Have you decided to take the plunge and start a photography business? If so, you may be wondering how you should price your photography services.
Today, I’m going to happily share some of our best tips for helping you figure out the pricing structure that works best for you!
The first thing you should be aware of is that figuring out your pricing will take some trial and error. No matter your experience, establishing yourself as a professional photographer will take patience and time.
So here are some steps you can follow to determine your pricing.
5 Tips to Keep In Mind When Setting Your Prices
1. Research how other photographers are pricing their services
Spend A LOT of time researching what your competition is charging. Be sure to narrow it down to your geographical area and niche. These rates are called “competitive rates.” Identifying what they are is a crucial part of your research.
In your research, you might find that photographers only list their starting rates on their website. You may also see that some have really high prices, while others seem very low. You’re likely to find prices across the board.
The truth is that every photographer has their own story, experience, and financial needs that they have factored into their pricing. Some may be completely new at running a photography business, or maybe they have a lot of gear to pay off, while others have years of experience under their belt. Whatever their story, think about yours and what value you offer.
Another great option is to join local photographer Facebook groups. Joining a community of like-minded individuals can be a great way to get to know other photographers in your area or niche. Feel free to ask what some of them are charging for their services. You’ll find that many are happy to answer your questions. If you’re comfortable sharing what you’re thinking of charging, they can offer feedback on whether to go higher or lower. Believe it or not, sharing this information can help maintain an industry standard for pricing.
Keeping track of the rates you find in a spreadsheet and Identifying the median range should help you figure out where to start.
2. Analyze your cost of doing business as a photographer
After you’ve established a median range, it’s time to look at your Cost of Doing Business (CODB). This CODB calculator can be a huge time saver!
Analyzing your CODB is an essential step for determining your prices and will help you ensure you see a return on investment (ROI).
ROI goes hand in hand with the cost of doing business. You want to make sure your rates will get you paid plus help cover the cost of your gear, taxes, insurance, car fuel, subcontractors, if you hire any… the list goes on! Don’t short-change yourself just to secure a booking. Be sure to cover all your costs, and then some!
3. Don’t copy what other photographers are charging
Copying others is never a good look, especially in the art world. Copying someone else’s prices without making a well-informed decision for your own rates can lead you to getting stuck in a bracket you don’t want to be in.
What do I mean by this?
Say you price yourself very low because you saw another photographer with those prices; you will attract customers willing to pay that price. They will then refer you to their friends, who also expect to pay the same rate. And now you’re stuck in a cycle of charging lower than you’d want to charge. It may be more challenging to raise your prices once you already have an established clientele and it can take a long time to break out of a bracket and move to a higher one. Trust me, I’ve been there, and it’s best to avoid pricing yourself too low initially.
4. Create the marketing materials to showcase your prices
The marketing materials you create to showcase your prices are half the battle. This is your chance to show your potential clients what you offer and WHY you are worth the money.
There are many ways to create an attractive pricing list; a website or a PDF you create in Canva will do just fine.
Be original with your copy, show your personality, tell your potential clients what your process is, and communicate your value through your marketing materials. These visuals are your opportunity to let clients know why they should choose you over the others; be unique!
Do not copy what other photographers have written on their sites; this is a form of copyright infringement, and you’ll create enemies along the way if they find out.
5. Don’t be afraid to change your prices (when it’s time)
From time to time, you may find it necessary to change your prices. I went up and down a few times before I found my sweet spot. After I found my pricing sweet spot, I worked comfortably at that rate for two years before raising my prices earlier this year. And guess what? My bookings did NOT go down!
Earlier, I mentioned how difficult it could be to break out of a certain pricing bracket. However, there may come a time where you’re able to offer even more value and quality than you were before, and therefore, your prices need to be realigned to your new offering. As long as you clearly communicate why your rates are going up, the right clients will still come!
If you follow all the steps mentioned previously, changing your prices can be a smooth transition.
For example, here’s what I did. I gave myself a 10% raise on all my set prices. Then, I spent a whole day recalculating my pricing structure to my current needs and updated my whys. I usually raise my prices yearly but, this year, I plan to raise them again mid-year. I’ve chosen to break it up into two pricing milestones so that I’m able to reach a higher bracket without causing too much shock to the system.
As you can see, we are all going to do what is best for us. There is no right or wrong way, ever!
To Conclude
Figuring out what you should charge for your photography services can be a daunting task. These tips should be a good jumping-off point for getting to the bottom of it. Remember, pricing is personal, and it takes a mix of looking within and around you to find what works best for you!
XO, Josie
