How to Price Your Work Without Undervaluing it

Have you ever asked your creative friend how much their work costs? Did you notice how long it took them to answer? If they’re young or just starting in their discipline, it’ll most likely take a while before they answer. This happens because it's hard to put a price on art, whether it is a story, a sculpture, a dress, or a film. It's hard to encapsulate how much mental and physical effort it takes to create art into a single figure without underselling the value or “scaring away the customer. " Especially in Nigeria, where the average person isn't privy to the cost of art. 

Understand Your Floor (cost and survival rate)

Start with reality. Add your direct costs (materials, tools, and software), overhead (rent, internet, and electricity), and your personal survival rate (what you need to live monthly). This is your non-negotiable bottom line. When the price doesn't cover this, you’ve made a loss.

Put a Price on Your Time, Then Go Beyond It 

Figure out what your time is worth and charge a reasonable rate per hour. This bases your pricing on effort. But don't stop there; time is only the base. Ultimately, clients aren’t paying for hours; they’re paying for results.

Include value and impact

When setting your price, calculate how much revenue you generated, money saved, brand growth, and visibility. Cost for that impact, not just effort. A useful benchmark: your fee is reasonably a fraction of the value you create (often 20-25%).

Set up your pricing using tiers and formulas. Avoid the one-price trap.

Use tiered packages (basic, standard, and premium) to give options and protect your margins. For creatives like artists, apply consistent formulas (per square inch and linear inch) to maintain fairness and clarity. Structure creates confidence for you and the client.

Position, Test, and Adjust

Pricing reflects perception. Specialize so you’re seen as an expert, not interchangeable. Keep pricing consistent across platforms (studio, gallery, online). Revisit every 6 months. If everyone says yes, you’re too cheap. If there’s some hesitation, you’re closer to the right level.
As demand and skill grow, your prices should too.