![]() ![]() There are different schools of thought on pricing strategies. Use your best judgment here.) How to Increase Your Prices (This logic also applies to commission “slots”, but not all slots are equal. If you’ve allocated 40 hours of your time per week for commission work, and you’re consistently allocating all 40 of those hours, it’s time to increase your rates. This means you have sufficient demand to justify a price increase. Generally: If you’re utilizing 100% of your allocated time for art, it’s time to increase your rates. Once you have a price list figured out, you will want to occasionally increase your prices.Īrt by Khia. You should do this for every item on your commission price list. If you decided, then your price list entry for this type of commission might look like this: Where is the number of additional characters beyond the first one, is your minimum hourly rate, and is the price of a commission. Now that you have a number in mind, you’re going to want to go through the rest of your price list and make a mental note of how many hours each item will take you to complete.įor example: If a complete illustration of one character with a detailed background takes you 8 hours, and each additional character takes an additional 2 hours, you can setup your pricing as follows: Roughly half of your income will be eaten by taxes (income taxes–including state income taxes if applicable–plus payroll taxes since you’re self-employed as an artist), unless your tax accountant tells you otherwise. Whatever number you landed on, immediately double it. If that seems too high for you, don’t go below $15. This number is based on what the federal minimum wage should be, if it was pinned to productivity. ![]() Next, decide on a fair hourly rate for your work as a professional.ĭon’t undersell yourself! For example, your hourly rate should never be less than $24 per hour (in 2020 dollars), in the United States. ![]() For example, a sketch of one character might take N hours to complete on average (with variance granted for complex character details).
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