Pricing your photography services correctly is critical to the success of your business. In order to do this, it's important to understand the factors that influence pricing and develop a strategy that reflects your value, market, and goals.
If you set your prices right, you’ll not only cover your expenses, make a profit, and grow your business but it gives you the confidence to attract the right clients. On the other hand, setting the wrong price can result in undervaluing your skills and time, working yourself to burnout and making no money, and eventually going out of business.
It's essential to ensure that your pricing aligns with the sustainability of your business. So let’s dive into the ins and outs of how to price your photography services.
It is always important to make sure your prices are set correctly in your business. But now more than ever, it is a vital part of sustaining your business. The costs of running your business, such as supplies, gas, shipping, and rising costs on pretty much everything are more expensive. Price increases affect every facet of your life, including your photography business profits. Keeping your business afloat in this time of inflation is possible, as long as you work these costs into your business.
Whether you are setting your prices as a beginner, or need to adjust your current prices, the importance of pricing for profit is clear. What is sometimes not as clear is how to do it. There is a lot of misinformation floating around about how you should price your photography services. Between seeing what every other photographer is supposedly charging on Facebook and Instagram, to what certain websites claim to be an average range for a particular type of photography service, you can end up with a pricing strategy that leaves you burnt out and broke.
If you have reached the point where you realize having a photography business is a lot harder (and much less lucrative) than it seems, and you feel overwhelmed by all of the hidden work and costs that you just didn’t consider when you first set your prices-you are not alone. You may be at the point now where you realize that you haven’t earned much (if any) money for all of the work you have done- BUT there’s a simple solution...It’s time to raise your prices!
Over three years of global industry research and personal experience from photographers setting their prices in their businesses went into creating our proprietary calculator. The calculator asks you for the most relevant information from your photography services, such as how much you want to work, how much money you want to make, your expenses, and more- to calculate a pricing structure for your business that will set you up for sustainability.
Consider this calculator your personal photography service pricing concierge. Here’s a quick view of how it works to help you set your pricing:
If you are tired of spinning your wheels, working seemingly non-stop, and still losing money on sessions, we can help you stop the madness and take the guesswork out of setting your prices so you never leave money on the table again.
The Smart Profit Calculator™ takes the most impactful components of monetizing your business and lets you calculate sustainable prices with confidence. This is a tool that helps you set your prices based on where you want to be in your business creating packages that are tailored to your unique business, location, level of experience, and niche- not a general guesswork pricing structure- or prices set based on what other photographers are doing.
Setting the right prices for your photography business is a must if you want to achieve long-term success. It not only helps you cover your costs and make a profit, but it also establishes your brand value and attracts the right type of clients. By considering your expenses, experience, competition, target market, and value proposition, you can develop a pricing strategy that aligns with your goals for your business.
Pricing is not a one-time decision, but an ongoing process that requires continual evaluation and adjustments. As you gain more experience, perhaps you want your income to increase, if you add a studio make sure to rerun your numbers to include those additional costs. With the right pricing strategy in place, you can build a thriving photography business and enjoy the rewards of doing what you love while making a living.
P.S. Picsello makes it easy to talk to experienced photographers about the best ways to raise your prices that make sense for you and your unique business. We know that changing prices–especially raising them to a rate that’s higher than what you thought you could charge–is difficult. Our experts have been in your shoes, know how to do it, and truly want you to succeed. We’re always just a click away to answer your questions!
One of the best ways to see how something works is to try it out- click to try the Smart Profit Calculator for free!