How do you set prices when you are new? a discussion..

Since I purchase blanks and create my knives from there, it's different for pricing. This is what I do and it has worked for me thus far.

Blade cost x 2 + 20 (leather sheath) + 15 (this covers a basic handle materials list, higher end stuff will obviously raise the price).

I've not run into anyone who balked at the price. I have, however, had people say "Really?! I figured the price would be $XXX more than that!" So...I may be underpricing myself, but it's a fair price for me and my time involved.
 
good thread.
all the costing formulas sound ok, but.... went to high end kitchen store and found a basic paring knife (4" handle, 3 1/2" blade), basic carbon steel blade(52100), one size fits none handle, maybe a 400 grit finish, and a price tag of $$175.00. maybe i can get $100 for a similar knife, with a custom local wood handle, mirror finish.... how do you price when you can find a usable small knife for $15 or less(mora frost)?
scott

"My chains are gone
I've been set free
The Son of God
Has ransomed me."
 
I live in a region where the "custom" knife market is nearly non-existent..... as far as I can tell.

"You do what?"

"Well, that's interesting!"

"I didn't know there was such a thing."
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I looked at your post and thought "that sounds like where I live" Then I looked at your location and it became clear :) I'm in the Annapolis Valley and nothing is different here. I see guys with Browning rifles, new trucks, top of the line hunting clothes and $20 knives. Most of the locals that see my knives think they are great, but have no intention in paying any more than $20-$50 for a knife. I know a local guy who used to make knives and he was shooting for 50 - 100$ in the 80's and he had to sell out of province in order to sell anything. I figure a web site is my only option for selling knives, and I hope I can swing one soon.
 
Brad Lilly said:
I looked at your post and thought "that sounds like where I live" Then I looked at your location and it became clear :) I'm in the Annapolis Valley and nothing is different here. I see guys with Browning rifles, new trucks, top of the line hunting clothes and $20 knives. Most of the locals that see my knives think they are great, but have no intention in paying any more than $20-$50 for a knife. I know a local guy who used to make knives and he was shooting for 50 - 100$ in the 80's and he had to sell out of province in order to sell anything. I figure a web site is my only option for selling knives, and I hope I can swing one soon.
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Well the first thing I would do is go for another niche, Perhaps Tactical or Culinary knives would sell for more in your area?

Remember that you aren't trying to sell to everyone and you want a mix of Local shows, Retail, Internet and your best and hardest to develop is word of mouth.

My guessitmate of the percentage of the market in my area that would possibly buy one of my custom knives is about 1% or less and I live in a area where there are a lot of very affluent people. I am not one of them yet!

Laurence

www.rhinoknives.com
 
I have not yet sold any knives but I have tried to work out a pricing system, I round materials down to the nearest £5, double the number I get, add £15 for every inch of blade past 4" and have a list of fixed costs for accessories (+£10 for a firesteel etc). I then look at what I have got and round it down to a nice number. I might have ended up pricing a bit too high but when I start selling I will be covering costs, the pricing system is more to stop me from being extortionate. For example, the system means that an 8" blade, curved combat knife, front and rear bolsters, locking kydex sheath with welt, will not be sold for more than £300, I would sell for £200 maybe, making £70 profit, and gradually increase the price depending on sales, but I would never sell it for more than it would be worth. That way I avoid being called overpriced.
 
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