Pricing Your Photography In 2023 Part II
In the part 1 of this article I shared the cost of running a business and then talked a bit about profit margins. This is going to be a continuation of that. I’m dividing this article into two parts because I do not want to write a long article. We both know reading longer articles gets boring at some point. So, let’s get into part 2.
In this article I’m going to focus on finalizing your price.
Research pro photographers in your locality, especially the ones who have specialized in what you do and then charge competitively. Dear photographer, don’t ever think for one second that the prospect you just got off the phone with called you alone. You were probably the 7th photographer they called. If your price is too low, they will automatically think you’re valueless, and if it’s too high and they want your service, they might negotiate, but this is not a great gamble. Don’t lower your prices to win a gig, even if you’re only a beginner. You’re going to go out of business and your perceived value will be zero!
Know your worth. Know your value. There’s no one way to price your photography. It’s subjective. This I also mentioned in the part 1. In the end, it comes down to you. Evaluate and know the quality of your product or service.
I’m tempted to write about drafting a contract as a photographer, but I’m going to hold, and share that in another article.
A few days ago, I tweeted:
“You know that 1-hour photo session they asked is going to be more than that. It’s one of the few reasons you price base on the value you offer.”
Photographer price differently and all of these types of pricing will need different articles, but I shall touch on them fairly in this article.
This is a smart way for novices to go about pricing, because they cannot price based on experience since they do not have much and hourly pricing is a fair way to make money as a novice in photography. Hourly pricing can work with event photography (weddings, birthdays, graduations, etc.)
Always factor in the costs associated with traveling (especially if it’s outside your region or state) and meeting with clients, pre and postproduction, the photo session, and also if they shall demand prints, you should factor all of these in the cost. You don’t want to finish a gig and run at a loss. Not attractive.
I knew a photographer who covered a wedding and after that spent more than he charged out of his own pocket. That wedding was a total loss. Like I always keep saying, you’re in business to make a profit, not to run at a loss.
This usually consists of various packages that are priced based on the volume, i.e., the number of images that are included in a package and retouches. This kind of rates work with weddings, portraits, and commercial photography.
Experience Pricing or Rates
Pricing for photographers is solely the decisions of the photographer. The novice cannot charge as much as the experienced. 15years in the game beats 2 years in the game every time. These who charge based on their experience can charge pretty well. This is what some call absurd pricing, but they are charging their worth and their worth demands that their quality demands it.
Thank you for checking out this article. I’m going to end it here and maybe there shall be a part three. I mean a part three is likely.
If you’re new here, I’m Clement Eastwood, a photographer and an author who has made it his mission to educate photographers. Tap on this link to have access to my books on photography. And here’s a link to my podcast.