Welcome back for another solo episode AND for part 2 for our pricing series. In the first part, we talked about our pricing structure. In this video, I’m going to lay down everything you need to consider when you’re pricing your photography.
Evaluate the Market
Many corporations do market research, and there’s a reason! Rather than put on your blinders, look up all kinds of photographers in your area to get a good sense of the market. While you may not know all the specifics for those photographers, like whether their spouse makes additional income or if they have other jobs besides photography, this gives you a starting point. This way you can see where you would naturally fall based on your skills, experience, and your goals for your photography biz.
Figure Out Your Cost of Doing Business
What’s the cost of your gear? How much time does it take for you to edit? What are your other costs, like insurance or subscriptions? Once you figure out how much it costs for you to do a wedding, raise the price above that to make yourself profitable. Make it worthwhile for you. And seriously, you can budget your life so that you know you have enough money for the life you want to live.
Set Pricing and Have Confidence
You’ve put in the work, done all of your research, and finalized your pricing. Now, have confidence and don’t waiver or offer discounts. You are worth the price you set!
Reasons You Need to Raise Your Prices
Okay now, let’s go down the road a little bit. You’ve been shooting for a while and you are killing it! Now here are two things to take into account once you’re ready to raise your pricing.
Say you’re booking most of your inquires and booking fast. This means that clients are now seeing you as more valuable than what you’re charging, and don’t feel like they have to weight their investment enough. This means you can raise your pricing while also considering the demand for your photography.
Clients Are Calling You Affordable
The second indicator is if your clients are telling you, “wow you are soooooooo affordable” or “it was so easy to book you” or “your photography is such a good deal.” This is a sign that your demand is great and you need to raise your pricing so demand is a little less.
Keep in mind that having demand is a good thing, BUT you can never take on every single booking. Pricing can help filter the clients that will be a better fit for you and your business.