How to Create a Successful Photography Business by Elizabeth Etienne

Author:Elizabeth Etienne [Etienne, Elizabeth]
Language: eng
Format: epub
ISBN: 9781581159738
Publisher: Skyhorse Publishing
Published: 2012-02-22T05:00:00+00:00

11

Pricing Your Services for Profits

An easy estimating formula for any job

“WHAT DO YOU CHARGE?” THIS IS THE BIGGEST QUESTION YOU WILL be asked when approached by a potential client. Effectively pricing your photography services is the most important factor in running a successful photography business. Pricing your services too low can be just as detrimental as pricing them too high. While most of us would like to think that our amazing images are the key to our success, sadly, this isn’t necessarily the case. In fact, there are many variables that contribute to the success or failure of one’s business—and pricing is certainly one of them.

For many of us, pricing our photography services is the most challenging aspect of our business. Connecting our self-worth to a dollar amount can bring up a lot of emotions. I used to stutter and say, “Uuuuummmm … “ every time someone asked me what I charged. I was worried that I might be too expensive and lose the job. Other times, I would undercut my costs and end up angry (and broke!). Most of the time I didn’t even know how much of a profit I was making, if any.

There is no magic number assigned to specific photographic services. Rates will vary from one photographer to the next based on the quality and reputation of their work, the time and expense involved in producing a photo shoot, and the current economic climate of the area they work in. Before you create all-inclusive, prepriced packages or prepare a professional job estimate for your clients, do some calculations on your own using the estimating formula illustrated in this chapter. You should take several things into consideration: your time, your hourly rate, your expenses, the client’s budget, your artistic value, and how and where your images will be used by your client.

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