How to Price Refinished Furniture (Tool & FREE Guide)
How do I price refinished furniture? Learn How Below!
I will be completely honest - pricing my refinished furniture used to be a stressful time. I would leave finished products sitting in my house because I wasn’t sure how to price them.
So I used my background of engineering and HR (completely weird and random, right? but that’s me!), and created a tool that guides you through step by step how to price your refinished furniture.
Let’s first start with the breakdown of the 3 categories that you should calculate when pricing your furniture.
Pricing Category 1: Material Cost
Materials are the biggest cost when flipping furniture, but sometimes can be tricky to calculate because you only use some of the actual product. For example, you purchase a package of sandpaper but you only use 2 sheets of it for the project. You need to only account for the amount you used.
In my tool I created - you enter in the cost of the material and the % used. This will give you the total cost of that specific material giving you accurate data.
Pricing Category 2: Labor Cost
The second category is your labor - which isn’t cheap! In my tool, I have leveraged the U.S. Department of Labor Statistics to understand what furniture refinishers make per hour. I used that data to create a table of what you should charge as a beginner, intermediate, or expert furniture refinisher. Of course, this is just a guideline and you can choose to set your labor rate at whatever you feel is correct.
Once you have your labor rate, you will multiply it by the number of hours you spent working on the project. That will give you your labor cost!
Pricing Category 3: Profit Margin
The final category is your profit margin that you want to make on a project. On my tool, I leveraged outside data from smallbusinesschron.com and found that furniture retailers have a 43% profit margin. Which means, they add 43% on the cost they purchase it for to the cost they charge you as the customer.
As a furniture refinisher, it is important to take this into account. You can set your profit margin as you see fit - and this is the section that can incorporate those other costs that you have may not accounted for (i.e. brand of furniture, retail space cost, etc.).
To download the tool, click on the images below based on what version you need. You can also customize the template to meet your needs! This tool has helped me price my refinished furniture with confidence and consistency. I hope it helps you too!
Pricing Tool for iPhone, Mac, or iPad
Pricing tool download - click on image for more information.
Pricing Tool for Excel
Pricing tool download - click on image for more information.
And to ensure you are within the right realm for your pricing, I have created a FREE pricing guide that gives an overview of the different types of furniture, and a range of how much you should price it at.
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