What I've learned/questions about pricing

The other day we took a trip to visit a local furniture store. We might be furniture nerds. We love looking around, testing couches (and chairs), analyzing their staging. Does anyone else do this? This was our first visit to such an establishment since we jumped into this little furniture business of ours, so I was really excited to look at everything with a new perspective.

And I was kind of shocked. 

I was shocked at the prices they were charging...even for sale items. Most were at least double, closer to triple what I list pieces at. 

I understand completely that this store is so very different from what so many of us do. It is part of a chain, it has investors, a reputation and loyal customers. But I still had a hard time keeping my jaw from dropping as we perused each item and vignette.

When we got home we talked about our pricing "strategy". OK we really don't have one. We really just go with our gut instinct. And I'm wondering if we are going about this all wrong. So I was wondering if any of you had some advice. 

This is what I've learned so far. 

• I want to create beautiful furniture that people can afford. Everyone deserves a beautiful home
• What you can charge depends on the venue you are selling it in. 
• I don't like to pay more that $30ish dollars for a piece to work on. 
• Sometimes a piece will produce a large profit and sometimes it won't. 
• 
  

OK now I need advice. 

These are some of my questions and if you have any answers, experiences, advice, anything I would really appreciate it. 

• How do you price your labor/time invested in a piece?
• If someone asks you to lower the price...what do you do? 
• What venues do you use to sell finished pieces?
• How long do you leave a piece up for sale before you lower the price?
• How do you price your finished pieces? Do you have a "formula"? 

Thank you so much for your advice! I really, truly appreciate it.