Part of my formula is that I only shoot images in the Albuquerque area, where I live. As anybody who travels for photography can guess, that's a big money saver! Although I have driven repeatedly to a single location in the afternoon every day for 2 or 3 weeks in a row sometimes.
I'm over 1000 pieces each on 3 of my best sellers now, so I don't begrudge the time spent getting the shot. Have never stayed in a motel in my entire post-retirement photo epoch. I pay myself $100 per hour for production time, which is factored into the cost of production. Net profit is on top of that. Also included in the soup is everything from mileage to and from shows and galleries, including the Egg McMuffin sandwich-only and cup o' Java purchased on the way, up through equipment amortization. One thing is certain...my biggest investment right now in my old age is bodily wear and tear and I'm going to have to find another way of dealing with those oh-so-lucrative art fairs pretty soon.
Kirk, you're lucky to have good print market! My mostly decor-oriented market responds best to large framed pieces, and sometimes it's a motivational PITA to make those things, even though I can knock 'em out pretty fast.