Are you charging enough for your expertise? One of the hardest facets of professional photography is finding the right price strategy. If you charge too much, you might lose some business. If you charge too little, you’ll spread yourself too thin.
A freelancer who does not understand the value of their work is detrimental to the photography industry. Charging too little for your expertise undercuts professionals who have spent years building demand in the creative industry, and this makes people expect more for less. The key to avoiding this is to understand that there’s enough demand in the market to go around, and there’s no need to sell yourself short to get more business.
We take a look at three mistakes commonly made by freelancers when they’re quoting clients — and how to avoid them.
Mistake #1: Not researching price strategies
Early in your career, it’s common to think that you don’t have enough experience to charge market rates. However, you must give yourself credit for your skills and charge fairly for your time. Ultimately, the aim is to be profitable. The last thing you want to do is lose clients in a frenzy of price hikes that you need to implement to stay afloat.
Mistake #2: Not setting expectations
Your clients should know your price points in order to make a quick decision to hire you (and come back for more in the future). Your prices play a big part in telling people how much you value your work. If you start with a low price point, it may be hard to justify increasing your rates later on, as your clients have already associated the standard of your work with your earlier, lower price point.
Mistake #3: Shooting for free
Nothing in life is free. If it seems that way to a buyer, it simply means that the seller is paying the price for it. People won’t value your time and effort as much as they would if they were paying for it. Of course, this doesn’t apply to pro bono work (for charities, etc.) that you willingly offer.
Keep in mind that your target market is made up of clients who are willing to pay fairly for your time and skillset. Your experience and discipline add more value to this equation. If someone doesn’t want to accommodate your fee, it’s simple: they’re not part of your target market.
Now that you have a decent idea of how to charge what you deserve, the next thing you can do to advance your freelance career is to watch out for these common administrative mistakes that may affect if (and when) you get paid.
