If like me, you were told to work out your overheads, how many days a year you plan to work, and calculate your fees from this, you have also been pricing your photography work incorrectly.
There is a huge amount of free advice out there on the internet, but part of the problem with free advice is that no one is really there to peer review it. When I started out in photography, I took the advice that many were offering in order to calculate how I should be pricing my services. I then very quickly came undone when the model simply didn't work.
In this video, I go over how I work out my prices as a commercial photographer. Although the work I do may differ from you, the general gist is the same. Since using this method for pricing, my business has been both more profitable and busier. Someone in my comments kindly told me that the method of pricing I use now actually has a name and is called target costing.
The other benefit to using the target costing approach is that it makes the purchases of photography equipment far easier. Rather than worrying about which kit you should buy, you are left with a number that will clearly dictate this, so you kind of have to work with what it gives you.
How do you go about pricing your work?