You’ve got to know what it cost to run your photo business.
You’ve got to know what it cost to run your photo business if you want to be around more than a year or two. The economic reality of running any small business must be faced. You have to have a pricing structure based on what all of your business costs are– or sooner or later, you will be the one who puts yourself out of business. Not your “cheap clients.”
Photographers often are told their bids for a shoot are too high and they lose a bid to someone “cheaper.” You didn’t lose the bid because of your estimate. Your real failure was a failure of eduction. It’s likely that you failed to educate both yourself–and subsequently your clients– about what it really costs a pro photographer to keep the doors open. Yes, it hurts to be underbid. But that doesn’t have to happen as often. When you have built a relationship with your client and they have some sense of why you’re charging what you’re charging they’re not as likely to automatically go with the lowest bid. In this case, ignorance is never bliss.
I read a great article today on PetaPixel. It’s one that I recommend to all emerging photographers (and some old pros as well!). It was penned by photographer, Tom Meyer, who lives in Decatur, GA. It was originally published on his own blog. It’s worth reading.
Here’s an excerpt.
There are hundreds of students graduating every day as “photographers” who can under bid me for a year… maybe two. But eventually these realities also become unavoidable to them, at which time they become real estate agents or go back to being baristas… or they start billing at that “job killer” rate of $100 per hour.