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Pricing a quilt


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I am new to quilting and recently completed a crown royal quilt.  I had to cut 131 crown royal bags before I could then cut them into squares, plus cut other material into squares to make the finished quilt with binding 76.5 x 76.  I have $150.42 into materials and longarm quilting.  I am just not sure how to price the labor.  I have read different ways; per square inch, per hour, 3x material cost, etc.  I don't want to overcharge, but don't want to undercharge either.  I am thinking $250 to $300.   Your help is greatly appreciated

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As you are now a business owner, I believe you have to value your time.  If you were to hire an employee, you would have to pay them minimum wage.  Thus I believe you take that dollar figure, and multiply it by the amount of time you worked on the quilt.  Every second you worked has to go into that calculation.  That is the minimum price you sale the quilt for in my opinion.  

Since you are the business owner, I believe you have to charge even more than minimum wage as you have to pay for both portions of the social security taxes, your business license/insurance/etc., your machine/upkeep, etc..  Thus I believe your bottom income wage is double the minimum wage for your location.  Charging less I believe transforms you from a business owner to a hobby owner.  As you are just starting out, you can charge less, and then slowly increase your hourly rate as your skill set improves.  

I did a global search on the forum for "hourly charge", and found these discussions on the subject;  

http://forum.apqs.com/topic/41556-pricing-for-quilt-sleeve/#comment-541092

http://forum.apqs.com/topic/40902-puggles-quilt-is-finished-and-i-got-paid/#comment-534595

http://forum.apqs.com/topic/40404-perparing-a-backing/#comment-530431

http://forum.apqs.com/topic/36043-quilting-price-comparison/#comment-497844

http://forum.apqs.com/topic/36678-small-projecttable-runner-rate/#comment-503701

http://forum.apqs.com/topic/34011-underpaid/#comment-477670  Linda (ffq-lar) has great input in this one as you are just learning your business.  

Do your own search using different words, and you will probably find even more answers to your question.  I wish you the best of luck in making your decision as what to charge.  

Cagey

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