How to Set Fees
Feb 12, 2012 14:41:34 #
Does anyone have a general formula or algorithm for figuring what to charge? Mileage, materials, expenses, retainer plus markup to make profit. i know these are all things to allow for....
Feb 12, 2012 14:51:53 #
Your cost + profit margin = price.
Insurance, business licensing fees, taxes, materials, fuel costs, web site hosting & maintenance, studio rental, etc.
Insurance, business licensing fees, taxes, materials, fuel costs, web site hosting & maintenance, studio rental, etc.
Feb 12, 2012 14:57:13 #
Feb 12, 2012 15:23:55 #
Pretty much an industry recommendation is that your Cost of Goods should be around 30% or less.
Now this includes your time to shoot, time to process, time to travel, apportioning ALL your expenses such as insurance, equipment costs, auto costs, and on and on.
That does not mean 3X your printing costs. So you have to figure out how much you are paying yourself and factor that in. So if you have a one hour shoot and an hour's travel AND two hours of processing, and you think your time is worth $20.00/hr, you are already at $80.00 X3 = $240.00 Then if your print costs for that shoot are $30.00, that adds another $90.00. Then let's just add $100.00 for that session's share of fixed expenses. Whatever your are selling should come to about $430.00 at a minimum.
Of course there is also the reality of having to have at least some connection to the quality of your work and local standards.
Now this includes your time to shoot, time to process, time to travel, apportioning ALL your expenses such as insurance, equipment costs, auto costs, and on and on.
That does not mean 3X your printing costs. So you have to figure out how much you are paying yourself and factor that in. So if you have a one hour shoot and an hour's travel AND two hours of processing, and you think your time is worth $20.00/hr, you are already at $80.00 X3 = $240.00 Then if your print costs for that shoot are $30.00, that adds another $90.00. Then let's just add $100.00 for that session's share of fixed expenses. Whatever your are selling should come to about $430.00 at a minimum.
Of course there is also the reality of having to have at least some connection to the quality of your work and local standards.
Feb 12, 2012 15:43:12 #
I found a reference to a photography business cost calculator on another forum.
http://www.nppa.org/professional_development/business_practices/cdb/
http://www.nppa.org/professional_development/business_practices/cdb/
Feb 12, 2012 15:45:45 #
Feb 12, 2012 15:48:59 #
Feb 13, 2012 17:52:27 #
Feb 13, 2012 18:33:40 #
Feb 14, 2012 02:02:05 #
Hi CaptainC! I just got done viewing your website and it's awesome! I looked at all your "galleries" but the ones that I enjoyed the most were of your Senior Portrait galleries. I'm hoping to be able to do some portrait work for students at a local high school. I recently met a girl, a high school senior, that commented she needed her senior pics done. She's also on Facebook, so I sent her my business page on FB. I see that you have a Facebook group, but that the site will be undergoing a change. Can I join your group now, or should I wait till the change takes place? Let me know okay?
Feb 14, 2012 11:05:03 #
Shutterbug_11 wrote:
Hi CaptainC! I just got done viewing your website ... (show quote)
I don't spend as much time with Facebook as I probably should. 92.45% of my business comes from referrals which tends to eliminate bargain-hunters/price-shoppers.
so if you think it might do you any good, go ahead and join. No guarantees, though:-)
If you want to reply, then register here. Registration is free and your account is created instantly, so you can post right away.