Everything in life is available for a price. Every day we are faced with choices: to buy or not to buy. We are presented with this option every time we visit a store, turn on our computer, open a newspaper or magazine, and watch television. We can choose to take action â€“ if the price is right!
But what it is a fair price? That is in the eye of the beholder. We choose to make a purchase if we consider the price to be fair. And we choose to forgo purchasing if the price is too high, and we don’t see the value in the product.
So, how do you determine what that price is? What price should you be charging for your product? As a photographer, I see many people in this industry doing a lot of work for little if any profit. And the photography industry is not alone. Most service-oriented businesses have a lot of bottom dwellers â€“ businesses that are working for virtually nothing, and getting lots of so-so people whom are interested only in price. They work literally hours and hours on a project, and yet they take home little more than minimum wage. What is the benefit in that? Wouldn’t it make more sense to work for someone else and go home at 5 every night to your family with no worries?
If this sounds like you, don’t fret. There is hope! I know, I’ve been in your shoes. When we began in this business over 15 years ago, we visited several local photography studios, and picked up their pricing guides. Then we built our price guide based on their pricing structures â€“ and lowered our price because we were just beginning. There was no thought process â€“ we just put ourselves on the pricing scale of our local market that we felt were our direct competition.
There is more to pricing than charging “a little bit less” then what everyone else is. Pricing needs to be set so you cover your costs, and make a profit! Quite a concept! Yet it’s rarely followed.
In the following pages, you will discover a method to never question your pricing again. You will be able to firmly state your pricing, understand how you reached that price, and stand firm and true to your pricing structure. With that said, let’s begin!
Pay Yourself First
Before you move on to the next idea, lets discuss the concept of paying yourself first. The whole purpose of owning your own company is to have the freedom to follow your own heart. To be in charge. To create something tangible that has your signature stamp on it. But above all, it should afford you the lifestyle you are wanting. That doesn’t mean you canâ€™t do without the high pay while you are building your company, but your short-term goal should be to create a business that can provide you with the type of lifestyle you want and demand! If that is not a possibility within a few short months, then it is easier to continue to work for someone else.
Decide now how much of a salary you would like to draw from your business. What are you truly worth? What would make each hour of the day worth your time? How much would make you feel like you are truly contributing to this society? Don’t low-ball this figure because you know how much your business is…To view this entire report, click on Photography Print pricing Guideline.
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