Starting a business and thriving in it is no easy take – regardless of whatever industry you may be in. The world of wedding photography works pretty much the same. The pond may be large but it is also crowded at times and you would need to have your specialty, your niche, per se in order for you to be able to stand out from among the crowd and really grease the money wheel when it comes to getting clients and bookings and profits in general, really. If this is something that you’re quite new in, know that you have a long and arduous road ahead but when you get to that point of success, you will eventually get to look back and determine that everything that you had to go through was worth it when it all comes down to it.
Pricing is one of the competitive edges most successful businesses have
It should be high enough to cover all operating costs and overhead plus a margin of profit but not too low wherein people will start to question the quality of the kind of service that you offer as a professional photographer. You also can’t afford to overshoot the pricing too much or you’re just going to look like the next overconfident pompous chum you managed to get a hold of an expensive camera and an even more expensive ego. In pricing, it is all about balance and finesse. We came up with a short guide to help you competitively price your Seattle wedding photography services.
Draw out an actual business plan before you start anything else
If anything, a business plan is a blueprint of the direction of where your business is going to go. Set out goals and timelines and strategies on how you are going to achieve them. Map out the amount of capital funds needed, how you’re going to procure them if they are not readily available, and what your average return of investment will be several years down the road. This will be your business model and it is yours to customize.
Always do the math on your costing
You’re probably patting your own back when you got that $5,000 deal for a wedding coverage that only takes place in one day but when you really break down the math in all that, when it comes to work hours, resources, and effort, you’re getting so much less than that. You have to deduct the 2 or so days that you will be scouting the venues ahead of time, the time you spend with the clients to nail down what they want and actually get it on paper, the cost of equipment and man hours and possibly manpower from an employee during the actual wedding day, post production, cost of paid software for editing, cost of prints and album binding and publishing, and so on and so forth. If you’re not that good with math, you might as well just hire an accountant to make your life so much easier and to make sure that you are indeed making profit from all your efforts.