Are You Charging Too Little?
Constantly scrutinizing the prices you set for your business is a must for your success. In the competitive and ever-changing photography industry, setting the proper pricing for your products and services can help increase your overall profit and continue to grow your business. A common problem with wedding photographers is not charging the correct amount to make a profit at the end of the year. Is this something you have experienced? Even if you have pricing your clients love, you have to make sure you are profiting at the end of the day. If you are not paying yourself properly, how can you continue growing your business?
One of the first things you must do is look at your business and the goals you desire to meet by the end of the year. Even after you write out your financial goals for the year, how do you know if you are still charging too little? We have a few questions you should ask yourself to discover whether you chose the best prices for your photography business.
Are you including your time?
As you sat down to write out all of your current expenses, did you factor in your time? Knowing the prices of your products and services is very important to your pricing model, but your time is valuable and should be accounted for.There are many parts of your job, including prep, drive, and wait time that take up much of your workflow and need to be included in your prices. If you do not include your time into your prices, you are not paying yourself for the work you do. Think of yourself as an employee who needs to have a paycheck to continue being profitable. If you were in a different occupation, and you were clocking in and out, your time would be tracked fully.
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