Getting your photography's pricing right can mean the difference between making sales and making profitable sales. It can mean the difference between staying in business and going out of business. If you sell your photos for less than it costs you to stay in business and earn a living, you'll soon find yourself looking for a new line of work. The four key factors for pricing your work include competition, margin, expenses and market. Consider all four when pricing your photos.
Instructions
- 1
Analyze the market by researching what other photographers in your area and field charge. For example, if you sell fine-art photos at art fairs, check the prices in other booths. If the competition's quality reflects yours, you should charge a similar price. If you use better materials, charge a higher price and call out why your photos cost more.
2Set your margins. The margin is "retail" minus "cost" divided by "retail." Take the result and multiply by 100. The formula gives you a percentage. If selling photos into a retail channel, expect the retailer to want 50 percent margins. To make money, you should set your suggested retail high enough to make 50- to 100-percent margins while giving the retailer 50-percent margins. For example, if you set your suggested retail at $40 a print, the retailer pays $20. If the print, matting and packaging cost you $10, you make a 50-percent margin.
3Track your expenses, which include items such as your salary, equipment replacement costs, office expenses, hired labor, insurance, travel and any other business expenses. To stay in business, your photos must supply enough money to cover all the expenses. For example, if it costs you $60,000 a year to stay in business and you do 30 jobs a year, you must charge at least $2,000 per job. One trap that beginners fall into is pricing photos too low to gain market share. By doing so, they lose money by not covering expenses and set expectations of low prices in the future.
4Analyze your market to see what people pay for photos. For example, if you want to shoot for a magazine that doesn't list pricing in its photographer guidelines, research pricing from other magazines sharing similar circulation and reach. Expect the same pricing from the first.
5Compile your research and decide the price of your photos based on the competition, expenses, margin and market.
6Make a price list for each service based on your research. If you sell physical prints, include the price of each print size on your price sheet.
Getting your photography's pricing right can mean the difference between making sales and making profitable sales. It can mean the difference between staying in business and going out of business. If you sell your photos for less than it costs you to stay in business and earn a living, you'll soon find yourself looking for a new line of work. The four key factors for pricing your work include competition, margin, expenses and market. Consider all four when pricing your photos.
Instructions
- 1
Analyze the market by researching what other photographers in your area and field charge. For example, if you sell fine-art photos at art fairs, check the prices in other booths. If the competition's quality reflects yours, you should charge a similar price. If you use better materials, charge a higher price and call out why your photos cost more.
2Set your margins. The margin is "retail" minus "cost" divided by "retail." Take the result and multiply by 100. The formula gives you a percentage. If selling photos into a retail channel, expect the retailer to want 50 percent margins. To make money, you should set your suggested retail high enough to make 50- to 100-percent margins while giving the retailer 50-percent margins. For example, if you set your suggested retail at $40 a print, the retailer pays $20. If the print, matting and packaging cost you $10, you make a 50-percent margin.
3Track your expenses, which include items such as your salary, equipment replacement costs, office expenses, hired labor, insurance, travel and any other business expenses. To stay in business, your photos must supply enough money to cover all the expenses. For example, if it costs you $60,000 a year to stay in business and you do 30 jobs a year, you must charge at least $2,000 per job. One trap that beginners fall into is pricing photos too low to gain market share. By doing so, they lose money by not covering expenses and set expectations of low prices in the future.
4Analyze your market to see what people pay for photos. For example, if you want to shoot for a magazine that doesn't list pricing in its photographer guidelines, research pricing from other magazines sharing similar circulation and reach. Expect the same pricing from the first.
5Compile your research and decide the price of your photos based on the competition, expenses, margin and market.
6Make a price list for each service based on your research. If you sell physical prints, include the price of each print size on your price sheet.
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