Photography is a terrific hobby, and it’s also a great way to make money. If you know how to capture great photos, you can earn income through product photography, headshots, event photography, portrait photography, and more.
One thing you will need to think about when starting your photography business is how much to charge. Here are a few factors that will help you set your pricing.
What are My Expenses?
If you are being paid for your services, you’ll want to make sure your expenses are covered. Here are some costs that should be considered.
The amount you’re being paid should cover wear and tear on any equipment you have including your camera, lenses, lighting, backdrops, and more. If you have to buy any gear for a specific shoot, that should be factored in a swell.
You will also want to make sure you are making enough to cover studio costs. This includes renting space on an ongoing basis or for a certain shoot.
If you are going to a remote location, you will want travel fees to be covered. You may also charge extra if you need to get a permit for the shoot.
It’s likely you have marketing fees associated with your business. Make sure these are covered.
Hiring Other Professionals
You may have to hire professionals to help you run your business like accountants, assistants, office workers, and more. You should be making enough to pay them and yourself.
Costs of Goods Sold
This includes whatever you are spending on film, editing, retouching, developing, and shipping.
Cost of Labor
It’s a good idea to work out your own hourly fee. You should be getting paid for shooting, developing, and any other time you spend on the project.
Look at Your Competition
No matter what your costs may be, you want to make sure that they are competitive. For example, if there are photographers in your area charging $50 an hour, why would anyone hire you for $75?
If you are finding it difficult to lower your prices to be competitive with others, see if you can cut back on expenses to bring your price point down. If you are unable to do so, see if you can offer a service that sets you apart.
Think of Your Perceived Image
Your perceived image will also factor into what you charge. For example, if you are just starting out, you may want to charge a lower price. This will entice people so they are more likely to take a chance on you.
If you are experienced in the industry and known for taking top-notch images and using the best equipment, you will be able to charge more.
Consider What You are Shooting
You can also charge different rates depending on the type of shoot you are doing. For example, wedding photography and event photography are usually higher paying than portrait photography or product photography.
Photographers can also make money off selling prints. The price you charge will vary depending on what they are being used for. For instance, if the photo is being used on the internet or in a campaign, you can charge more than you would if you were just selling it for personal use.
The price you charge for your prints will vary according to your experience level and the average price being paid for the type of images you are selling.
Photography can be a very lucrative industry. The tips in this article will help you work out pricing, so you are charging fairly and still making a profit. How will you be working out your financial business model when you decide you want to take your hobby to the next level?