Normally you'd expect the challenge with pricing to be the biggest issue with photographers who are just starting out. Unfortunately, it comes up with almost as many seasoned veterans when they're about to do something new or thinking about raising their prices.
The idea to do a post on the topic is all thanks to a few new members of the GoingPro group. The question on pricing repeatedly comes up, so it's a great time to keep everybody focused on a topic so seriously related to revenue/income. It's even more important when you consider we're heading into the seasonality of the fourth quarter and opportunities to better support your profitability.
It starts with the very first easy to understand challenge - consideration for everything it took for you to become a professional photographer. It kills me when I hear new photographers excited, because they can get an 8x10 from their lab that's relatively inexpensive. Then they get excited about what they think is a big profit margin, putting it out there at $24.95! Sadly here's a sampling of everything they forgot to include in the cost of that print:
And last on the list, let's not forget about the value of your time. I remember years ago Bambi Cantrell talking about the value of her time to give up her weekend with her family to photograph a wedding. All of you pay a serious price for your passion to be an artist, especially when it comes to being a wedding photographer.
I don't want to spend a lot more time talking about pricing when there are three terrific resources out there already. Just click on any one of the three banners below and you've got access to Bryan Caporicci's guest post a few months ago, Sal Cincotta's video on pricing, and David Ziser's explanation from his blog, Digital Pro Talk.
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