I have decided to start keeping a log for every quilt I make so that I will always know the cost of each quilt I complete.
I have a 3 ring note book to keep beside my cutting table, and each quilt will get it's own page, where I can record the time spent cutting, sewing, pressing, quilting, and binding, at $10 per hour. I'll also include the amount of fabrics used and the price of each fabric., along with any other pertinent info about the quilt.
I am also going to create a log book for my fabrics. Every time I purchase fabric, I'll record where I got it, manufacturer, and price, along with a 2x2 sample so that I can be as accurate as possible in my own costs for what goes into each quilt. I normally buy yardage rather than precuts, so it won't be that daunting to do.
I was driven to this by the way people look so astounded when you tell them what it costs to make a quilt...especially when they are asking you to do it for free, because we are "friends." All of my quilts so far have gone to those I love or for charity.
I have never sold a quilt, nor have I ever charged anyone to make one, but I have had numerous people ask and I have either turned them down or told them starting price is $600 to help them realize what they are asking of me.
I do think creating quilts for profit is in my future, so I would think this would be the best way for me to determine pricing quotes.
Have any of you created anything similar? Do you have any suggestions?