There are many ways to come up with your pricing for your prints. It is not easy setting up a price list and there are many variables to consider.
One formula that is frequently used is 6-10 times your cost. It is a quick way to set pricing but it might not be the most advantageous - especially as your skill improve.
Certainly you want to consider your market, and your cost for your time and equipment. You want to set your prices close to what you really want to be charging when you are "big time". And if you don't feel like you are ready to charge those prices for real, you can offer promotions to discount them but at least you start getting used to saying those full prices. And as you improve you just have fewer promotions. It is hard to increase your prices substantially once you get started because customers will already have your price point in mind.
The way I look at it, prices needs to cover my time, my equipment, and the time/experience/training I've put into learning to take pictures.
I charge $45 for 8x10s. I also offer the option to upgrade from Luster paper to fine art paper which many
people choose to do. And they can also add some special effects (such as color pop or dreamy eyes) which is also an upgrade and many folks choose that too!
It is hard to determine what pricing will work for you. Since I was an hourly technical consultant for 10 years, it is second nature to put a $$ amount on my time. I sometimes hear about what people offer
vs. what they are charging and I can't see how they could possibly be making any money. CHARGE FOR YOUR TIME. And for your artistic vision. A painter doesn't charge the $ amount of the materials, they
charge a premium for their artistic vision and you should too!
My formula for the 8x10 price, for example:
Materials (ink, paper, packaging): $3
Prep & Retouch Time (30 minutes): $22.50
Equipment Surcharge: $7.00
Session Review Surcharge: $6.00
Artistic Value/Experience: 6.50
To give you a better idea, here's how I categorize in more detail:
Prep & Retouch: This is the time I spend on the file that has been opened. I retouch every file before printing. I zoom in to look for flaws (bug bites, scratches, etc) and remove those. I might enhance
the eyes. I might smooth out the skin a little. I dodge and burn to improve the overall effect of the file. During the Raw Conversion I usually adjust saturation, shadows, etc so I don't usually do that in
the PSD any more. Overall I feel like this process can easily take me 30 minutes per file. I use $45/hr as my rate for figuring this out since that's what I'm charging when I do retouching for other photographers.
Equipment Surcharge: This is the money that in theory covers the costs of my equipment. Right now I'm about $15k in the hole so it'll take me a while to make that back and, of course, I still want more new stuff. This is to pay for things like my 5D (which I love), better lenses, my printer, etc. This cost allows me to use the best equipment, and to continue to upgrade.
Session Review Surcharge: This is a somewhat made-up number that I use to account for the time I spend for a client that is not the time I'm taking picture or printing an order. Perhaps it could be called customer service time. I charge a session fee which covers the "cost" of the time I'm actually taking pictures, but in addition to that time there is the time to prep, the travel time, the time to review/rate the images from a shoot, the time to do the RAW conversions, the time to create the slideshow for the review session, the actual client review session, and the creation of the online gallery. Essentially I try to spread the cost of that time across an order but putting that "surcharge" on there. This is one area I think I a lot of new photographers don't consider and then they wonder why they are spending lots of time working and not making any money!
Finally, Artistic value. Think about all the time you spend improving your skills. You practice, learn new techniques, go to classes and workshops, read read and read some more. All that time and experience needs to count for something and that is part of the artistic value. Just having a nice camera isn't enough to capture what you capture..it is all this experience that leads up to you capturing that picture and that is what this value is for. And as your experience and skills increase, so does this value!
So as you set your prices, consider these different areas to be sure you are providing for your future growth and development. If you're lucky, you'll even make a few bucks!
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