As an artist, dreamer, and creator of beautiful things that make the world a little brighter and more beautiful, there comes a time when you have to think about... drum roll... PRICES!
Now I know what you’re thinking. “Pricing? That sounds boring. I just want to create!” And you’re right. But let’s make it fun. Here are a few creative formulas to demystify the dark matter of pricing.
1. The 'Coffee Addiction' Pricing Formula
Your day doesn't really start until you've had that cup of coffee (or three). So why not take this into account when setting your prices?
Formula: Price = (Number of cups of coffee per day x Coffee price) + Material costs + Time x Hourly wage
Example: Suppose you need three cups of coffee per day to get started, and they cost you €2 each. Your work involves €30 in material costs, and you work on it for 5 hours with a desired hourly wage of €20.
Price = (3 x €2) + €30 + (5 x €20)
Price = €6 + €30 + €100 = €136
And voilà! You can continue your coffee addiction and pay the rent/mortgage. Double win!
2. The 'Netflix Marathon' Method
Imagine that you’re not working but instead spending an entire day watching Netflix. What would you earn? Indeed, nothing. So, your rate should be at least higher than that nothing-doing life.
Formula: Price = (Number of episodes you could watch x 1 episode duration in hours) x Hourly rate + Material costs
Example: You could watch 6 episodes of your favorite series (each 1 hour) and you have €40 in material costs.
Price = (6 x 1) x €20 + €40
Price = 6 x €20 + €40 = €160
Hey, if you don’t ask for that amount, you might as well just flop on the couch and watch your favorite series. And we don’t want that... do we?
3. The "Van Gogh" Rising Star Strategy
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