[TheForge] The Business of Bl;acksmithing, how to charge?

[theforge@mailman.qth.net]

I have been a hobby/part time smith for more than 10 years and while I have never tried very hard to make a living I have managed to make enough to continualy improve my shop.  When I retire from my current job I hope to be able to suplement my retirement with forge work.  

I know that most full time smiths do not spend all their time in the shop and that a great deal of time is spent behind the scenes.  My question (about time :) is how does one charge to ensure that they are compensated for the time spent on the business end of the opperation?  Also what percentage of gross income goes toward shop expences and what percentage is actually profit?  Finally, how much does one charge for materials and labor?  

Currently I charge my cost plus 50% for material costs and $40.00 per hour.  It seems like this should cover non productive time as well as operating cost while still putting food on the table.  Any idea, thoughts, or suggestions would be greatly appreciated.

Thanks

John Switzer