Reply To: Time on a project?

Price is relative but not definitive.

I have gone through the pricing process in a variety of entrepreneurial endeavors, from products to services, and helping others due the same. there is a common miss perception that you are competing with “Ikea,” to name your example. While a large number of consumers want the “Ikea” price there are also a large number of consumers that get all their furniture used and an equally large number of “people” (big difference between consumers and people who buy quality) who want and look for high quality and will pay for it, the trick is getting you product in front of them with the features they desire.

Case in point; I can buy a compact four door car for a few thousand dollars, or a luxury four door Bentley for hundreds of thousands of dollars. They both have four doors and get you from point A to point B, however each has a buyer with specific needs, tastes, purchasing power, and perception of value.

Don’t ever underestimate what your product is worth to the right person, finding that person is the more difficult challenge.

Starting out you may be competing against the small four door consumer but with time and work, like Paul, you can sell to a “Bentley” customer. I have known some individuals who can sell directly to a “Bentley” customer base at the beginning of their endeavor, but they have also taken substantial risk to do so, and are few and far between. Paul has built his reputation over decades, there is no reason any of us new comers to working wood can’t do the same.

Hope this is useful info