This article was written as a guide for photographers.
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Here are some simple tips that could help guide you into setting a portrait photography price:
Calculate the total cost of running the business
It is crucial to know how much you are putting into the business in order for you to know how much you should charge. The inputs include the equipment purchases which are all the materials used in the actual photography sessions. These include the camera, lenses, stands, lighting equipment among others.
In case you are renting space for the business, the office costs also add up in the total cost of the business. These costs include the rent, business permit, and all other service costs. Goods sold such as the printed images, albums, and canvases should also be factored in here.
Lastly, labor and time should not be overlooked. As rightly stated, time is money. Hence, meet up with clients, traveling and photo sessions ought to be included. For the photo sessions, it is advisable to charge based on hour coverage so as to cater for the time spent.
After calculating all the incurred costs, you can then add a reasonable profit margin. With this, you have an idea of where to set the portrait photography prices without going at a loss.
Do your research
Since you are not the only one in this business, you should do a research and find out where others stand when it comes to pricing. These should be photographers from your local area and particularly those specializing in a similar niche, that is portrait photography. This will help you not to underprice or overprice, both of which can lose you potential customers. From the research, you should be able to come up with a competitive price range, flexible for both you and the client.
Know your client
Most importantly, you should know your client. If you are targeting high-end clients, such as models or celebrities, then that means you should have slightly higher rates. This is the price creates a perception of your work standard. Too low prices will make them doubt the quality of your work. If your target is the middle class, then setting average prices that suit the clients should work.
Ultimately, as a photographer, the quality of your work should be able to justify the price you set. It is then important to enhance your knowledge, skills, and service delivery.
