Pricing Photography
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Following this simple calculator can make all the difference. Take the complete cost of running your business, including any personal expenses. Once you have determined the amount of money you require to survive, estimate the amount of money you would like to generate as profit. Add both these numbers together. This will give you a base reference number of what you need to earn. So, for example: Bob needs £3400pm to survive
He wants his profit to be £2600pm
Total: £6000pm Expected annual income would be: £72000pa If Bob worked for four days a week he would have to charge £375pd to reach his goal. Variable days per week: a) 4 Days Per Week @ £6000pm divide 16 days = £375pd
b) 3 Days Per Week @ £6000pm divide 12 days = £500pd
c) 2 Days Per Week @ £6000pm divide 8 days = £750pd You have to work on a reasonable fee base and realise that your charges have to also cover the following: health insurance, pension plan, bonus schemes and holiday entitlement. Do not undersell your services to anyone. Extra Billing
Remember to include extra work that you may do; such as, retouching, photo manipulation, set building, project consultation and management. These extras should be billed at hourly increments from £30ph upwards. Clients do not get upset with theses extra billings, as they usually have to pay for these services from other external vendors. Increasing the amount of services you offer is an excellent way to achieve your financial annual goals. The above breakdown is the way to create lower overall pricing for clients with smaller budgets. The more robust clients will use all the services that you offer creating larger invoices for your services. The smaller clients will use you, because you fit to their budget. All of your clients are potential referrals and every little bit helps.
What are you worth?
There are many photographers that fail in the first year of business, for the simple reason that they have not determined their prices correctly, and end up trying to survive below their needs for survival.
Following this simple calculator can make all the difference. Take the complete cost of running your business, including any personal expenses. Once you have determined the amount of money you require to survive, estimate the amount of money you would like to generate as profit. Add both these numbers together. This will give you a base reference number of what you need to earn. So, for example: Bob needs £3400pm to survive
He wants his profit to be £2600pm
Total: £6000pm Expected annual income would be: £72000pa If Bob worked for four days a week he would have to charge £375pd to reach his goal. Variable days per week: a) 4 Days Per Week @ £6000pm divide 16 days = £375pd
b) 3 Days Per Week @ £6000pm divide 12 days = £500pd
c) 2 Days Per Week @ £6000pm divide 8 days = £750pd You have to work on a reasonable fee base and realise that your charges have to also cover the following: health insurance, pension plan, bonus schemes and holiday entitlement. Do not undersell your services to anyone. Extra Billing
Remember to include extra work that you may do; such as, retouching, photo manipulation, set building, project consultation and management. These extras should be billed at hourly increments from £30ph upwards. Clients do not get upset with theses extra billings, as they usually have to pay for these services from other external vendors. Increasing the amount of services you offer is an excellent way to achieve your financial annual goals. The above breakdown is the way to create lower overall pricing for clients with smaller budgets. The more robust clients will use all the services that you offer creating larger invoices for your services. The smaller clients will use you, because you fit to their budget. All of your clients are potential referrals and every little bit helps.