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[1] http://forums.threadsmagazine.com/user/21383
[2] http://forums.threadsmagazine.com/comment/71848#comment-71848
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Many years ago when I started doing handwork for pay I was told the following formula.
hourly wage + materials x 2 = wholesale price
This has worked pretty well for me. People used to dicker about price with me when I started. I raised my hourly fee. Now I get nearly no complaints. My work is pretty specialized and folks can't get it elsewhere. I have essentially tripled my hourly fee over the past 10 years as my work has improved. I need to raise my fees again.
Good luck!
Sarah