Search

Let's talk about pricing - Part 2

Hi guys welcome back! Thanks so much for the positive feedback and responses to the previous post. I’m so glad it was helpful to many of you and I hope I can shed more light on this topic in this next part too. If you haven't read Part 1, you can do that here.


So, coming up in this post are the answers to a few more questions I didn’t get a chance to answer last time around. I’ll also be sharing a few links to some resources you might find interesting and informative when it comes to this topic.


Let’s do this!


It’s great to know pricing per print but what kind of annual salary does that equate to?

So for this question, I’d flip it and ask you what kind of annual salary you’re looking for and then factor in how you make that amount through the various income streams you have ie- hourly rates/ client work / print studio work or passive income streams like patternbank or spoonflower. Personally, given I have two kiddos home most days, I ‘formally’ work less than two days a week on Wild Coral work so at any given time I only work on up to 2 client projects + some work for a print studio. I don’t count an annual salary at this point as I still have my corporate design job :)


Do you licence your work, is there a formula for that?

All my designs are created/sold exclusively. It’s just the nature of fashion which is my main market. However, I have one client I licence out too and the return on that is around 15% of the total sale. I know there are several tiers and various factors that you need to consider and negotiate before signing a licensing agreement but since that isn't an area I have explored, I don’t feel quite qualified to talk about it. I have listed some other resources below related to this that you may find helpful.


If a client finds us too expensive, how do we earn?

Ah, there is no easy answer to this. My take on this pretty much comes from the way I’ve grown /am growing Wild Coral. If you’re wanting to begin a freelance career and still need a steady income stream then I highly recommend you get a day job. Whether that is in a design studio or your local supermarket, secure a way to pay the bills to give you peace of mind AND the space to explore freelance. Truth is, it will take time to get a stream of client work, there will most likely be jobs you lose because of your rates. However don't let that get you down. Keep creating, keep refining and consistently pursue the individuality of what makes you, YOU and I promise people will come to you and will pay what your worth is. There is no free pass when it comes to commanding a decent rate. It takes practise and persistence in becoming the reason behind your ‘rates’.


Where do I set the standard? How do I know what I’m worth?

(contd. below)

(contd.)

Where do I set the standard? How do I know what I’m worth?

Well. Where do I begin with this. Okay, easy answer - if you want to know your ‘worth’ in terms of a ‘salary’ expectation, then that’s as simple as looking up a role based on your years of experience and you’ll get an indicative salary. Example, graduate roles pay an annual package of around AUD45,000. Now, when it comes to freelance pricing however, I believe that commanding and being ‘worth’ a high rate comes down to the quality of your work, your service during the design process and probably most important - your unique style which makes clients choose you and only you to fulfil the aesthetic they are after. Yes, there is a standard rate/price that you should use as a guideline, but your worth really comes down to the investment you make in your own work, which then begins to speak for itself and your pricing will reflect that :)


Seems like you make custom patterns. Does this mean you do not licence them out?

Yes :) My work is custom and sold exclusively to clients.


Is it a flat fee instead of royalties. Or do you ask for both - a flat fee with royalties?

I don’t licence/ask for royalties. Most of my work is in the fashion space and the industry is used to buying custom patterns for a flat fee.


What is the average price point for consignment work with studios?

Easiest way to answer this is, studios take anywhere between a 40-60% commission of the sold price. It’s a sacrifice for the designer for sure, BUT working with a print studio is an invaluable experience especially if you’re just starting out.


Ooookay! I think that concludes the Q+A on this, I obviously loved all of the replies last time, so if anything strikes you from this post I’d love to hear from you and also any further questions or other topics you’d be interested in I’ll be thrilled to dive in to. As always I'm a DM away so let's this off here and over to Instagram :)


Last but not the least, see below for a few other resources that might help you when those pesky pricing questions come up.


First up - some extra reading links to bookmark x

PricingforSurfaceDesigners_FurtherReadin
.
Download • 770KB

And if you're a podcast junkie, here are few good episodes from various shows to crack into x

Until next time.

Tanya x


146 views0 comments

Recent Posts

See All

Let's be Insta Pals! Find me @wild_coral.

 ABOUT 

Blog

 SOCIAL 

 INFO 

Copyright Wild Coral Design 2020