Hi friends! Sorry, I have neglected my blog the past couple weeks! I have been crazy busy and planning all sorts of fun stuff for you—more on that later :) Anywho, I want to share some enlightening information I came across a few weeks ago. I found it so helpful and insightful; I can’t keep it to myself! Since many of my blog followers are fellow photographers (hellooo you guys!), I thought you would find this information not only helpful, but really useful too!! It can also provide a greater understanding for clients :) I hope you read it and love it, and as always…feel free to e-mail me with any questions you have. Hopefully this is a wonderful encouragement for you all and a push in the right direction!
Ok so one of the absolute most talented photographers I know was talking about her photography business not too long ago. She was very open with her pricing structure and how she had actually lost money despite having $400 sessions. Anyway, she talked about how she got caught up in the business of photography and started worrying about keeping up with everyone else on the market, etc. She lost sight of the fact that it should be a personal battle, a competition with yourself…to put forth YOUR best art. She looked at her business and realized she wasn’t doing anything more than breaking even. From a business standpoint she felt like a failure. She realized that she had to decide what it was she wanted out of photography. Because everyone loves it and many people are talented with it!! But let’s be honest, the business aspect is not for everyone. She talked about how even if you don’t want a business out of it, and are just looking to pay for your hobby, you want to be careful to stay within the market of what is offered out there and not to undercut yourself and all of the photographers around you. Because in the end, you will get over worked and under paid.
She discussed how you don’t want to look back and say to yourself, “My kids are all grown up but where did the time go? I sat in front of the computer editing photos for hours on end at less than minimum wage. I wish I could go back and spend more of that time with my family and kids.” Nobody looks back and says that they wish they would have worked away from their family more…
Mind you, she has FIVE kids! That’s why this hit home for her. She doesn't want to reflect and see that she missed out on part of her kid’s lives that she can’t get back. Of course, she LOVES photography and is mighty talented if I do say so myself!! So while she certainly doesn’t plan on quitting, she did realize she needs to slow down and reflect on her own life and business.
Some of the statistics she quoted were pretty eye-opening…the stats are something around 95% of all photography businesses fail within the first few years.
Why is this you ask? Because they do not understand the “running an actual business” side of photography. You need to price yourself to make a profit! Make sure you are paid well for all the time away from your family, not under minimum wage. But don’t simply toss out numbers or look at another photographer’s pricing and think it looks good for you too. Calculate YOUR business costs and how many hours you are putting into your work…a business owner should not be making less than minimum wage.
So now you’re thinking how on earth do I price my work? If you need help just let me know! But a good place to start is figuring out how many hours you actually work for each client. As in…time spent scheduling and on e-mails and answering questions from a client, travel time to and from the session, set up and take down time, actual session time, the time you spend uploading and editing and backing up files as well as final proofing, the time you spend doing office tasks for that order, time for orders packaging, etc. (This doesn’t include equipment and other overhead costs, but we’re keeping it simple). So depending on how much you charge and the hours you are putting in, you should be able to calculate your hourly wage…just don’t forget taxes!
Sooo did you know that PLUMBERS typically charge over $100 an hour…with a two hour minimum? Did you know that photographs are more meaningful and that those memories and captured moments last longer? Most of the photographers I know are making around $25 to $50 an hour…so if you aren’t pulling at least $25 an hour in…you might want to rethink your business plan. Because after taxes and overhead, you’re making out just better than someone working at In-and-Out Burger…
This all makes you think, doesn’t it?? Anyways…I hope you find this as insightful and helpful as I did…and that you value your work and time away from your families!
Ok so one of the absolute most talented photographers I know was talking about her photography business not too long ago. She was very open with her pricing structure and how she had actually lost money despite having $400 sessions. Anyway, she talked about how she got caught up in the business of photography and started worrying about keeping up with everyone else on the market, etc. She lost sight of the fact that it should be a personal battle, a competition with yourself…to put forth YOUR best art. She looked at her business and realized she wasn’t doing anything more than breaking even. From a business standpoint she felt like a failure. She realized that she had to decide what it was she wanted out of photography. Because everyone loves it and many people are talented with it!! But let’s be honest, the business aspect is not for everyone. She talked about how even if you don’t want a business out of it, and are just looking to pay for your hobby, you want to be careful to stay within the market of what is offered out there and not to undercut yourself and all of the photographers around you. Because in the end, you will get over worked and under paid.
She discussed how you don’t want to look back and say to yourself, “My kids are all grown up but where did the time go? I sat in front of the computer editing photos for hours on end at less than minimum wage. I wish I could go back and spend more of that time with my family and kids.” Nobody looks back and says that they wish they would have worked away from their family more…
Mind you, she has FIVE kids! That’s why this hit home for her. She doesn't want to reflect and see that she missed out on part of her kid’s lives that she can’t get back. Of course, she LOVES photography and is mighty talented if I do say so myself!! So while she certainly doesn’t plan on quitting, she did realize she needs to slow down and reflect on her own life and business.
Some of the statistics she quoted were pretty eye-opening…the stats are something around 95% of all photography businesses fail within the first few years.
Why is this you ask? Because they do not understand the “running an actual business” side of photography. You need to price yourself to make a profit! Make sure you are paid well for all the time away from your family, not under minimum wage. But don’t simply toss out numbers or look at another photographer’s pricing and think it looks good for you too. Calculate YOUR business costs and how many hours you are putting into your work…a business owner should not be making less than minimum wage.
So now you’re thinking how on earth do I price my work? If you need help just let me know! But a good place to start is figuring out how many hours you actually work for each client. As in…time spent scheduling and on e-mails and answering questions from a client, travel time to and from the session, set up and take down time, actual session time, the time you spend uploading and editing and backing up files as well as final proofing, the time you spend doing office tasks for that order, time for orders packaging, etc. (This doesn’t include equipment and other overhead costs, but we’re keeping it simple). So depending on how much you charge and the hours you are putting in, you should be able to calculate your hourly wage…just don’t forget taxes!
Sooo did you know that PLUMBERS typically charge over $100 an hour…with a two hour minimum? Did you know that photographs are more meaningful and that those memories and captured moments last longer? Most of the photographers I know are making around $25 to $50 an hour…so if you aren’t pulling at least $25 an hour in…you might want to rethink your business plan. Because after taxes and overhead, you’re making out just better than someone working at In-and-Out Burger…
This all makes you think, doesn’t it?? Anyways…I hope you find this as insightful and helpful as I did…and that you value your work and time away from your families!
