Grant G. wrote:
I have this little quote memorized for those occasions: "I think you would be more well served by hiring someone who can meet your budget criteria. I specialize in giving good service and I don't like to compromise on that".
I like that...I would probably adjust it a wee bit for my own personal taste, but I like it. Even though I don't get but the rare person asking for a discount, it's nice to have a clear and concise response.
If you don't have car insurance, how are you going to pay me back when you total my new rig?
Don't know about your state, but here in WA, it's a pretty hefty fine for letting it lapse, a criminal offense if you have an accident without it, and in some cases, can't transfer a title without it.
I agree it is a sink hole since I haven't had a claim 35 years, but think personal responsibility here.
What percentage tax, pension plan, medical insurance, etc are you people out there paying? It does seem that your math just seems very high for European profit margins where our medical coverage is included, tax is relatively low and we get a basic pension plan all inclusive in the 'being alive' catagory.
Beni wrote:
What percentage tax, pension plan, medical insurance, etc are you people out there paying? It does seem that your math just seems very high for European profit margins where our medical coverage is included, tax is relatively low and we get a basic pension plan all inclusive in the 'being alive' catagory.
being in business for yourself usually means around 30% for me...give or take depending. Medical insurance here is pretty high and getting higher all the time. We have a sort-of pension plan built in (social security), but that will likely be gone by the time most of us are old enough to qualify,
Without going into great detail or derailing the main topic, for the type of insurance I was getting through my work before I was laid off, I would have to pay close to $900 a month for coverage. That's medical, dental, vision. It was also almost no deductible, extremely small co-pays for doctor visits, prescriptions, emergency room visits, etc. It was a great medical plan and although I used it about 6 times in total over the course of my job, I thought it was worth it for the coverage.
Finding that sort of coverage for an individual isn't cheap. I could spend a couple hundred a month for medical, but I wouldn't have the same quality of benefits. I'd have standard coverage, but if anything extreme were to happen, I'd be in the same boat.
My tax bracket is 20%, council tax (local tax) is about 2-3% of my income, medical and basic pension are covered automatically. Remind me again why I'd want to live in the US?
jcolman wrote:
Maybe I gave the wrong impression. I'm not asking you or anyone else to do my work for me, to tell me what I should or should not say or do to turn me into a $10k photographer. I'm more curious what exactly did you do to make it work for you.
What I did was raise my prices and act successful. I shot destination weddings and let people know. I aggressively raised rates all the time. I made it look like I was in demand (talking about being referred, talking about where we were photographing next, etc). From there it was an issue of waiting out the hundreds of referrals I was too expensive for to book the small number who wanted to pay. No money spent on advertising/marketing/etc - I don't think that's how people are finding things these days. Since I joined Twitter I must click on 30-50 recommended links every day of things that sound interesting from people that I am interested in. This is how things are changing - you just need to find what is interesting about you and let people know.
But, realistically, the biggest thing we did was to start offering the higher prices and then wait. I know that no one wants to hear this but its the fact. Everyone is asking for the secret to charging higher prices - the secret is write the higher price on your price sheet, slide it across the table to your potential client, and sit back confidently. At a certain point, yes, it is really that simple.
jcolman wrote:
Obviously I need to figure out some things for myself. That's a given. But how does one go from a $2000k to a $5000k wedding photographer overnight? I'd like specifics other than "I figured out how to contact the right brides"
Well, for all the people I've helped make that jump is was mostly a readjustment of the price list that got it happening overnight. I know that you are going to ask, "yeah, but how" next but honestly it takes a little analysis of your current offerings and then about an hour or so of discussion to craft a new rate plan that will adjust the clients that you are currently getting into a much higher overall price point. The $2000-5000 jump can all be achieved through pricing theory (starting point vs. top-end, logical middle option, relative significant value, purpose-driven hierarchy etc).
If you don't have car insurance, how are you going to pay me back when you total my new rig?
Don't know about your state, but here in WA, it's a pretty hefty fine for letting it lapse, a criminal offense if you have an accident without it, and in some cases, can't transfer a title without it.
I agree it is a sink hole since I haven't had a claim 35 years, but think personal responsibility here.
Grant
I'm not saying I don't pay car insurance, that's just silly. I just think that it's a sink hole for your money. I've had 14 years of accident free driving. I've spent probably in excess of 20k in insurance premiums. I may go my whole life without having an accident. To me, that's a wasteful way to spend my money. I do it, but if it wasn't illegal, I probably wouldn't.
TRReichman wrote:
But, realistically, the biggest thing we did was to start offering the higher prices and then wait. I know that no one wants to hear this but its the fact. Everyone is asking for the secret to charging higher prices - the secret is write the higher price on your price sheet, slide it across the table to your potential client, and sit back confidently.
TRReichman wrote:
What I did was raise my prices and act successful. I shot destination weddings and let people know. I aggressively raised rates all the time. I made it look like I was in demand (talking about being referred, talking about where we were photographing next, etc). From there it was an issue of waiting out the hundreds of referrals I was too expensive for to book the small number who wanted to pay. No money spent on advertising/marketing/etc - I don't think that's how people are finding things these days. Since I joined Twitter I must click on 30-50 recommended links every day of things that sound interesting from people that I am interested in. This is how things are changing - you just need to find what is interesting about you and let people know.
But, realistically, the biggest thing we did was to start offering the higher prices and then wait. I know that no one wants to hear this but its the fact. Everyone is asking for the secret to charging higher prices - the secret is write the higher price on your price sheet, slide it across the table to your potential client, and sit back confidently. At a certain point, yes, it is really that simple.
Well, for all the people I've helped make that jump is was mostly a readjustment of the price list that got it happening overnight. I know that you are going to ask, "yeah, but how" next but honestly it takes a little analysis of your current offerings and then about an hour or so of discussion to craft a new rate plan that will adjust the clients that you are currently getting into a much higher overall price point. The $2000-5000 jump can all be achieved through pricing theory (starting point vs. top-end, logical middle option, relative significant value, purpose-driven hierarchy etc).
Beni wrote:
My tax bracket is 20%, council tax (local tax) is about 2-3% of my income, medical and basic pension are covered automatically. Remind me again why I'd want to live in the US?
Beni wrote:
My tax bracket is 20%, council tax (local tax) is about 2-3% of my income, medical and basic pension are covered automatically. Remind me again why I'd want to live in the US?
"One thing many companies — in any industry — can learn from Apple is the importance of simple pricing. If you make it easy for people to understand how much they’re paying, and what they’re paying for, it is more likely that they’ll buy it. Or perhaps this is driven more by the converse: if people are confused about how much they have to pay, they’re more likely not to. The decision to purchase and the act of paying are part of the experience for any product or service, and should be designed accordingly.
jcolman wrote:
Thank you. That wasn't so hard was it
Seriously, this is what I'm talking about. Success stories and how you achieved it. Good stuff.
If I were you I would not believe him! Nobody can get anywhere by working hard and just increasing prices. There's a secret that's kept secret between all the big guns and you need to dig very deep to find out. Trust your instinct! Follow your guts! Get to the bottom of this!
DmitriM wrote:
If I were you I would not believe him! Nobody can get anywhere by working hard and just increasing prices. There's a secret that's kept secret between all the big guns and you need to dig very deep to find out. Trust your instinct! Follow your guts! Get to the bottom of this!
I know that there is a cabal of dark, mysterious people that control this industry and keep the rest of us in the dark, scratching out a meager living while they sit on their thrones, laughing at us.
But seriously, what I have gleamed from all this is quite simple. I have the power to be the kind of photographer I want to be just by doing it.
If I want to be an in-demand, highly paid photographer, one who specializes in providing the utmost in couture service, who takes on a limited number of weddings a year so that I can concentrate all my energies to pampering my special clients, then I can brand myself so that I eschew any gig that doesn't meet my price. I can be the photographer to the stars. I can be the guy that all the beautiful people want just by acting like I am that guy. I send gifts to my clients and take them to dinner. I become their friend. Sure, I have to find these people but all it takes is some leg work and a whisper here and there from the right people. My prices will start above $10,000
Or I can be the guy who delivers only finished, fully retouched prints and I limit those to fewer than 50 per wedding. No shoot and burn for this boy. Each print is hand made and wrapped in lambs skin and delivered inside a burled walnut box. My prices start at $6000.
Maybe I'm the photographer who doesn't limit the hours. All day means all day. Two photographers and a beautiful Queensberry or fino album. You want your images on a DVD? That will be $800 extra. My pricing starts at $4000.
But maybe I'm just me. Maybe I'm the guy who likes to deliver good client service along with 500 or more really nice images of your wedding. Maybe I'm the guy who goes a little farther than the next guy in terms of coverage. Maybe I'm the guy who says "hey, lets put a remote camera up behind the altar and hide it in the plants" just because that would be cool. Maybe I'm the guy who can edit a wedding in six hours and call it a day. Maybe I'm the guy who makes the bride laugh at my corny jokes and shares a beer with the groom and his guys. Maybe I'll give you a discount just because I can. Maybe I'm just a guy with a heart of gold. My pricing starts at $1800.
The point I've gleamed from this is sure, you can be whoever you aspire to be. All it takes is some work. But I can't be who I'm not. I can't bring myself to wear a suit at a wedding. I can't look you in the eye and say "I'm worth $10k a pop" without breaking into a grin.
I think I could charge more per wedding, and I've proved it. I have two weddings on the books for $3400. If I can charge $3400 I can charge $3900. or $4200. Like TRR says, just do it. But I have to believe in myself first before I'm going to get others to believe in me. And to be honest, I don't think I'm there yet. Next year, yes, but after shooting 40 weddings, I'm still learning.
But I'm enjoying the ride! And I truly appreciate all the information and the willingness you guys have in sharing it.
