Showing posts with label how to price an 8x10. Show all posts
Showing posts with label how to price an 8x10. Show all posts

Friday

Photography Tips: COUNTING THE COST - PART 2 OF 2

Having touched upon the first part of the question asked of Mark Jordan Photography in Part 1 of this 2 part series ("How do you charge more than $50 for an 8x10...), we are now ready to continue in Part 2 by answering the second part of the question, "and stay in business?" This will entail a very brief discussion of Implicit Costs and conclude with a word on the Hobbyest. ---------------------------------------------------------------------------------------------------

Besides "Accounting Costs," there's also another cost accounting factor: "Economic Costs." In brief, while Accounting Costs are primarily bookkeeping in nature, "Economic Costs" considers both explicit accounting costs (bookkeeping), and an animal we have yet to discuss, implicit costs.

In a nutshell, implicit costs are the costs realized by the forgoing of a viable alternative that would ostensible earn more money. In brief, the difference between what you could be earning at this other endeavor (say as a rocket scientist), and what your are earning now as a professional photographer, must also be considered when counting the cost.

Since a great many of photographers feel that "photography" is the only occupation they would ever consider devoting themselves to, and would rather die than do anything else (being infected by the same disease as actors), the Economic Cost component is more than likely a moot point. Where this is the case, such economic consideration falls well within the very real realm of "psychic income." To read more, just click the link. 

As to the "staying in business" portion of your question, this is another can of worms, which many may not like my prescription.

My personal sense is that if a viable business model cannot be established and supported, the one needs to be honest and call it for what it is: a hobby (regardless of psychic income).

It's the hobbyist, in my humble opinion, who are flooding the marketplace/internet. Like unrelenting waves of jellyfish, they're elevated in glory one moment only to be crushed upon the shore the next. Before they crash, however, they lure an unsuspecting populace with illegitimate pricing, all to the detriment of bonafide professional photographers, if not to sting the public as well.

I don't mind at all that hobbyists are attempting to make money from photography - not by any stretch. I only wish they would be aboveboard and announce they're a "serious hobbyest". That is unless one believes that the common practice of accepting money for one's service alone constitutes and defines a professional. I guess that would be true if one also acknowledges the nobel "professions" of paperboy and lemonade salesperson.

This not being the case, I think it is reasonable to suggest that the mere acceptance or exchange of money for services rendered does not a professional make

So then, what am I saying? If, after determining the cost of one's services, it is determined that the pricing required to sustain the business is not viable, then do what it takes to either make it a reality or find another "business." To go on pretending that one's hobby is a business, while undercutting the stalwart professionals who are striving to support their viable businesses (and families), is not what I would consider wholly honest. 

Hobbyist or Professional?
For me (photographer and owner of Mark Jordan Photography) it's a question of integrity. When one is weighing the matter, whether or not to be (a person of integrity), there is no question. Either a photographer counts the real costs and then proceeds to make it as a credible business, or they face the facts and represent themselves as a hobbyist.

In the end, everyone who undertakes disingenuous practices not only diminishes the profession they profess to be a legitimate member, but soon enough will discover that we humans truly do reap what we sew.

Again, my plea would be to count the cost, both as a caring, responsible citizen, and for one's own good conscience and peace of mind.

Hope this helps. Anything else, just let me know.


Mark
©Googtoon - Life • Popular Culture • Politics • Entertainment • Public Figures

Photography Tips: COUNTING THE COST - PART 1 OF 2

Recently, Mark Jordan Photography was asked this question from a photographer: "How do you charge more than $50 for an 8x10 and stay in business?" I jotted down a quick reply, and on the chance that it might be beneficial, I thought I would post it here in my blog.
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Thank you for asking about how to price your photography.

Pricing one's work is fairly subjective, and so much depends on not only the quality of one's visual expression, but the market one is seeking to attract. Regardless, there are certain elements to every pricing structure that cannot be ignored and MUST be considered before deriving a price.
Counting the Cost Begins Early 
   

The vast majority of pricing considerations entail one's costs. That is, one must take into account such indispensables as tithing/charity, food, home/mortgage/rent, clothing, insurance (life, disability, auto, home, overhead, business, equipment, liability, etc.), overhead (studio space, utilities, phones, internet/cable/web-host/domains, maintenance, marketing, sales, salary, employees, cameras, furniture, stationery, computers, hard-drives, etc.), taxes (property, income, employees, federal, state, etc.), retirement/savings, medical, living expenses, education, auto, vacation, and least of which are lab costs - just to name a few.

Not until these annual costs are determined can one sit down and make a reasonable estimate of what it takes to simply exist.

Add to this list of actual costs the excess (i.e. profit) you must reap to cover other yearly costs for such "luxuries" as travel, hobbies, interests and fun (and my case, guitars and golf). With this complete picture in mind (and the appurtenant total), divide it by the number of sittings/sessions you want to book or the number you average a year. Now you know how much you need to average from each session. 

Then, ask yourself, what is the general makeup of each session? Do you sell primarily 8x10s or 40x60s? How many of each? For every photographer I've helped work these numbers out, I have never seen an 8x10 cost less than $50 - nearly always, it exceeds $100. When I did this exercise for myself back in the 80's, the $3.00 lab 8x10 cost me $87. 

Obviously, those photographers who are selling their "8x10s" for less than their actual costs and believe they are making a profit, simply because their lab bill states $3 are living in denial. It's not to say that a photographer who is booking a thousand sessions per year cannot make a profit with low margins, but I don't know many who have attained the volume that would justify charging only $50 for an 8x10. They might be a good photographer, but as a viable business, they are fooling themselves. 

Who me? Count the cost? I'm making $25 for an 8x10! 
A great many photographers I speak with DO NOT charge nearly enough and subsequently are woefully under-insured. This includes medical coverage, a retirement plan, disability insurance, and the list goes on and on. 

Sadly, I now meet many older photographers reaching retirement age and most do not have what they need to live comfortably - they will be working all their lives. Why? They never counted the cost. Sadly, this also extends to many a spiritual destiny as well, but that's a whole other story...


Mark
©Googtoon - Life • Popular Culture • Politics • Entertainment • Public Figures

Saturday

COUNTING THE COST - Now a 2 Part Series

Thank your for dropping by and visting Mark Jordan Photography's Counting The Cost. Because of the response, the Post become too large for one reading, so I make it a Two Part Series. 
Counting the Cost Begins EarlY


Mark

Orange County Photographer, Mark Jordan Photography, an Rancho Santa Margarita Photographer, specializes in crafting stunning contemporary, traditional, classic, and storytelling family portraits (high school seniors, children portraits, babies, maternity, pregnancy), headshots and pets. Mark Jordan, a Photography Hall of Fame photographer (with a Rancho Santa Margarita portrait studio), and provides portrait photography throughout Orange County and Southern California. Mark Jordan's Orange County portrait studio also serves San Diego County and Inland Empire. Studio Photography Services are also provided in Riverside County and Los Angeles County. Local Cites where Mark Jordan photography studio services are offered are as an Aliso Viejo Photographer, Anaheim Photographer, Costa Mesa Photographer, Coto de Caza Photographer, Dana Point Photographer, Dove Canyon Photographer, Huntington Beach Photographer, Irvine Photographer, Ladera Ranch Photographer, Laguna Beach Photographer, Laguna Hills Photographer, Laguna Niguel Photographer, Lake Forest Photographer, Mission Viejo Photographer, Newport Beach Photographer, Northwood Photographer, Orange Photographer, Orange Park Acres Photographer, San Clemente Photographer, San Juan Capistrano Photographer, Santa Ana Photographer, Tustin Photographer, Villa Park Photographer, Westminster Photographer, Yorba Linda Photographer, Corona del Mar Photographer, Riverside Photographer, Temecula Photographer, Chino Hills Photographer, Loma Linda Photographer, Rancho Bernardo Photographer, Carlsbad Photographer, Coronado Photographer, Del Mar Photographer, Escondido Photographer, San Diego Photographer, San Marcos Photographer, Solana Beach Photographer, Carmel Mountain Ranch Photographer, Rancho San Diego Photographer, Rancho Santa Fe Photographer, and San Diego Country Estates Photographer, Turtle Rock Photographer, Shady Canyon Photographer. Portrait Photographers everywhere (photographers in O.C. as well) are welcome to contact our portrait studio for mentoring/guidance.