Corporate Photography: Setting a Price

If you are starting a corporate photography business, you must set regular fees to charge customers. As you set prices, there are lots of different things that you will need to consider. As long as you take your time and think about these carefully, there's no reason why you can't quickly and easily set the right price for your photography.

Step 1 - Research Competition

First, you need to spend time researching the prices that your competitors charge as well as the types of services that they offer. Your competition are probably engaged a fierce price war, which means that they will be doing themselves a disservice by charging a very low price.

You will discover that many photographers don't know what to charge for their services, so they often undervalue themselves. It's always useful to know how much your competitors are charging, but you shouldn't necessarily copy. Instead, you should set the prices that you think are fair. Consider the work you put into a shoot as well as your travel, location (like studio rental) and even equipment.

Step 2 - Set Standard Prices

When deciding on your prices, it might be tempting to charge an hourly rate. However, the first thing that people will ask is the price for a certain sized photo. Decide what you think this service is worth and how long it will normally take you to complete. Always make sure you're valuing your services highly enough. There will always be some people who complain about your prices if they are fair, but don't let this intimidate you.

Step 3 - Advanced Prices

Once you have your basic price list, you can then work out from this how much you want to charge for other products. It's actually beneficial to set a small gap between different sizes of print because this will encourage people to purchase the bigger photos and they don't cost that much more to print anyway.

You will slowly be able to build up a price list of everything that you will be selling. There are so many different things that you can offer that you will need to adjust your prices as time goes on.

Step 4 - Portraits

When it comes to large portraits, there are some important things that you need to consider. These are more difficult to complete and are much larger prints, which means they could require more touching up. You will also need to mount and finish the photo by hand.

Step 5 - Elite Photography

By charging a higher price to the competition you are actually informing people that you are more skilled because you are able to command a higher rate.

Step 6 - Price Rises

Every year the cost of everything will go up, including the cost of living. This means that your costs also need to go up. Put all of your prices up at the start of every new year, you will find that everyone does this so you won't lose any business because of it. Adjust your entire price list to account for these increased living costs.

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