Set your prices like a boss

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Information about Set your prices like a boss
Business & Mgmt

Published on March 20, 2014

Author: jamieivins

Source: slideshare.net

Description

A guide to setting portrait and wedding photography rates.

SET YOUR PRICES... LIKE A with Jamie Ivins BOSS

Set Your Prices Like A Boss with Jamie Ivins BIG QUESTIONS What am I worth? How do I determine my worth?

Set Your Prices Like A Boss with Jamie Ivins What am I worth? BIG QUESTION #1

Set Your Prices Like A Boss with Jamie Ivins “Sometimes the hardest part of the journey is believing you’re worthy of the trip.” -Glenn Beck What am I worth? BIG QUESTION #1 cont.

Set Your Prices Like A Boss with Jamie Ivins ≥Never ask others to determine your worth. You may not like the answer. ≥The only way to truly find your own worth is to put in the time and effort. BIG QUESTION #1 cont. What am I worth?

Set Your Prices Like A Boss with Jamie Ivins BIG QUESTION #2 How do I determine my worth?

Set Your Prices Like A Boss with Jamie Ivins ≥Research! There is no secret formula. ≥Understand your expenses ≥Understand the value you are offering potential clients (perceived value vs. actual value) BIG QUESTION #2 cont. How do I determine my worth?

Set Your Prices Like A Boss with Jamie Ivins ≥How many sessions/wedding am I comfortable shooting per month/year? ≥What products will I include? ≥What are my expenses? ≥Do I want to shoot full time or part time? ≥Is this a single income or do I have support? Important questions to answer... BIG QUESTION #2 cont. How do I determine my worth?

Set Your Prices Like A Boss with Jamie Ivins Expenses Expenses Studio Expenses Expense Per Client Personal Expenses

Set Your Prices Like A Boss with Jamie Ivins ≥Studio Management (Pixifi, Shootq, Tave, etc.) ≥Web Domain ≥Web Hosting (Showit, Bluehost, Godaddy, etc.) ≥Insurance ≥Marketing (Facebook, The Knot, WeddingWire, etc.) ≥Album Proofing (Album Exposure, Banti, KISS, etc.) ≥Vimeo ≥Animoto ≥Equipment Maintenance/Upgrades ≥Office Supplies (Paper, Ink, etc.) ≥Savings Yearly Studio Expenses (YSE) Expenses cont. Business Expenses

Set Your Prices Like A Boss with Jamie Ivins ≥Pricing Guide ≥Welcome Packet ≥Client Gift(s) ≥PASS ≥USB ≥Proof Prints ≥H.H. Boogie Box ≥Second Shooter/Assistant ≥Rentals ≥Travel Costs (Gas, Tolls, Etc.) Per Client Expenses (PCE) Expenses cont. Business Expenses

Set Your Prices Like A Boss with Jamie Ivins ≥Rent/Mortgage ≥Cell Phone ≥Internet/Phone/Cable ≥Electric ≥Groceries ≥Auto Insurance ≥Renters/Homeowners Insurance ≥Gas ≥Entertainment ≥Savings ≥Misc. Yearly Personal Expenses (YPE) Expenses cont. Personal Expenses

Set Your Prices Like A Boss with Jamie Ivins ≥In order for the formula to be accurate you must first multiply your PCE (Per Client Expense) by the number of desired yearly clients/sessions. The result is your “Yearly Client Expense” (YCE). (YSE + YCE + YPE) ÷ # of desired yearly clients = Min. Wedding/Session Rate The Formula The Formula

Set Your Prices Like A Boss with Jamie Ivins YEARLY STUDIO EXPENSE Studio Management $300 Domain $15 Hosting $20 Album Proofing $150 Office Supplies $150 Equpment Cleaning/Upgrades $500 Animoto $250 Vimeo $60 Insurance $555 Marketing $1,000 Savings $2,000 TOTAL $5,000 PER CLIENT EXPENSE Pricing Guide $18 Client Gifts $50 PASS $29 Gas $50 Second Shooter/Assistant $250 Rentals $150 TOTAL $547 YEARLY PERSONAL EXPENSE Rent/Mortgage $14,400 Cell Phone $1,200 Internet/Phone/Cable $1,800 Electric $2,640 Auto Insurance $1,500 Groceries $6,000 Entertainment $1,200 Gas $3,000 Incidentals $4,800 Savings $2,400 TOTAL $38,940 YSE = $5,000 YPE = $38,940 YCE = $547 x 20 (my magic “preferred wedding” amount) FORMULA: ($5,000 + $38,940 + $10,940) ÷ 20 = $2,744 **Example formula assumes 20 weddings per year. The Formula cont. Wedding Example

Set Your Prices Like A Boss with Jamie Ivins YEARLY STUDIO EXPENSE Studio Management $300 Domain $15 Hosting $20 Office Supplies $150 Equpment Cleaning/Upgrades $500 Insurance $555 Marketing $1,000 Savings $2,000 TOTAL $4,540 PER CLIENT EXPENSE Client Gifts $100 PASS $29 TOTAL $129 YEARLY PERSONAL EXPENSE Rent/Mortgage $14,400 Cell Phone $1,200 Internet/Phone/Cable $1,800 Electric $2,640 Auto Insurance $1,500 Groceries $6,000 Entertainment $1,200 Gas $3,000 Incidentals $4,800 Savings $2,400 TOTAL $38,940 YSE = $5,000 YPE = $38,940 YCE = $547 x 144 (my magic “preferred session” amount) FORMULA: ($5,000 + $38,940 + $10,940) ÷ 144 = $431 **Example formula assumes 144 portrait sessions per year. (12/month) The Formula cont. Wedding Example

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