Pricing

[lennon33x]

How do you figure what your time is worth, in order to know what to charge?

For example, I'm bidding for a job that would include an open house for a new business, plus realty shots, and then head shots of the staff.

Then I have a toddler session coming up as well. I'm trying to figure out a way to configure what I want to charge. I will most likely set up a system through Zenfolio so that my clients can just order the prints they want, but charge more upfront for the digital copies.

Suggestions are greatly appreciated.

 

[tirediron]

Factor in all of your hard costs (insurance, gear replacement, software, licenses, taxes, professional fees, power, etc, etc), add in the amount of money you want to make as a salary, divided by the number of hours you expect to work. While I don't have have hourly rates for all of my work, if you reverse engineer my pricing structure, you will see that it is based on earning about $125/hour of which $35 - 50 goes into my pocket.

 

[lennon33x]

...add in the amount of money you want to make as a salary...

How do I determine THAT number? My career is nursing and this is supplemental income. While I admire everyone who makes the job their primarily career, mine is not that. I want to offer my clients exceptional work, and just because my livelihood does not depend on my photography, I also want my time to be valuable, and competitive.

 

[12sndsgood]

It's your business. How much are you worth? For me who went the same route I wanted to earn more then I did on my day job or what was the point. I just figured up my costs for the year then decided on what my time was worth and them built in some profit on that.

 

[imagemaker46]

Why didn't you have all this information in your business plan before you started taking jobs?

 

[runnah]

Why didn't you have all this information in your business plan before you started taking jobs?

Those tiny details aren't as important as watermarks and Facebook pages.

 

[shefjr]

Probably one of the best posts for determining what you want to know. Mleek who hasn't been here for a long time did a great write up about CODB. Maybe it'll help.

http://www.thephotoforum.com/forum/general-shop-talk/304732-finding-your-codb-your-hourly-rate.html

 

[ronlane]

...add in the amount of money you want to make as a salary...

How do I determine THAT number? My career is nursing and this is supplemental income. While I admire everyone who makes the job their primarily career, mine is not that. I want to offer my clients exceptional work, and just because my livelihood does not depend on my photography, I also want my time to be valuable, and competitive.

THAT number is whatever you want it to be and what your market will bare.

 

[lennon33x]

Why didn't you have all this information in your business plan before you started taking jobs?

Because initially I didn't plan on it being a business. And since the quality of my work is getting praise through the network (i.e. local photographers, word of mouth in my area, etc.) that I'm involved with, I want to at least present myself in such a way, and have a pricing structure. I don't want it to be, "Ohhhh, I'll do it for say....uh...um...$200" for 8 headshots, two group pictures, an open house and blah blah blah. My time is worth something. My best friend and his business partner are able to charge $1500 for 4 headshots and a group (I'm not sure what it was exactly, but something like that), but that's because a) they have rapport and a resume, and b) they've done it a long time. They've built upon that. I'm pretty sure that you were in at least a similar boat. I haven't been paid for many shoots, but the ones I have done, the clients have been happy and I've produced quality product. Like I said, my intent was never to make it a business, but it's turned into supplemental income.

Also, asking "why didn't you blah blah blah" does not help me move forward. That's like asking, "Why did you eat that food that had food poisoning and now you're puking your brains out?!" Not helpful. I'm here for help, and asking for people's experience and opinions in guiding others to be successful. Thanks, but no thanks

 

[lennon33x]

...add in the amount of money you want to make as a salary...

How do I determine THAT number? My career is nursing and this is supplemental income. While I admire everyone who makes the job their primarily career, mine is not that. I want to offer my clients exceptional work, and just because my livelihood does not depend on my photography, I also want my time to be valuable, and competitive.

THAT number is whatever you want it to be and what your market will bare.

Is it fair to see what other photographers in the area charge, if it's available on their websites? I'm assuming it would be, and also understanding that I would need to grade the quality and comparative nature of their work to mine.

 

[Steve5D]

I don't think I've ever charged the same amount for any two jobs. The wedding I shot was priced differently than the album cover shoot I did which was different than the 100th birthday party I shot.

I simply decide how much money I'd like to put in my wallet, and charge accordingly. If you're a good friend or a repeat customer, I may cut you a break. I'm doing a gig this weekend down in south Florida. The client is paying all of my expenses (food, hotel @ $279.00 a night, mileage and all incidentals). They're paying me an amount above that which I'm comfortable with for three ten hour days of work.

So, start there: What are you comfortable with?

 

[lennon33x]

Let's start with the toddler session:
1 hour shoot, 1 location, 15-20 delivered final images $175

 

[Steve5D]

If that's what you're comfortable with, go with that.

I've often quoted higher prices to clients, and then I would offer them a discount for whatever reason. If I want to make $650.00 for a shoot, I'll tell the client I normally do it for $750.00 but, because it's the Winter Solstice/Easter/4th Of July/Etc, I'll do it for $650.00. The shoot still isn't "cheap", per se, but cheaper than it was, and there will always be a perceived value in the eyes of the client. They're happy to get a price break, and maybe they tell their friends about me...

 

[runnah]

Let's start with the toddler session:
1 hour shoot, 1 location, 15-20 delivered final images $175

Does that cost factor in the following:

Travel costs
Editing time
Consumables (batteries, lunch etc...)
Equipment costs
Rental costs
Marketing costs
website/photo hosting
Software purchases
Taxes
and so on...


These are all the things you have to consider when figuring out your rate.

 

[paigew]

Let's start with the toddler session:
1 hour shoot, 1 location, 15-20 delivered final images $175

$175 is cheap...are you editing these files? How long do you spend during post processing? Lets see some of your current work.