Blog

What Are You Worth? Setting a price for your photo services has to be one if not the most stressful aspects of owning your own business, mostly because there are so many variables and conditions that need to be met. There has to be a middle ground between charging reasonable rates and making enough of a profit to maintain a business and have it prosper. But where do you start? Between friends and family wanting freebies, agents who want to give you the bare minimum for your work, or having your photos appear on social media pages without your permission, you have to set standards and boundaries in order to become successful.

Pay yourself first. It is your business. For whatever reason, you started your own photography business and not only do you need payment for your work, you need to enjoy it. Having enough to money to properly compensate the work you put into it is a major part of the puzzle. When the work that is supposed to bring enjoyment and satisfaction begins to actually become work, it is time to reassess the situation.

The majority of working photographers often choose an arbitrary number or flat fee for their services without first researching what’s out their locally. While there is noting wrong with this approach, you need to make sure the time and money you put into it is worth it. Having great deals and discounts for your clients is one thing, but it is quite another to offer them at your expense.

Important things to consider when setting your photography prices are…

Know Your Network. Find out how much other photographers in your area are charging for similar services. The easiest way to do this is an online search for Washington DC event photographer. Any photographer worth his or her salt has a website or some sort of social media page. Your experience, skills and quality of work are determining factors. The local economy plays a big part in setting prices as well. While some major metropolitan areas can easily support a four-figure assignment, living in a small town could mean having to make prices more affordable for your customers, and perhaps even making a payment plan an option.

Once you know your network, you have a pretty good idea if there is a demand for your type of photography and, most importantly, you. In other words, are people going to come knocking down your door, or are you going to have to go out their and hustle for your next gig? The mistake many photographers make is they assume there is a demand for their business because many people have asked about shooting a session or event. What you need to figure out is if that demand also means having it as a sustainable income. The words “supply and demand” come to mind. The more demand, the more you can charge. The professionals from Rhode Island wedding photography can give you ideas and tips on how to become more effective in photography.

However, don’t be discouraged if your marketing attempts are seemingly unsuccessful. If you’ve done your homework, clients and customers will know about you and become your biggest source of free advertising. Knowing your market means being able to raise interest in your product and schedule enough work to live on.

Know How Much Time a Client Will Cost You. In other words, have a good idea of how much time it takes to bring your customer through your entire photography process including the first consultation, the shoot, location and permit fees, wardrobe costs, crew salaries, rentals, post-production, proofs, delivery, miscellaneous expenses, and customer service after the sale. You don’t have to be precise, just have a working estimate in place and go from there. Being prepared is half the battle.

Be sure to leave some padding so you don’t wind up losing money by charging too low an amount, then needing to charge more in the future as your skills increase. Your techniques and time management will improve as you continue to work. Never low-ball an offer just to get work.

Here’s a good example: At the beginning of your business, you charge $75 for a two-hour job. Not too bad, right? Well, not too bad until you begin totaling everything up. Once you add travel time, a few hours in editing and the time spent getting your work to your clients, you’re probably making less than minimum wage.

If you want to make things work, the first thing you’ll need to do is to figure out an hourly rate. Ideally, it should be a little higher than what you currently make at your day job. This way you’ll be motivated to work during your time off. Let’s say $20 an hour for a starting point, okay? Let’s take the example from above and re-work it. To complete the job properly takes eight hours of work. If you multiply $20 by eight, that’s $160, which is what you should be charging for a “two-hour” job.

Not only is this new sum more appealing, but it’s also an accurate estimate of what you need to get the job done, plus it sends a message to the client that your time is not only valuable, but they will also get a fair amount of customer service in the process. The key point here is that you should be the expert in your own marketing and do the research to where you can make an informed decision on what to charge your clients and make some profit in the process.

Here are a few hints to help you move forward…

Publish your pricing online. Or, at least some of the basic ones so potential clients will know what they can expect before they contact you. Some photographers will intentionally not mention a few prices or details to get an email dialogue about pricing started. The good news about that is you can probably work out a price that you both can afford. On the bad side, they might only have a budget for only half of what you normally charge and you’ve both wasted your time. Not completely, however. Be willing to work out a review of services you have to offer and maybe have your basic package contain a few a la carte options and a minimum fee for services.

As a small business owner, being able to accept credit card payments is one of the most important small business tools that should be at the top of your list. By accepting credit cards, you’re making it easier for customers to do business with you. However, when choosing a credit card processing provider, you need to compare the credit card processing fees they charge so you can get the best possible deal.

The best thing to do is publish your cost for basic services as only a starting point and go from there. You could also make special, limited-time offers so you can lower your prices and make up for it by attracting more customers in a short space of time. The choice is yours.

Offering discounts is a choice. As mentioned above, you should think about offering a discounted (or even free) shoot to family, friends, military, etc. Just be sure that you’re placing an appropriate value on your services and not flood your spare time with shoot specials that take the space of regular paying ones.

Don’t get hung up on basing your price on skill or experience. Whether you have a great deal of skill or very little, if you have clients willing to pay you, charge them. Show them you believe your time is valuable. Free shoots are fine, but one of the biggest mistakes photographers make is giving away their work under the false impression it will lead to paying jobs. Sometimes it does, but most of the time all it means is that people usually won’t pay for something that was previously free.

Your homework is to know your market. If you’re not quite the expert you’d like to be, start looking into what other photographers are charging. If you already have a pricing plan, see how your prices compare. Are they too high? Too low? Relatively competitive? It might not be a bad time to think about whether or not you want to offer discounted or free shoots, or under which circumstances you’d be willing to do so.

Here is something to remember. People will never start taking you seriously as a photographer or businessman until you start doing so yourself. Know how much your time and services are worth and charge accordingly. Most of the time, people will mistakenly see photographers as just someone with an expensive hobby. You have bills to pay just like anyone else. You want to have a bit of extra spending money to make life easier, just as everyone else. You have something of value to offer and need to be paid properly for it. Find the balance between your photo business and enjoying what you do and you’ll never have to work a day for the rest of your life.

www.ShootTheCenterfold.com