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Be sure to factor in the amount of time you're spending, including travel, planning, retouching, etc.Do you include hair and makeup with your sessions, incur location fees, or other hidden costs?You must remember that every hour you spend retouching or creating an album is an hour that you can't book a session. It is important to retain gross profit on the items you are offering to your clients, but don’t get so profit focused that you lose sight of the types of items your clients want.
WRITE IT DOWNWe've done a high level check in, now let's get down to the nitty gritty details of your business.
For each area below, I've included ideas and questions to get you thinking about your business – how you operate it, how your clients are affected, what is working, what could be improved, changes you'd like to make.
Business guru Zig Ziglar used this phrase to remind us that taking time to reflect and reevaluate your life is important, and a key component for your personal development.
The same holds true for the success of your business.
Without clients, you don’t have a business, so you need to keep them top of mind in everything you do.
Photography Business Plans Buy And Sell Business Plan
Pricing is one the most widely discussed topics in photography forums, but the reality is that pricing is different for everyone, and should be based on your cost of doing business (CODB), not by comparing yourself to other photographers.Knowing your gross profit on each item will be helpful in determining the right product mix to offer to your clients.You can calculate this by subtracting the cost of the item from your selling price.Now that you've reminded yourself WHY you're in this business, take a couple of minutes to review the past year in your mind.What were some of your greatest successes, or things that went so well you will definitely want to repeat them?At the end of the day, if you have the best photography in the world, but don't set your prices for profitability, none of it will matter because you won't be in business for long.If you don't know your cost of doing business, my article, on Calculating Your Cost of Doing Business will help you get started.Don’t forget to include photo sessions in your product and service review.Evaluate which sessions are your best sellers and the profitability of each.Make time to regularly review your business to make sure you are still on the right path, or to make a course correction if necessary.There is nothing wrong with changing course, just make sure you are doing it with intention.