7 things you should know about Pricing your Photography business
This debate can go on for ages and in circles, but here are few things you can consider when determining your pricing.
Being cheap does not guarantee bookings, this might lose you clients.
Why price yourself in a pool of 100’s of photographers all gunning for the same market?
Some clients are not willing to pay for your expertise in any case, but rather to get the best price.
Building your portfolio
When you start up you think, I am a beginner I need to get photoshoots booked to start my portfolio.
So what do you do? You charge crazy cheap prices to hook the clients. All is well and fine but think of the aftermath.
You want to up your prices eventually right? The problem is, you now have cut your nose off. Your word of mouth clients have advertised your cheap services to their friends and family and expect to pay the same low prices.
In my personal opinion, rather start by doing it for free and do model calls to build your portfolio, this way you can choose who and what you want to shoot.
Charge your worth
Play in the big leagues!
Remember I just said there are 100’s of photographers fighting for work.
Here’s a surprise for you, some clients are willing to pay, shocker right?
Here’s another shocker, the number of photographers charging their worth is a lot less to compete with.
Work Smart not hard
Yay, I got 4 bookings for the day, I am making R500 EACH that’s a whole R2000 for the day!
Cool…. But…. would you not rather want 1 booking for R2000? Or 4 bookings and make R8000 for the day?
Time is money
Just take into consideration that a 1-hour photoshoot took time to book.
You had to market yourself, post on your website and social media to get seen to book this one client.
It took time to communicate with your client to book and arrange the photoshoot.
It needs editing time as well. More communication with the client to deliver the product.
All and all, maybe this 1 photoshoot was 4hours. Did you take all of this time into account when you charged your client?
I need to pay bills to
Now is the time to sit down and look at your expenses.
Have you taken into account the electricity you are using just to live? Bread and butter? Your home?
You need to factor your living expenses into account, Photography is a business and what salary do you need to pay yourself to maintain a living.
Now you need to look at the gear, insurance, upgrades, fuel, internet, consumables, and whatever else you can still think of.
Being cheap makes you lazy
Have you ever uttered the words: “Well for the price they pay they should be happy with what they get!”
You get the mindset that your client will get what they paid for and it might not be the best of what you have to offer.
By being cheap you don’t value your worth but rather downgrade yourself to what you just charged.
When charging a client what you are worth and you know your client is happy to pay for your art you immediately bring the best of you to the photoshoot.