Photographers, do you know what your Value is?++

(Yes, it is seemingly impossible to price 'creativity'. There is no pricing algorithm that was conceived dimly-lit halls, where men in hooded cloaks gaze upon the effigy of Aperatura: The Goddess of Light, Focus and Fees. To my knowledge. But I digress.)

By Value, I mean your Expenditures and Time.

When determining your Value, account for any small expenditures you might spend when you are working for a client at any given time, first. Everything should be accounted for your business. Not just the required camera, cards, batteries - all other expenditures should be given serious consideration. Everything is potential a right-off, just don’t go crazy with bar tabs or multiple power lunches. If you have a studio: Gaffers tape, coffee, cups, plastic spoons, meals, lunch meetings, gas, bottled water, breath mints, cell phone service during working hours - whatever it is that you buy for work during normal business hours, counts. It adds up. (And I haven't even mentioned rent, leases, mortgages, insurances, licenses, clothes, shoes, food, kid stuff, pet stuff, etc).

By factoring what your costs are, and dividing the cost to your time, you will get a very accurate ballpark of your base fee should be, based on what you have to account for month to month. Don't be surprised when you see it. It's pretty shocking how much time we tend to spend before, during, and after the shoot. It all adds up, and it’s all out of your pocket - typically undetected. Don’t fall in the trap of thinking that you will only work for rent and food, and everything will be A-OK - because you will quickly find out how unpredictable and unforgiving the photography market can be. You’ll always be broke working only for rent and food. This, I guarantee you.

....
Here’s How to determine your Value as a Photographer:

We’ll start with Expenditures:
Let’s say, for a red carpet event, you bring the following (with their estimated dollar value):

• Camera (DSLR) - $5000, 
• Lens (zoom) - $1200. 
• A speedlight with TTL capabilities - $600, 
• a 128gb professional class-10 SD or CF card - $60
• and fully charged high powered rechargeable batteries (for the flash) - $12.
  

This totals to $6872 worth of minimal equipment needed for that event. Now, divide $6872 by 12 (months) and you get $572 per month. Divide $572 by 4 (weeks) and your weekly fee will be $143. Using this example, it will take one client a week at $143, four times a month to make 1/12th the cost of the equipment. $143 is then your base 'Photographer’s Fee'. 

(Don’t forget to add in the all small expenditures I listed above, to help your reach your base fee!)

To the Photographer’s Fee, we then add the Value of  Time.

The Value of Time will fluctuate depending on your skill level, and is an estimation of how much time you're going to spend on a client, and what exactly that time is worth to you. It’s up to you to figure out what your time is worth. Unlike the Photographer’s Fee, it is entirely personal. What do you think you deserve? What are your clients willing to pay you? If you have to edit six headshots and it takes you a total of 10 hours, are you working for $5 an hour, or $25?  You decide.  Add your hourly rate, multiplied by the hours you work to your Photographer’s fee, and you’ve reached: 

Your Value as a Photographer.

Knowing your Value will help you have a more successful, thriving photography business. But don’t take my word for it. These methods have worked for me. I finally got to a point through my journey where I could keep my rates consistent and slightly generous.

Some first time photographers really don't know what to say to a potential client when asked about their rates. I hope this serves as a good way to figure out a quick 'ballpark' before the client decides for you, and when that happens, well, we all need those experiences every once in awhile. 

Currently, my basic headshot rates start at $420. Why not? It’s Portland, Oregon, after all.  Best of luck to you, fellow Photographers, as you sell immortality, one click at a time.

Much more info on this subject will soon follow in a couple days!

Thank you for your time reading this. Feel free to ask any questions. Like what you see? Please follow me! :)

Author:

Deneb Catalan
Photographer
Portland, Oregon
nebcat.com

++ DISCLAIMER: The following is strictly a summary of my personal views on the subject of making money in photography. I will assume that the reader has a basic understanding in photography and simply need a boost in their business strategy or planning on starting one. The information herein may not be for everyone.  I am no expert in financing, accounting or taxes, so please consult a professional in those fields. Furthermore, If you're looking for a get rich quick scheme, then this is not for you. I cannot guarantee that the methods, tips and tricks that I share, will work for you. Please do further research for yourself and use this information at your own risk. Thank you. -------------