FruitOfTheVale
Superstar
Pricing is a topic I see tons of people asking about online and it’s a tough one.
There’s so many things that factor into a price that make it difficult to give hard figures for someone to follow for their own pricing strategy.
Doing research in your local area helps...but at the same time, the quotes you’ll get will often be miles apart in terms of price and end up leaving you just as lost.
What I’ve found in about 2.5 years of doing videography, photography, and audio recording professionally full time is that in the beginning you HAVE to do A LOT of free work to build a portfolio and start to build your reputation. Even with a decent portfolio of high level recognizable clients I was still (and a lot of times still am) under pricing myself. The idea has always been to get repeat business at a low price point but I’ve found that the clients that pay the least ALWAYS demand the most. You’d think people would be grateful but unfortunately that often isn’t the case.
I can go on and on all day about it but if I could give a piece of advice that I think would be the most helpful is...
When you come up with a quote, ALWAYS consider the hours you’ll have to work to get the project done. Ask yourself “what’s an hourly rate I would be happy with and not end up regretting half way through a project”. What ever that number is, DOUBLE IT, because if you do things the RIGHT way, you’ll need to set aside about 40% of your money for taxes. So I you say “I’d be happy making $20 an hour doing photography” you NEED to charge a MINIMUM of $40 an hour. Your rate of $135 is decent. I’ve charged as little as $75 an hour and as much as $700 an hour. The price varies based on doing business with mom and pops vs government contracts.
Facts
If you're ever charging for something at the beginning of building your portfolio, you should focus on charging money for the purpose of covering production fees (i.e. studio rental, prop rental, etc.) that raise the perceived production value of your work. Lenses and camera body matter to an extent, what matters more to score bigger gigs though is your ability to bring a vision to life and that your vision is bigger than the client's. Another way of putting that is to invest the time and money in preproduction... If your preproduction results in a pedestrian concept their ig photographer cousin could have come up with, it doesn't matter that you used a $5,000 lens and their cousin would've used an iphone. From the client's perspective, they just paid x amount of money for a couple more pixels, which doesn't cement why you're the professional and not their cousin. Creativity - and thorough preproduction to streamline your creative process to where it is repeatable and dependable - is your biggest weapon in this field period. The better you are at exceeding your clients' vision, the more money you'll make.
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