How to Set Prices as a Photographer
As a self-employed photographer, I often get asked how I set my prices. Below is the process that I use to set my prices as a photographer.
This can be used for photographers but it can also be used for anybody that is self employed. Just switch out photography for whatever you need for your business expenses.
research
I begin the process by looking at other photographer’s prices that I feel like are within my niche. I like to keep in mind my skill level, and my years of experience to set the prices accurately. It’s also important to consider the market and location because people price differently depending on where they live.
Budget
Once I have a number in mind what other’s charge, I write down a total of how much I need to make to pay my monthly bills. I’ll take a look at my monthly recurring and fluctuating bills. For example, you could set a budget range of about $200/week for groceries and eating out.
Once you have your budget calculated, you’ll know you need to make a certain amount each month to pay your bills. Keep in mind you need money to put into savings. You need to keep in mind the photography gear you want to buy, insurance, and so on.
I have a budget for personal and business expenses. What I am paying for monthly, and what I am paying for yearly to run my photography business. For example, my website, my galleries, etc.
Once I know what it costs me a month to run my business and have my personal expenses like health insurance, I add that up and I have a total price. For example, this could be $4000 a month. Then I’ll make sure to add my savings which could be $200 or $300. Therefore my total is approximately $4,300.
Evaluate
Next, you’ll need to think about how many times a month you have to shoot. So for example, maybe you want to shoot just Monday through Wednesday, every single day, or maybe three times a week. So figure out how many photoshoots you’d like to do each month. Add that up for how many shoots a month, and then divide that by how much you need to make. Around that should be how much you charge for a shoot.
Finally, compare that number to the people around you, and what they are charging for photoshoots. If that number is too high, you are going to have to re-evaluate and maybe take on more shoots until you can get to a higher caliber. Or if that number is too low, you can raise your prices because you need to think about your cost of living and your business expenses. You always want to leave a little room in case you need to buy some new camera gear or pay your taxes at the end of the year.
I hope this helped you and encouraged you with your pricing process. Feel free to leave a comment below if you have any questions.