IT'S PROBABLY THE TOUGHEST THING TO DO
When setting rates, one of the most important predictors of success is to price them properly. Part art and part science, finding the right price for your products or services can be challenging. "It's probably the toughest thing there is to do," Charles Toftoy, associate professor of management science at George Washington University, told Inc. Magazine. I get a lot of people asking me what they should charge for their photography rates. It's not really about what I think you should charge or what anyone else is, a good start is to find a goal that you want to reach. It's a good idea to track your competition, find the right product balance, and most importantly — understand your target client. In my experience from running a business and a photographer myself here are five ways to create pricing strategies that maximize your business profits and success.
3. Ying and Yang
Just as you won't buy products that are priced too high neither will your clients, simultaneously your business can't afford to set prices too low to cover your production, marketing, distribution and other costs. So, how much is too little? How much is too much? First, calculate the cost of creating your product from travel to shipping, including overhead costs like rent. Then you can determine the average cost per product to understand how much you will need to earn to cover your expenses. Next, decide what profit percentage you hope to earn and set your prices accordingly. This may sound silly but if you charge too little, clients may consider it "cheap," which can make it hard to grow your business. If you charge too much, you may lose clients to your competition.
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Born on September 22nd, 1986 and raised in Sullivan, Missouri