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Reply To: I started a living art business 9 months ago, where I custom make art like vertical gardens for private clients, however, I also hire them out to businesses.  I will also be introducing backdrop walls for weddings and events in July.  Due to personal circumstances, my business may change over time to predominantly hiring products rather than making them.  So that I can get this side of my business running well with the right pricing formula from here on in, does anybody on this site have experience with working out a formula for daily, weekly, or monthly hire charges?  I am comfortable with pricing one-off purchases.  Any help would be appreciated.  Many thanks.

Morena Kirsty – there are two ways to do pricing, the first is talk to your target market, your sweet spot customer and work out what they would be prepared to pay for hiring. If you can find 10 friendlies to talk to then see what they say. The 2nd way is to look at what others ie competitors are charging ie be a mystery shopper and just get market information from them. In the end, trial and error is really important – don’t freeze on the thinking, do and just be prepared to change your pricing over time. Hope that helps. A