Price Your Photography Prints
We all love looking at our favorite pictures, but pricing prints can be tricky. If your prices are too high, you can lose business. But if they are too low, then you will not make much profit. It can also be difficult to price your photographs correctly. There are lots of ways of calculating prices, but how do you know which one to use?
In most countries, there are guidelines for how to set your prices, but these vary in their level of detail, so you need to look up the country where you sell photographs, and check whether they apply to your situation.
It’s a good idea to consult an expert in your field.
Some photographers have websites that they update regularly with new print prices. This gives you a clear picture of what you should charge. It can also provide tips on how to promote yourself more effectively. Some photographers offer a service where they advise you on what to charge.
You can also ask other photographers about their prices. If they are friendly and honest, it can be helpful to discuss your pricing ideas and to find out how much they charge.
As a general rule, we would recommend charging between 50-80% of your production costs. This is based on what photographers are generally charging in your country. However, you might also want to take into account the value of your time. How long have you been working in this profession? How much have you invested in improving your photography skills and equipment? All of these factors will impact your decision.
If you are a one-man or a small team of two, you might prefer to focus on your own skill level. In this case, we would suggest charging around 80% of your production costs.
In a professional context, where clients are paying for images, it is generally better to charge a percentage of the print price. For example, we might charge 5-10% of the print price. This gives you a margin of 10-20% for your costs, plus a healthy profit. If your client buys the print, they will be able to get more than 10-20% off, but you will still make a reasonable profit.
In a commercial context, where clients are buying images to be printed, you might charge a fixed fee. We might charge £400-£500 for a wedding album. This is more of a fixed fee, because we know the amount we will receive from selling this, and we don’t have to factor in any marketing expenses. We do, however, expect to earn a reasonable profit of 30-50%, which we can then reinvest into our business.
Some of our clients use a combination of fixed fees and percentages.
It is important to note that there is no ‘right’ answer to the question of how to set your prices. It depends on your situation, what you want to achieve and how you market yourself.
In summary, the following factors should help you to determine your pricing strategy.
• What is your average income per year?
• What do you want to achieve?
• Do you want to grow your business?
• Do you want to make a decent profit?
• Do you want to invest in your business?
• How much time and effort have you put into developing your skills?
• How much do you value your own time?
• What is your production cost?
• Is your time worth money?
• How much does your competition charge?
• Do you know other photographers who charge different amounts?
• Does your market accept different pricing strategies?
• Do you know which type of market you are in?
• Are there any special considerations that you need to take into account?