
Thanks again
Hi Jade,
I am happy to hear that you found value in this post. Many artists are losing money without being aware of it. I would be honored to be mentioned in one of your articles.Thank you in advance,