I dont know anything about the design and make of the piece, but half materials and half labour sounds incredibly cheap to me as a starting position.
Let’s say I can buy rough sawn to fulfil for £500. Even if I have “no” overheads (I.e. I’m using all my tools that I bought and paid for for free, my garage (for example) and power etc for free. Blunting up blades, wear and tear on maybe not top of the line industrial machinery etc.
I would say a fair way to work out you pricing is to work out a fair charge for absolutely all overheads per annum, and a fair wage that you as an individual would like to make per annum. Divide it by what you think would be a realistic number of hours to be busy in the workshop per week , if you were doing this full time. Let’s say no more than 30, other time you would be designing, back and forthing on the internet and with suppliers and doing the books.
So my hypothetical overheads 10k, I want to earn 30k 40k / (30x47) so £28 p/hr
I cannot state this enough, be realistic about pricing from an hours point of view. Add a contingency for messing up, like you would with timber. Add crime for sweeping up the workshop. Always assume buying all materials new, don’t think ah well I’ve got this in stock and it owes me nothing. If you can reuse offcut then great for you, but don’t hand that saving onto your customer. Add a generous allowance for consumables, and price hardware appropriately (I.e. cost + delivery + profit if you think you can make it.) Price hardware on internet pricing, then see if you can negotiate a trade discount.
Re office time, build in pricing for site visits, providing the quotation, design, finding stuff on the internet. I for example won’t do any design work now until I receive a deposit.. but I used to.
Be realistic about site costs, labour and installation, travel time, fuel, use of a vehicle.
Now take that fair and realistic price, and try to get the client to pay it. Don’t gatekeep or try to obfuscate your pricing, and if they are interested engage in thorough discourse with them, up to and including how many hours you think each element will take.
Working up quotes properly takes a lot of time, as you have to thoroughly think through every part of the make, including jigs, manual handling of materials etc so I would suggest maybe doing it as an exercise for this first one, then working out what this represents as a proportional value vs the timber. After a few you will get a feel for it, and be able to say to potential clients “I’m afraid design and project planning to provide accurate quotations takes such a significant amount of time, so what I tend to do is provide a ballpark figure initially to gauge interest” - for fitted furniture with a certain spec it could be a price per linear m, for bespoke hardwood standalones it could be overguesstimate price of timber x 4 or 10 or whatever you work out your average to be.
It all depends on if you want to run it as a business or if you are doing it for fun either. But if you want to ever do it as a business, don’t give anything away for free (for example add a cost for premesis rental based on research in, even though you don’t pay one)
Long winded but fair