Pricing your photography shoots licence can fabricate or split your business.
Take detailed notes when you ask for prices so that you can analyze your data later. Make sure you are comparing apples to apples. Before you call your competition, develop a list of the questions you want to ask, including what services your competition includes with photography shoots.2. Setting prices correctly takes research and due diligence. Fortunately, the information you need to set competitive prices is not hard to find if you know where to look.
Instructions
1. Price your services based on the local competition. Either go online or pick up a phone book and call for prices. Pretend you are a customer and ask what your competitor charges for the services you want to provide.Setting the right rates for your photography shoots is critical to the success of your business. If you set prices too low, customers will flock to your door but you won't make enough profit to stay in business. If your prices are too high, customers will flock to your competition and you still won't be profitable enough to stay in business.
Price your services based on your costs. If you charge less for your services than it costs you to provide them, you won't be in business very long. Prepare a spreadsheet that includes costs for materials, time and overhead. "Time" includes planning, travel and editing time. Don't focus on the total charge for the shoot without calculating how much you are making an hour. Rather, decide how much you need to make an hour, and then price accordingly.
3. Price conservatively to start. Compare your skill level to your competitors' skill levels. Price your services at the lower end of your competitors' range to help increase your business. One of the least expensive ways to advertise and grow a new business is through word of mouth. If you price your photography services aggressively and provide exceptional service, your customers will tell their friends about your business.
4. Increase your fees gradually. As your photography business starts to increase, it is easy to make the mistake of raising prices too quickly. Remember that your customers came to you because you provide exceptional service at a reasonable price. It is easy to scare them away and earn a reputation for being overpriced if you raise prices too quickly.
5. Test your market. The only way to know for sure if you priced your services correctly is to sell them. Pay close attention to your potential customers' reactions as you present your prices. If many of your potential customers accept your proposals, you have priced appropriately. If the majority decline your offers, it's time to make changes. You don't necessarily have to lower your prices if you feel you need to make changes to your pricing structure -- specials and promotions are a great way to sell your services as well. Design these specials and promotions to package services together at a discount and increase your overall profit on the session.
