Well, I do keep track of my time and materials cost on every knife (except for depreciation and utilities; I'd have those anyway because I like to make stuff regardless whether I get paid.

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So I know how many hours I have in every knife, and that is on average about 26. Most of my knives sell in the $250-$300 range, with materials/supplies cost around $40-$80. Abrasives are the hardest expense to swallow, and the best money a maker can spend. I finally have determined a good way to track belt expense, which should help me stock enough to work efficiently. That's really rather difficult for me.
Usually I make about $7.50 per hour; I figure I hit my goal when I earn $10 per hour, which I do occasionally make. But not often. I work hard to improve my shop practice to be more efficient and my skills to make better finished knives. I probably do not charge enough because I can never keep knives around.
The first time I make a particular knife I have many hours in design; and the same goes for the sheath - you'd be surprised how long it takes to figure out a workable sheath and how many fail for one reason or another. As mentioned, after I've made a particular pattern a couple of times it speeds up - but never to the point they come out quickly.
I spend a lot of time on 3D handles - palm swell, etc. This is something that makes a huge difference between knives. A simply-shaped handle is a snap to make in a few minutes; I often spend 3 or 4 hours just getting the basic shape on a knife handle and a couple hours after that hand finishing it. With the right wheels and enough practice, such a handle might be roughed out in 20 or 30 minutes, but I've never gotten that down. Maybe some day.
Another thing that can take an inordinate about of time is tapering tangs. The first one must have taken five or six hours; eventually I got that down to half an hour. But because I'm trying for more precision, I find it's taking longer again. I'm sure that will even out eventually.
I think this is a good question for a collector to ask, and I thank you for asking it. Makers do this work because it's meaningful to them; as someone mentioned, if it wasn't satisfying then we wouldn't do it, because the hourly wage is quite low. But I figure it's better than flipping burgers or working in a call center, and so far it's tax free.
