Building Your Photography Business for under $3,000

 

Building Your Photography Business for under $3,000

 

Lesson Info

The Per Hour Sale

The question is, your target sale. I said it earlier, I need to make $1000 per portrait session to not go in the hole. And that's what your target sale is. You need to know that number for your business and it's pretty easy to calculate. So let's take a look at that. It's called your per hour figure and basically it's how much money you need to bring in for every hour of time that you spend working on a client order. Here's how it works. You take your total monthly expenses, that's your general expenses and your salary together, all of your monthly expenses, and then you divide it by the number of hours that you worked on client work. Remember we talked, there's two different kinds of work. You work on your business and then you work for your clients. This hours worked is on client work, okay? So I'm gonna give you a cheater number here just in case you need one. If you don't have that dollar amount for your business, you don't know what your expenses are, what you're gonna pay yoursel...

f. $100 an hour is a safe number, okay? So here's roughly how that calculation looks. Let's say that your business has $6, of general expenses every single month and that you pay yourself $4,000 on your payroll, including your taxes and everything and that you have 100 hours to work on client orders every single month. Not the business part, just the client orders. Again, happy math, 6,000 plus 4,000 is 10,000, divided by 100 equals that $100 an hour safe figure. Okay? So if we look at how much time is dedicated to a client order, I told you earlier that a portrait session takes an efficient photographer at least eight hours, okay? This is really important. As you guys are starting your business, it's gonna take you more than eight hours, guaranteed. If you are a perfectionist, it's gonna take you more than eight hours, guaranteed. Remember the 80% rule. So, using that safe per hour figure, that means that you need to bring in $ from that total sale to break even in your business, okay? So, what I challenge all of you to do is to go back, get to work, and time every interaction for five clients, okay? And so, as soon as a client calls, set your timer, see how much time that phone call takes. Then when you shoot them, from the moment you leave the door to go for the whole session, how long does that take? 'Til the moment you close the door coming back. And then, are there any other phone calls? Time them. Time how much time you're spending prepping your images for the sales session. Time yourself how much time in the sales session you're spending. Then how much time retouching. Then how much time ordering. Then how much time delivering or however you get your products to your clients. You should know that. Do five clients that way and then you'll have a good representation of how long it takes you. And probably, when you're starting out, you're gonna see a lot of variability. Some clients are harder than others. But that'll give you a rough idea of how many hours you're spending. And then, you can use that number if all of a sudden you're spending 40 hours on a portrait session and you realize that you have to charge $4,000 for that portrait session, what do you think that's going to do? That's going to make you super efficient, right? (laughing) you're gonna set that timer next time you start erasing every tiny little thing on somebody's face for a portrait that's this big. You're gonna be like, "Hmm, I probably don't need "to do that," right? Okay. So, this per hour figure is gold in your business. You need to know what each session is worth. And it helps you when you walk into the sales room. You're gonna walk in, you're gonna be like, "Okay, I'm gonna make 800 bucks right now "and this is how I'm gonna do it." It allows you to come up with a plan, it allows you to walk in with confidence, it allows you to say, "That'll be $800 for this order," and say it with confidence so your client says, "Okay, would you like a check or a credit card?" Right? It gives you power. It gives you power to ask for what you need. Because if you can't ask for this number, you have no business running a photography business. You will go in the hole and I don't want that to happen to any of you. It's really important. This is that determining thing on whether it's a good idea to have a business or not. If you can't ask for this dollar amount, you better figure out how to spend less time working on a client order or you better figure out a way to put on your big girl pants and walk in there and ask for it. So, it's a big thing. Let's talk about a wedding. So an average wedding takes 40 hours for an experienced, efficient photographer. When we first started doing weddings, it took us like 120 hours to do that. So we knew we were not as efficient, that's when we were losing money. So, if it takes you 40 hours and your per hour figure is about $100, that means you have to charge $4, for a wedding, period. Or spend less time on the wedding. Remember when we talked about the service based or the cost based? That was the choice that you wrote so now we have to come back and stand behind that decision if you are cost based or service based. And this is one of those things that you have to do.

Class Description

"If you are serious about starting and running a successful photography business... this IS the road map to follow!"
-JB Photo Design, CreativeLive Student

When starting a new business, you will make hundreds of decisions, and many of those can be costly and affect the future of your business. Most photographers have little direction available on how to take these critical first steps to set themselves up for success.

Kathy Holcombe and her husband Peter have built multiple photography businesses over the last 15 years. Kathy will share what they have learned so that you won’t waste time, money and resources trying to find the perfect formula.

You will learn how to:

  • Define your brand
  • Set up social media channels and a business website to support the vision of your brand
  • Develop an effective strategy for marketing to your ideal client
  • Develop a product line and profitable pricing structure
  • Develop a sales strategy to maximize your time and sales average

This class is for anyone who is standing at a crossroads, wanting to start a photography business, but not sure exactly how to go about it. You’ll not only learn how to get you started, but also how to turn a profit through your photography in your very first year of business. Skip years of trial and error and invest your precious startup dollars in strategies, tools and equipment that will immediately start making you money.

"You don't need to be a beginner to get great info from this class, it's packed with ideas and tips that even an experienced pro can put to work and take to the bank literally the next day. I highly recommend this class."
-Jeph DeLorme, CreativeLive Student