Have you ever wondered what your photography pricing should be? Pricing your photography correctly makes all the difference! You shouldn’t be pricing your sessions without knowing what it’s going to take to make a profit. You also shouldn’t make the same amount as the teenager down the road working at Costco! In today’s video you’ll learn what to price your photography in order to be profitable!
Calculate your CODB (cost of doing business), total hours spent per session, and hourly rate. Once those are determined you plug them into this sweet little equation! Don’t worry this is much easier than it sounds. As I virtually write out the equation I hope you’ll do it alongside me. Now you can know what you need to charge in order to see a profit!
We’ll break down the above numbers so you know what should be included in each category. Then we’ll virtually write out the equation together so you can walk away knowing what you SHOULD be charging in order to be profitable. And don’t stress. If you aren’t charging enough you can make that adjustment moving forward!
1. Calculate your expenses
– GEAR – $2k/year, $166 month
– Lightroom – $10
– Gallery Delivery System (I use Shootproof) – $10
– Website – $13 (Wix pricing)
– Client Management System (I use Dubsado) – $35
– G-Suite (custom domain email address) – $6.30
– Email System (I use Flodesk) – $19
= $260 + TAXES – 30% of total income
2. Calculate # sessions and # hours
– Shooting – 1 hour
– Driving there and back – 30 minutes total
– Communicating with the Client (sending contract and invoice, answering their questions, reminders, etc.) – 1 hour
– Marketing to fill all 16 spots – 1 hour
– Editing – 2 hours
= 5.5 HOURS
3. Choose hourly rate (example: $50/hr)
4. Fill in the equation
PRICE = (# sessions x your hourly pay) + expenses + taxes) / # sessions
– 8 Sessions
– $50/hr with 5.5 hrs
– Expenses: $260
– Taxes: $660
(8 sessions x $50 x 5.5 hrs) + $260 + $660 / # sessions
$2,200 + $260 + $660 / 8
= $390 per session
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