Of course, the ultimate goal for any engraving business is to make money. To do so, you need to set up some sort of pricing plan. Ask yourself: how can I easily create a pricing structure that is fair to my customers? Pricing your engraved products in a way that supports your business and your customer finds agreeable can be accomplished by using a relatively simple formula:
- Minimum Charge – to cover the time setting up the job
- Origination Charge – to cover the time required to create any logos or artwork
- Size of Job – to account for material costs
- Amount to be Engraved – to calculate the time required to complete the job
- Waste – estimate any material used for samples for testing or approval
Another common method for calculating price is to establish a retail price for the item being sold and charge by the character for the engraving. This is particularly common when selling personalized items such as platters or award plaques.
-Elena Iogha, Gravotech