One of the most difficult yet critical questions for aspiring photography pros is: how do you set your prices the right way? While many have methods based on costs, time, or arbitrary tiers, this great video tutorial outlines a market-driven approach rooted in financial sustainability.
Coming to you from Scott Choucino of Tin House Studio, this informative video tutorial discusses the idea of price ceilings. As Choucino explains, most photography markets have an inherent "ceiling" – the maximum price clients are willing to pay, irrespective of quality. This ceiling exists across brackets, from high-end weddings to commercial campaigns to social media content. The key isn't endlessly ratcheting up gear, output, and costs, then slapping on aspirational prices. Doing so often leaves photographers broke and customerless.
Instead, Choucino advocates identifying your target market bracket and building financially viable photography businesses under the pricing ceiling. Buy only the gear sustainable for that bracket, and develop a portfolio demonstrating you deserve that ceiling for quality. Essentially, pivot your entire business around what that niche can bear. For photographers dreaming big, the temptation is pricing for futures markets before reaching those skill levels or clientele. Yet, Choucino has seen personally how deviating from ceilings too early can sink businesses. Patience and discipline are essential. Getting pricing right early on sets you up for stability through every up and downturn. Check out the video above for the full rundown from Choucino.
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!"
