As creative professionals, photographers rarely think about the pricing issue. Yet, this is a very important factor if you are going to make money selling photos. Photography can be a very lucrative business and there are several ways to make money as a photographer. But at some point when setting up the business, you have to consider pricing. Most photographers don’t like to consider pricing. The following are just some of the points to consider when setting prices as a professional photographer;
- The Quality of Your Work
The first thing you have to consider when setting the prices of your photos is the quality of your work. The problem is the quality of your work can be very difficult to determine especially by yourself. This is the main reason why most professional photographers will often begin by posting their photos online for free. The feedback you get from the free photos can be invaluable in determining the quality of the photos.
Your experience can also greatly help you determine the quality of the work. If you are an amateur, you obviously cannot charge the same amount as a professional photographer with a number of years of experience under their belt.
- Perceived Value
The value you assign your creations and the perceived market value can be vastly different. If you know your work is beautiful and you are confident in your ability to capture the best shot, you are probably well aware of the value of your photos and probably could come up with a price right off the top of your head. But this should in no way determine the final pricing. You must determine the perceived value of your photos. The only way to do that is to check the pricing of other similar photos in the market. Your competitors can easily tell you how to price your own photos.
We lightly touched on this factor previously and we revisit it because while other factors may give you a pricing range, on your level of experience allows you to set the final price. If you have only recently began your photography business, you may want to price your photos at a much lower rate than the prevailing market rate to generate some awareness for your photos.
This is the main reason why some photographers will decide to offer at least some of their photos for free at least at the beginning. Doing this gives your brand awareness and when people begin to identify with your unique style of photography, you can then gradually raise the price.
- Consider Your Own Costs
Just as it is with any other business, you may also want to consider the cost of setting up your photography business when pricing the photos. These can include anything from the cost of setting up your photographer’s website, the cost of any photo editing programs you may use and even transportation costs. Don’t forget to factor in the cost of your own labor or any employees you may have.