There are no hard and fast set of rules for how to price your photography, which can make it difficult to know how to set your prices in order to make a decent profit without driving away too many potential clients. If you are new to the business of photography, check out this fantastic video tutorial that will show you some fantastic advice on pricing your work.
Coming to you from James Quantz Jr, this excellent video tutorial offers a wealth of useful advice for pricing your photo work. One of the most important topics Quantz discusses is paying attention to the context of your pricing and not just copying that of another photographer who produces similar work. For example, while I might be producing similar work to another photographer in New York City, here in Cleveland, I certainly could not charge the same absolute prices, as factors like cost of living, market demand, competitor pricing must be considered and factored in to find the correct equivalent price. Check out the video above for the full rundown.
If you would like to learn more about the business of photography, check out "Making Real Money: The Business of Commercial Photography With Monte Isom!"
Excellent video. Professional independent photographers are akin to independent business consultants. It’s helpful to develop a minimum (hourly or daily) billing rate. (The rate factored into bidding on a project). A minimum billing rate can confirm when it’s best to walk away from a project with a client who is interested in soliciting work based on (lowest) price.
In addition to consideration of overhead, the future cost or retirement; time off for vacation, professional conference and even sick time impact impact rate setting for professional photographers.
This video contains a lot of important pertinent information.