From making it to selling it
The machine finished. You are still working.
The customer sees a logo on a cap. You see the file that needed adjusting, the sample you stitched before approval, and the stack of blanks still waiting to be hooped. Then come the thread tails, backing to trim, and checks before packing. A stitch count describes the design. It does not describe your whole afternoon.
That distinction matters most on the order that looks easy: a handful of caps using a new logo. The run is short, but preparing the design still takes time. Give that work a place in the calculation before dividing it across the pieces you will actually deliver. A small order can be worth taking without pretending it has the economics of a large one.