Knowing how to price your photography services is crucial for turning your passion into a profitable career. Price points may not be the most enjoyable part of the creative process.
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However, they are certainly necessary for securing your position in the professional world and giving you the confidence and structure you need to attract the right clients to your craft.
Even though pricing structures can feel intimidating, especially if you are in the early phase of your photography career, the process of creating one for yourself is actually pretty straightforward.
Here are all the different factors you need to consider when pricing your photoshoots, from the cost of materials and hourly rates to the desired profit and total sales price of your work.
6 Factors To Consider When Pricing Your Professional Photography Services
A career in photography requires access to a number of essential tools and equipment, all of which need to be factored into how much you charge clients per shoot or per photo.
You may also have received qualifications in photography or film, which you may want to factor in the total cost of your professional rates. When it comes to pricing your professional photography services in any field, it can be helpful to start with a basic formula.
One of the most popular formulas for deciding how and what to charge clients is as follows:
Cost of materials + cost of labor + overhead costs = total cost
Total cost + desired profit (i.e., 25%) = final sale price
This is a super simple and flexible formula that you can adjust as your business grows. That’s one of the great things about running your own brand or small business—you are allowed to adapt and grow with it over time.
But for the sake of clarity, let’s break down each of the above six factors to help guide you through the process of pricing your photography services in a way that is altogether fair, feasible, and attractive to your target audience.
Cost of materials
There are quite a few direct materials needed to produce a final photographic product. Hard costs such as technological equipment, props, digital space, cloud storage, hard drives, shipping, printing, and packaging should all be considered here.
Cost of labor
Here is where you need to decide how to price your labor. Do you want to charge per product (an image, copy, or full-on shoot), or would you prefer to charge an hourly rate?
Hourly rates tend to work better for freelance photographers or those still cultivating a professional practice, but either can work depending on your needs.
Overhead costs
Your overhead costs are the often ongoing big costs that make your services possible. This can include studio rental, electricity, digital marketing, lighting equipment, gear insurance, and, of course, your cameras themselves—none of which are particularly budget-friendly.
But that’s exactly why you need to factor them into your total service price system. You can figure out your total overhead costs by adding up all your expenses for the year and dividing them by the number of jobs per year you expect to complete.
Incorporate this percentage into the total cost of an individual job, and you’ll slowly start covering your overhead expenses.
Total cost
After adding up the above three factors, you’ll arrive at your total cost. You’ll need that to reach the final sale price after adding your desired profit percentage, as explained below.
Desired profit
How much profit are you hoping to make from your services? The average amount is between 10% and 30%, depending on your level of skill and experience. You need to work out what you need to make a living while still remaining competitive in the market.
Final sale price
Once you have figured out your total cost, add your desired profit percentage to the amount. You’ll reach a number that can be used to determine sales for your photographs as well as serve as a guide for pricing flat rate shoots and even consultations.
Tips For Pricing Your Photography Services Like A Seasoned Pro
Once you’ve worked through the technical elements of your pricing structure, you can further flesh it out by adding personal touches based on your unique photographic style and goals.
Consider your target audience.
When creating a pricing structure for your services, you must consider who you aim to attract with it.
As a photographer, you need to decide who your ideal client is and ascertain what their expectations or needs might be when it comes to payment. For instance, are you branding yourself as a budget-friendly family photographer? If so, you may want to keep your prices on the more affordable side.
However, if the audience you are catering to is luxurious or involves collaborating with international brands, it would be a good idea to increase your prices to match industry standards.
Create a smart price list.
Make your pricing system look as clean and professional as possible by creating a well-designed price list. Some photographers prefer to post their prices in PDF format for easy online sharing with new clients, but you might also like to add this information to your online portfolio website.
Either way, compile your pricelist in a clear, simple, and professional-looking way by using a neat and consistent font and keeping it short and sweet. There is no need to explain why your prices are the way they are—just state them as is. Confidence is key.
Talk to other photographers.
If you’re still feeling uncertain about how and what to charge your clients, it might bring you more clarity and confirmation to bounce your ideas off of other photographers that you know.
Ask them what systems they’ve developed for pricing their services and how satisfied they’ve been with the outcome. This is also just a great way to learn more about the industry you work in and cultivate more confidence in the pricing plan that you eventually decide on.
Price Your Photography Services For Success
Photography can be an expensive career to sustain—but with the right payment structure, your clients can fund each project, image, or shoot in a way that allows you to meet more than just your basic needs.
By factoring in your materials, labor costs, overhead, and desired profits, you can create a pricing structure that supports your professional photography goals and helps you build your business, one shot at a time.
