Pricing and quality go side by side in every business, and it is one of the most important factors that plays its part in helping the company thrive. One of the most challenging features of a photography business is setting the correct price list. How much to charge, and
what kind of service should be provided at a particular cost. If you are in a dilemma, then hold on to this pricing guide.
Working with a bridezilla or a newborn, no work is more extensive than setting up the right costs. One must make sure that the amount set is balanced with the skills, quality and effort being put in the whole session and the load on clients.
The level of service and your end product must justify your pricing. In this day and age, every business has competitors in the market; you cannot only set numbers on an hourly basis; these days, you have to introduce packages to attract the market.
Basic Level Rate
You must put in consideration these three things when setting up the rate on a basic level:
- Enough to get through business expenses
- Some amount left for unforeseen circumstances
- Adequate profit
Your rate must support essential and all initial expenses of the business and some for unexpected situations.
How to Justify Photography Rates?
There are multiple ways you can charge your customers. Start by telling the equipment you have invested in. It’s the camera which will give the result they are paying for. Moreover, software for editing photos increasing their aesthetics and, the biggest of all, your time.
While you may be passionate about clicking pictures, running it as a business is difficult, especially as a startup. You will have to manage the following areas:
- Work portfolio
- Social media or website maintenance
- Creative pitch for the client
- Client communication
- Editing final images
Finding the Perfect Pricing Model
How to set the perfect figure? Well, it depends on the type of approach you are most comfortable with and the one that will ensure success. There are three basic methods:
- All-inclusive rate
- Tiered packages
- Per hour or item
The best One is to go for an all-inclusive rate per session. In this, the client submits a lump sum amount for every service in a specific allotted time. Although in this system, you should book sufficient sessions to make your business thrive in the market.
This type is difficult for full-time photographers, as it suits those who have limited hours to give. This is because of the client density.
While setting up a package, you should charge the amount of effort being put in along with certain extras that do not cost your time or much effort. You can charge higher for providing their prints in the form of customized calendars or books, etc. This would cost you less and satisfy the customer.
Pricing for a flourishing business is one thing, and charging a fortune for peas is another. Remember, clientage is more important than money to keep the work flowing.