Self-employed photographers call all the shots for their business. That doesn't only mean choosing which camera lens and angle to use during a shoot. You will also need to set prices in a way that grows your business but doesn't gouge your clients.
Click through to learn all about pricing for photographers.
The optimal pricing for photographers:
You don't want to undersell yourself or price yourself out of the market. Research competitor prices. Also, research local market rates for your niche. You can do this by reviewing prices on the websites of local photographers.
You'll find that some competitors have above-average prices. The goal isn't to copy their prices. But competitor and market prices should sync.
Snappr.co has an algorithm that uses BLS price data to help you figure market rates in your area and niche. Let's take a look at an example. A graduation photographer in Denver makes $400 for a two-hour photo shoot. According to Snappr, pricing for photographers in Denver is on par with the U.S. national average.
The cost-plus model sets sales price at total cost plus planned profit margin plus taxes. So it's important to assess all costs to establish the pricing for photographers right. Total cost should factor in:
If using the cost-plus pricing model, the final step is to calculate the sales price. To do this, multiply the total cost of performing a job by your desired profit margin to arrive at a selling price.
Let's say your total cost for a one-hour photo shoot is $200. To turn a profit of 20 percent, you would need to charge $240 for the shoot. Plan to sell prints from the shoot? If a single print costs you $25 to make, you would need to sell each print for $30 to make the same level of profit.
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