This is probably the most popular question I see when it comes to photography groups on Facebook.
I see this question every day, multiple times per day.
Running a business is difficult. It doesn't come easily to everyone; in fact, it comes easily to very few people.
But it's SO important.
Your pictures can be absolutely amazing. Just jaw-dropping.
But without the proper business and marketing structure, your business will go under, and you will end up in a financial nightmare.
So how should you be pricing your business?
This is not a one-step easy answer.
Here's what you SHOULDN'T do:
1. Don't compare yourself to other photographers in the area. Sure this may give you an idea of what other people are charging, but does that matter? The truth is, it doesn't. Just because they have those prices listed doesn't mean they are getting business. They may be even getting too much business!
2. Don't just guess. There is a way to set prices so that your business benefits. You can't just say, "$200 is a lot for one hour right? That sounds good."
3. Don't be overwhelmed! Pricing actually isn't as hard as it sounds. I will help you every step of the way, and if you have questions still,
Here's what you SHOULD do:
1. Go to this national photography website.
2. Fill out all of the fields. They are in yearly expenses, not monthly.
3. Make sure you get all of the fields, either at $0 or what you need to fill in.
4. Fill in your desired salary, and it will tell you exactly what you need to make per year, month, or week to get that salary.
An example: My CODB comes out to $20,000 (expenses). If I add in my wanted salary of $50,000, my calculator will show about $83,000.
Why? $20,000 are expenses (no profit there), $13,000 are taxes, and then $50,000 of that is my net profit.
Okay, so now you have your expenses figured out so you know what you have to make per session, week, month, and year.
Well, let's say you have to make $600 per session. So, now go back to your pricing guide. You have to make $600 per session- Do you want to do IPS? Or are you just charging a session fee with digitals?
If you are doing IPS, you will need to price each item accordingly, so that your sale will end up at $600+. This may take some experimenting to get correctly.
If you are just doing a session fee, then your session fee would be $600 at the very least.
Still have questions?
Submit your questions to me via email, and I will answer them and make a new blog on them, as you are probably not the only person with that question.
Need more help?
Inquire about my business consulting services today!