The Trump administration’s latest round of tariffs applies 15 percent tax on goods imported from China. The decision took effect this Sunday, and in response, DJI has raised prices in the US by roughly 13 percent.
It’s standard practice for commercial photography clients to ask photographers their ‘day rate’. Most estimates that photographers provide start with a day rate before going on to production costs and expenses.
Now I used to think I could simply take it for granted that anyone involved in the industry would be able to appreciate this isn’t exactly what a photographer or for that matter any independent creative professional working on a short term project earns for every single day of the year.
I’ve realised that the world of photography is in so much flux that this isn’t a safe assumption and now I much prefer to provide a rate for each job. My reasons can be best illustrated with an example.
After hitting the record revenue of $1.84 billion in Q3 of 2017, Adobe has done it again. They broke another record and reported $2.08 billion income in Q1 of 2018. Although many photographers are unhappy with the subscription-only model, it seems Adobe is still doing just fine. Even more than fine.
Structuring your prices as a wedding photographer or any business in the creative industry can be a difficult task, especially if you’re self employed/running your own business. Not only is the creative industry a competitive one, it’s also a very saturated market with some very interesting pricing structures.
With so many businesses charging less and less for their services, it’s easy to price your own services too low, but go in too high and there’s the potential you might loose custom. Pricing your services is a huge task in itself, but once you reach that point you then have questions to ask yourself regarding deposits, payment plans, where will you advertise your prices and will you offer discounts.
Whether you’re just getting into the game or are a seasoned veteran wanting to make a bit more cash from your photography business, one of the most challenging aspects is figuring out how much to charge.
You don’t want to undervalue your own worth and time, but you also don’t want to charge so high that you’re out of the grasp of potential clients. It’s a fine line to walk.
Thankfully, photographers Sue Bryce and Tiffany Angeles have not only walked that line, but decided to share her tips on what it takes to make an effective pricing platform for your business.[Read More…]