I started woodturning about 18 months ago and at the time considered doing craft fairs. Having visited a few, I was disappointed by the poor quality of some (not all) of the items and resolved to wait until I was happy with what I produced before even considering it.
However I can identify with pricing low simply to cover costs and make a contribution (however small) to equipment. It allows us to pursue a hobby without filling the house with turnery once friends and xmas presents etc have been satisfied, and hopefully provides some pleasure to the recipient.
I'm now retired but having been an accountant during my working life I still tend to intuitively consider profitability, investment and cash flow even if it isn't immediately necessary. Sad isn't it, although I suspect all skills and trades do the same thing in their own area of expertise!! In the case of woodturning:
- hobbyists doing craft fairs etc generally don't value their time commercially and typically work from shed or garage etc with limited measurable overhead costs
- to make a decent income from lowish value items (sub say £20) would require a production mindset - eg: make batches of 50 pens/bowls rather than unique items. This reduces material costs (bulk buy wood and convert), set up times, uses custom made jigs where appropriate. Also need to find sales outlets, manage stocks, website, collect debts etc etc. This is not a hobby and potentially competes with low labour cost imports.
- I think there may be a living to be made making high quality, artistically original items with a unit price of £40-50+. Finding the right outlets could be a challenge and requires some talent - which I suspect I don't have.
Just a few personal thoughts after a limited time in the business!
Rgds
Terry