Let's talk money...
pricing formulas for wedding & portrait photographers
One question I've gotten from photographers who are starting their business, or looking to restructure their pricing is “How do I price myself accurately?”. Pricing ourselves can be a struggle as artists! How do you put a dollar amount to your art??
Well I'm here to remind you that when you're pricing yourself, you're pricing more than just the final product. You're paying yourself for your time, equipment, and other resources that help sustain your business!
I have SIMPLE formulas to follow when figuring out what you should charge!
for wedding photographers
desired annual income + annual expenses / max. number of weddings a year=
minimum wedding package price
$60k + $10K / 20 = $3.5k minimum
for portrait photographers
(desired annual income + annual expenses / 12 months)
= Needed monthly income
monthly income / max. number of jobs each month
= price per session
$50k + $10K / 12 months = $5k monthly income
$5k / 10 = $500 per session
Make sure you are keeping accurate records of your expenses each year to calculate these formulas properly. Remember to also be kind to yourself when deciding how many jobs you'd like to take on. You may want to do 35 weddings a year and 20 jobs each month, but burn out is REAL