The business side of photography
Over the past two months, I’ve had the experience of trying to sell some used photo equipment online.
Most professional photographers try to keep up with technology by upgrading whenever a new tool comes out. Many photo businesses have to stay current to remain competitive.
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This very long and meandering post is intended for new photographers. It outlines some general concepts behind setting a price on photography services.
Money is better than poverty, if only for financial reasons.
– Woody Allen
First rule: Never give a price over the phone or off the top of your head.
Second rule: You’re running a business. You’re supposed to make money by charging more than your costs.
Third rule: Like all businesses, you tell your customers what your services cost, not the other way around.
Fourth rule: Never base your prices on Cost + Profit Margin. Always base your prices on value to the customer. Charge for what you know, not for what you do.
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I just finished post-processing 1,017 images. Several of those photos will be used for marketing and public relations, both in print and online, later this year and next.
The client doesn’t know which images will be used over the next twelve months so all the photos had to be processed and delivered now. Over 2,400 images were shot and those were edited down to 1,017. I probably could’ve edited it down a lot more but I wanted the client to have a broad selection to cover all future possibilities.
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The phrases “added value” and “extra value” are tossed around by many businesses these days. Some companies use these terms not because they know what they mean but because they’re nice-sounding catchphrases that might lure in customers.
Value is determined by the customer and not by what a business might say. If a customer needs 24-hour service, then free parking is not an added value. If a customer wants a salad, then an “extra value” meal with large french fries has no extra value.
Price is what you pay. Value is what you get.
– Warren Buffet
Adding value means a business goes beyond customer expectations. This is a relative scale because different customers have different expectations and needs.
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Since I’m on this “cheap” rant:
A while ago, a local Toronto business e-mailed and asked for a quote to shoot some public relations photos to be used mostly as media handouts. I quoted about $2,600 (photography spread over two days, assistant, post-processing, expenses, taxes) and didn’t hear back from that business.
“Oh well,” I thought, “I guess I didn’t get that job.”
Then about a month later, the same company called and asked when I might be available.
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A couple of months ago, I got a phone call from the photo editor at one of the largest newspapers in Canada. He wanted “magazine-style” portraits of a business person here in Toronto. The photo editor said he required six different looks each with different lighting and a variety of backgrounds.
Best part of all? Not only was he willing to pay $150 but he would also pay mileage!
