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The WyzGuy Radio Show with Jason Michael -Helping Today's Glass Artist Think Like an Artistic Entrepreneur


Mar 29, 2019

Episode 165: James Newcomb AKA Jimi the Don       

@
mindfulglassworks on Instagram  

Bio:
 
I was born in Providence, Rhode Island, 16th of June, year of our science, 1980.I dropped out of college to get into business management, traveled around the country for a bit, sold glass for people at shows and festivals and such.  Started working with glass as a medium in the late 90s, got into lampworking in 2004, and have been shaping it into a career ever since.
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GO TO WWW.WYZGUYMEDIA/RESOURCES FOR A DOWNLOADABLE FILE TO FIND OUT WHAT YOUR BASELINE COST TO MANUFACTURE YOUR PRODUCTS ACTUALLY IS.

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How to calculate cost of production
In this example I'm using reference from internet which has material price based on length .....
This is a generic example
example 3"-wrap and rake hand pipe
Material breakdown :
2" section of simax 25.4 hvy wall ($8.00/60")
$0.13per inch or $0.26(2"section)
1/2" section of color cobalt firsts ($5.25/18")
$0.15
9" section 4mm clear for raking ($0.52/60")
$0.09
Estimated total for cost of Goods
3"wrap and take spoon ($0.26+$0.15+$0.09)=$0.50

Propane/oxygen/power is pennies on the dollar if you're able to get liquid oxygen. If you are renting space you still need to calculate your estimated per hour rate. If you pay $1500.00/mo(power,rent,gas) break it down to per day then estimate how many hours you work in a day and use that number as a base calculation.
$1500.00/month (30-day month) is approx $50.00/day (per hour in a 10-hr day)
$5.00/hr (gases,power,rent)

If you can make 10-$5.00 3" wrap spoons per hour your estimated cost per hour is $10.00/hr
(power,rent,gas) $5.00+(material x's 10-hr) $5.00= $10.00/hr. to manufacture 10-$5.00 spoons

Net-$50.00(10-$5.00 3" w/r)-$10.00(cost to manufacture)=
Gross approx $40.00/hr.

In a 8 hr day do the math
You can see just by getting a good base line down for estimating your cost to manufacture
you have the ability to make anywhere from
$30-60.00/hr gross profit

Gross= income
Net =income-cost to manufacture =profit

Now take 15% of your gross and put that aside for TAXES !!!!