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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.

Summer reading suggestions- books for photographers that aren’t about photography

As the first day of Summer and the longest day of the year approaches, it’s a good time to think about relaxing with a great book. This summer, instead settling into your beach chair with a best-selling mystery or romance novel, pack one of these paperbacks into your beach bag and you’ll have more than a tan when you’re done.

You’ll end up with some perspectives that can put things into a different focus for you regarding where photography is headed– and how you fit in. I think it’s essential for any small business owner to get a macro-economic business perspective. Reading outside your industry niche gives you the business equivalent of a liberal arts education vs. trade school education. Both kinds of education are very valuable. But added together, the whole is greater than the sum of the parts.
In the same way, maintaining a well-rounded and broad business perspective can generate new insights about marketing your photography. In between reading the CS6 manuals, take a look at these.

The first few books will give you a wonderful dose of confidence about being in a creative industry

A Whole New Mind: Why Right-Brainers Will Rule the Future by Daniel Pink

Linchpin: Are You Indispensable? by marketing guru, Seth Godin

These best-sellers by Malcolm Gladwell really make you think.The Tipping Point: How Little Things Can Make a Big Difference  and  Outliers: The Story of Success

Here are two of my favorite big-picture guides–one for a perspective on the global economy: The World Is Flat [Updated and Expanded]: A Brief History of the Twenty-first Century by Thomas Friedman

 and one to help you manage day-to-day priorities: The 7 Habits of Highly Effective People by Steven Covey

And finally, for a different perspective on what might be really holding you back,have some fun examining your foundational beliefs with this help of this book: Loving What Is: Four Questions That Can Change Your Life by Byron Katie & Stephen Mitchell

Have fun in the summer sun!