Setting the right price for your artwork is key to balancing competitiveness and profitability. This guide will walk you through the steps of determining your prices, ensuring you get the best value for your artwork while maximizing your profit margins.
At Simply Framed, artists are in full control of their pricing. You decide the price for your artwork, set your desired profit margins with a customizable markup, and adjust for printing and framing costs. The total cost for your products combines the base printing and framing cost from Simply Framed + your art price + your markup.
Processing Fee: A 3.9% processing fee is deducted from each order's total payout to cover payment handling. This ensures smooth transactions and timely payouts.
We aim to make the process as clear and transparent as possible, allowing you to maximize your earnings while offering competitive pricing. Our goal is to empower you to set prices that reflect the true value of your work while maintaining flexibility and transparency in the process.
Determine Your Art Price
Step 1: Determine the base price your customers will pay for the artwork alone, excluding printing and framing costs.
Step 2: Consider market factors such as:
- Competitor Pricing: Research what similar artists are charging for comparable work.
- Market Value: Reflect on the value of your art based on materials, technique, and demand.
Pro Tip: Be competitive, but don’t undersell your work—set a price that reflects its true value.
Add a Markup
Step 1: Decide on a markup percentage to add on top of the combined cost for printing and framing.
Step 2: A typical markup ranges between 5% and 15%, depending on your desired profit margin.
Pro Tip: Adjust the markup based on how exclusive your work is. Higher demand may allow for a larger markup!
Adjust the Retail Price
Step 1: If your total price comes to an odd or uneven number, consider rounding it to a more consumer-friendly figure (e.g., $149.99 instead of $148.73).
The total price can be edited directly at the bottom of the page, and any changes to this price will adjust the frame markup percentage.
Step 2: Ensure that the final price reflects the value of your artwork and is still competitive in the market.
Consider Business Overhead
Step 1: Factor in any additional business costs when setting your prices, such as:
- Marketing expenses
- Operations costs
- Competitor pricing
Step 2: Balance these factors with profitability to set a price that supports your business and appeals to customers.
Review and Update Regularly
The art market is constantly evolving, so it’s important to regularly review and adjust your prices. Here’s how:
- Monitor Market Trends: Keep an eye on pricing trends in your industry.
- Utilize the Simply Framed Marketplace: Compare your pricing strategy with other artists to ensure competitiveness.
Pro Tip: Updating your prices regularly ensures you stay ahead of the market and maximize profitability.
Payment Processing and PayPal Setup
Step 1: Expect your payouts for the previous month’s sales within the first week of the following month.
Step 2: Ensure your PayPal email is accurate and updated to receive payouts without delays. You can update your PayPal details in the Sales Tab.
Quick Tips for Success
- Do Your Research: Conduct thorough market research to set a competitive price point.
- Use Markup Strategically: Adjust your profit margins based on your business goals.
- Monitor Your Sales: Regularly check the Sales Tab to review performance and adjust pricing accordingly.
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