For a craftsman like a woodworker, the question of what is fair price for their work is an often-discussed topic. Like with other professions, the answer usually depends on many factors and individual circumstances. On a more basic level, a distinction between pricing and fair price needs to be made. Setting the fair price almost always involves looking at a bigger picture and considering your business needs. Fairness, in an exchange, is perceived and involves at least two sides in a transaction. Price, as a reflection of value or worth, is also something that will be perceived in a different way by different people. Ultimately, fair price is a measure of relationship where it provides adequate compensation to the seller and satisfactory value to the buyer.
- A reader sharply criticized me for not suggesting a fair price for a woodworking reader who asked for help.
- As a professional, pricing needs to cover the costs of running a business.
- A fair price reflects the care, skill and materials invested in the making of the object.
“What I charge, as someone whose livelihood depends on the furniture and cabinetry I build, has nothing to do with what he may be in a position to charge, as someone who’s retired.”