I really struggle with knowing how to charge for my work and if asked how I go about it’d, the only answer I could give is; “with great difficulty!”
Coming up with the perfect price for my woodcarvings has been a learning curve. Initially, I worried no one would be interested, but then a friend paid me double what I had asked for a piece, telling me I wasn’t charging enough. (If anyone else wants to double the price, that’s fine by me!)
The simple fact is, I could never charge for the amount of time and effort that goes into the sourcing, preparation, carving and finishing of products. Even a fairly simple carving could involve 8 hours work when all of the above are taken into account. At the UK National Living Wage, that would mean charging over £90, which nobody is going to pay an amateur but enthusiastic wood butcher.
All I can do is take into account how long the piece has taken, how well I think the finished piece turned out, and what I think people might pay.
Some things sell quickly, others not at all, but whether that is down to quality, price or subject matter, I am still in the process of discovering.
You must definitely cover the cost of materials and electric first. Then decide what percentage of your time you are going to charge for if not all of it. Hope someone with more experience can help you out but keep at it.