You Are Pricing Your Photography Incorrectly 

I have owned several businesses since 1993, so yes and no. I think you ask the " how much can I make based on my expenses " question before you decide if it is worth starting that business. Looking at expenses first and then finding out going rate in your area, allows you to judge how much profit you can expect and if it enough to justify opening the business. I closed my $100K in inventory Computer store at the end of the 90's when prices dropped too low to justify all that investment.( profit margins dropped from 30% to 10% ) I changed from selling custom built higher end machines, to mostly repair only, and sales of some good used machines. There is so little in profit in Computer hardware now, no small business can make it work anymore, thus why so many stores go under or went to a repair model only. I don't understand how people pay $2000/ month for store rentals with how little profit is in consumer computer repairs. I bought my property and live here as well. It was the only way to make it make sense. When I closed up, my computers were $100 more than big stores but my warranty was 2 years parts and labor. I sold no junk and the machines were business grade parts that lasted 10 years typically. Business dropped over than $100 as people got to be so cheap. Now I am only 1 of 2 smaller stores in the area and others come and go every 6 months or so. I am about to open a photo studio since I have so much room here. I have been a photographer for many years but only on the side.

ah I didn't know there was a word for it haha. I haven't seen the Karl Taylor video, although most of his content is usually pretty good. Whats his view on pricing?

Thanks, it was a gift from my gf after I had completed home schooling haha

I usually charge per image if it's a large project, say, 300 items of clothing all shot flat lay. I would then charge per hour for a creative, as exactly what you said, one shot could take 3 hours, while another could take 30 mins. Doing this should cover you in case this happens.

Yeah I only film one day a month haha.

You will have to research look at about 50 photographer's websites that offer the same service as you and write down the prices. Make sure they are reasonably close to you as some locations natural have higher prices. Once you've got the 50 prices add them together and divide it by 50 or however many you find and you will have the average price being charged for your service. Then you need to decide if you are happy earning that amount. If you are then great, if not you need to decide if your work is better than the 50 photographers who's website you just looked at. If it's better increase the price to a figure your happy with.

@@BomboraSurfShop Hey Gareth! Thank you for your reply. Unfortunately with my genre prices are not displayed. Commercial photographer based their fee on the project, so until now I have been guessing what my colleague charge. And many people are not opened to talk about their fees etc...

@@noemiscavo2551 breaking in to the commercial photography can be difficult. I mostly do weddings which I enjoy and the commercial work I do is very small scale for small businesses that want to promote their businesses online or selling small products on eBay or Instagram. But if it helps I do it on a subscription based model I go to their business or warehouse for around 30 mins - 1 hour depending on what package they've taken once a month and I provide them with 30-60 images they can use to promote their businesses. I don't bother to charge them a usage rate as these are small businesses and 95% of them either don't know or don't understand what that is. They sign either a 3 month contract or a 6 month contract and the rate works out at an average of £100 per hour. Let me know if that information helps you.

@@BomboraSurfShop hey...if not a secret..how do you find your commercial clients? Advertising? Cold calls? I have a new business and have been struggling with that to be honest. The clients that come to me don't want to pay much or just plain don't understand why it costs as much as it does .... And the price they want to pay is usually not worth the work. How does one even find clients who are willing to pay what you're worth?

haha that made me laugh. fear not, she was just taking a nap

I guess its like when we buy things. We have a set budget in mind for what we need and will spend that budget. I justy got a new computer and specced it up until my full budget was spent, rather than getting a cheaper one that would probably have been fine.

Very true, and pretty much true in any "luxury" industry (i.e. not necessary for survival). My oldest sister is a perfect case in point: she was a dog groomer (now retired) and struggled to get clients for a few years even though she was winning competition after competition. My dad convinced her to double her prices and within a few months she was fully booked for the following year (and every year since and until she retired). It's a well researched social effect and we should all keep it in mind - be it when setting our prices or purchasing services and goods ourselves!

It's like the old Chinese proverb good thing not cheap and cheap thing not good.

it is in £ GBP

@@TinHouseStudioUK thanks for your fast answer 👍🏻