Are you overpricing yourself?

I have talked before about pricing. The real question becomes "Are you overpricing yourself?" This is one of the most difficult questions any business owner has to answer. There are so many variables that go into pricing, but when it comes down to it, if you are not pricing yourself and product right, you aren't going to get the business you want. 

Let's take a look at some things that typically get priced wrong. Weddings are something that sometimes get priced completely wrong. This could be because you think this is what it should cost. Truth is, some of the pricing depends on the area that you live in. I take for example myself, and when I used to live in Wisconsin, the median cost was much greater than it is in Chattanooga, TN. A standard rate of $3000-$4000 for a full day wedding in Madison was completely normal, whereas that's almost double what some local markets demand in the south, based on where you live. 

Print sales, this is another area where some overprice themselves and don't bother to see what the market is really willing to pay. I have seen photographers selling 8x10's of something basic for $40-$60 and wondering why they get no business. Chances are you aren't selling some iconic photo, so where do you justify charging that much? Have you looked at what other photographers in the area charge?  If you haven't, that's one of your first issues. 

Fact of the matter is that chances are you don't have the ability to set the market price on something. Now that is different when you are very well established and have a follow of people willing to pay no matter what you are charging. I know for a fact that I have reviewed our pricing and made some changes moving forward. You are going to need to do your homework and determine when and where price adjustments are warranted. 

I want all photographers and content creators to become successful, so please take this for what you will and make sure to make changes as needed. You don't have to be the cheapest, but it's certainly better to make $1000 in a weekend than it is to make nothing. Don't give your work and talents away, but if you want to pay those bills, you'd better be able to bend where needed.