I'm marketing towards the same people that would go to Picture People, and they use 20D and 40D cameras
You dont want the picture people/walmart/sears portrait studio crowd. They want cheap prices so you have to work in volume, and its hard to get that many customers. Plus you will want to process the pictures and it takes longer to process them than it did to shoot them. So 8 hours infront of the camera means more than 8 hours behind the computer. Plus dont forget you will be on the phone/computer arranging appointments, and then marketing, planning, creating materials, etc.
Here are a few question for you:
A - How many clients in a year do you think you can handle? How many portraits can you do in a day assuming each one is half an hour long, sales is half an hour, and processing will be an hour.
B - What is the cost of living in your area and what is your goal income to cover your cost of living - rent/morgage - insurance - food - etc
C - What is your cost of running a business each year/month? - liability insurance, equipment insurance, camera every 2 or 3 years, new lens every year, software, computer every 2 years, studio rent, car payment, studio equipment every year, marketing/advertising, website hosting, etc
D - What is the session expenses? - gas to and from the studio or location, package content expenses, etc Figuring out what to include in your packages is challenging. You have to keep them interested, keep your expenses down and keep track of how long it takes you to process/design everything. If it takes you 8 hours but your only charging enough to cover 2 hours, your in trouble.
average needed per portrait = [ ( B + C ) / A ] + D
Doing the math for me it comes out to $450 a portrait for 120 a year. thats 3 per week for 40 weeks, and that is considered high. So I need to average $450 to meet that goal.
I wish I had that formula 8 years ago when I was starting out, it took me ages to figure out my "cost of doing business", which is what that forumula gives you. Every studio has different costs of living and expenses so dont base your prices on someone else.