How do you calculate the cost of a photography package?

1 Your time and expertise

One of the most important aspects of a photography package is how much you charge for your time and expertise. This includes not only the hours you spend shooting, but also the time you spend on planning, communicating, editing, delivering, and marketing your work. You should consider your level of experience, your reputation, your niche, and your location when setting your hourly or flat rate. A good way to calculate your time and expertise fee is to multiply your desired hourly wage by the number of hours you expect to work on a project.

3 Your travel and overheads

A third component of a photography package is the cost of your travel and overheads. This includes your transportation, accommodation, meals, parking, tolls, and any other expenses you incur while traveling to and from the shoot location. You should also include your insurance, taxes, licenses, memberships, subscriptions, and any other business-related costs. To calculate your travel and overheads fee, you can either track your actual expenses and add them to your invoice, or use a flat rate per mile or per day.

4 Your products and services

The final component of a photography package is the value of your products and services. This includes the prints, albums, digital files, online galleries, slideshows, and any other deliverables you offer to your clients. You should also consider the quality, quantity, size, format, and customization options of your products and services. To calculate your products and services fee, you can either mark up the cost of production by a certain percentage (for example, 100% or 200%), or use a value-based pricing strategy that reflects the perceived value and benefits of your work.

5 Your total package price

Once you have calculated the fees for each component of your photography package, you can add them up to get your total package price. This is the amount you will charge your clients for your photography service. You should also consider your target market, your competitors, and your goals when setting your package price. You may want to offer different packages with different features and prices to suit different clients' needs and budgets. You should also review and adjust your package price regularly to keep up with the market trends and your own growth.

6 Your profit margin

The last thing you need to calculate is your profit margin. This is the difference between your total package price and your total costs. Your profit margin is the amount you earn after covering all your expenses and paying yourself a fair wage. Your profit margin is a key indicator of your business success and sustainability. You should aim for a healthy profit margin that allows you to invest in your business, save for emergencies, and enjoy your lifestyle. A good way to calculate your profit margin is to divide your profit by your total package price and multiply by 100 to get a percentage.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?