One of the hardest things about running your own photography business is setting your pricing. There are so many factors and variables that go into deciding where to start your price point, whether it be for wedding, portrait, or commercial photography. Here are some tips in setting your pricing and sticking with it.
Do your Research & Know your Market Area.
When starting out or re-branding your business you need to do A LOT of research to determine where you should be in terms of pricing. Many factors contribute such as your experience, the market you live in, and the types of bridal clients you want to attract. This is hands down the hardest part of being a photography business owner. Knowing your market will ensure that you are not priced too high – deterring brides from contacting you at all, or too low- making potential client question your experience.
Network with other photographers or Vendors.
Reach out to your fellow photographers to establish connections and relationships with them. Go for coffee, set a monthly lunch date, or connect in other ways. The community you form with other photographers in your area is invaluable to you. You can get an ideas of what works for them, or hasn’t, and vice versa. Sharing and growing together ensures success all around.
Stick to Your Prices but set a Deadline to Revisit.
When you set your prices or decide to raise them it can be very daunting. What if no one books me? What is Im priced too high or too low? After researching your market, knowing what your ideal bride typically budgets for photography, and taking the plunge to set your pricing – it is very important to STICK with it. Do not change prices for potential clients just to book them, because the cycle will perpetuate. Instead, set a deadline for yourself and if you are not booking at your current price point revisit and see what changes you can implement to book your ideal client. I suggest changing pricing between November-February. This way you have a few months to collect your research as to the reasons you are/are not currently booking, make changes that will be a better fit, yet still have time to book your season without it being a washout.
Learn to Say NO.
Learning to Say NO to clients that don’t fit your style or do not honor your worth as a professional can be hard. Not every client is perfect fit for your business and choosing to redirect a client to someone who may fit their style, budget, or personality better is sometimes the best way to ensure everyone is happy with the final outcome. Family, Friends, or acquaintances may approach you for free or discounted sessions but (unless you want offer to do it) you have to learn to set boundaries and politely decline. If you devalue your services, you can not expect others to value them.
I hope this helps you in setting your price point for your business!
Mandy Paige Photography teaches workshops and hosts one on one coaching for other professional photographers around the country.