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STOP UNDERVALUING YOURSELF!!
Photography is time consuming, detail oriented, a skill built over time, and expensive. Price yourself accordingly or burn out will destroy your soul. Here’s what to consider:
YOUR HOURLY RATE: Track your time put into each session from initial inquiry to final gallery delivery leaving out editing time. I’ll explain why below.
Include communication, drafting contracts and invoices, creative planning and research, additional equipment or props needed, travel to and from location, length of session, backing up RAW files, culling, building and delivering the gallery, and post file organization. Consider the steps you take toward a valuable client experience and find an hourly rate that you feel is fair for the hours and effort you put in.
COST OF AN IMAGE: Here is where we consider editing hours. How much time are you spending on each image and how many are you delivering? Track your time from start to finish of the editing process, times by your hourly rate, and divide it by the number of images you’re delivering. This will tell you how much time you spend editing and your cost per image.
SESSION PRICE: Add up your numbers from both stages of the process. This will show you what your session ACTUALLY costs you and help you identify opportunities to improve your process.
COST OF DOING BUSINESS (CODB): Now sit down and add up your annual expenses. I do annual because it makes the math easier for me. Web hosting, business management solutions, booking tools, editing software, gallery delivery software, social media tools, marketing tools, props and supplies, studio rentals, etc. Then divide that number by 12 and you will see how much your business costs you to run monthly. This number will tell you how many sessions you need to do per month to have a profitable photography business.
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