working on fine-tuning my pricing, as a rookie shooter, so that i can shoot as many weddings as possible... what i have been advised is to figure out what it actually costs me to shoot a wedding...
i figure i have to fill my gas tank, rent some equipment, and throw in about $20 for snacks & coffee... and maybe the cost to hire an assistant if my wife/biz-partner can't be with me. am i missing anything?
how did you determine your cost-per-wedding? and how did you develop your pricing from there?
it might help to know that i am focused on shooting as many weddings as i can this year.
Full Version: what does it really COST...
What you've listed is really only part of what it costs. It's a bit more complicated, but not too much. You really need to factor in your overall business budget. I know for every wedding I shot last year (roughly) 20% went back into the business, 15% covered cost of goods, 5% covered day of expenses, 20% went to uncle sam, and 40% was my income.
QUOTE(stephen seward @ January 10 2008, 12:18 AM) 
What you've listed is really only part of what it costs. It's a bit more complicated, but not too much. You really need to factor in your overall business budget. I know for every wedding I shot last year (roughly) 20% went back into the business, 15% covered cost of goods, 5% covered day of expenses, 20% went to uncle sam, and 40% was my income.
that sounds about right to me
sf
Well, it's not just how much does it cost you to shoot a wedding, but how much does it cost you to run a business? Many people (myself included) start out thinking, "Hmmm....I can shoot a wedding for x amount of $$$, spend x amount on an album, x amount to burn a DVD (if you do this), x amount to package and (possibly?) ship said Album and DVD, etc. and therefore make x amount of $$$.
BUT, you also want to factor in recurring costs that you don't necessarily pay for with each wedding that you shoot. For example: liability and equipment insurance, fees paid to lawyer/ accountant etc, marketing materials (even something as simple as business cards), website, advertising, necessary equipment upgrades, continued learning (workshops), taxes......
That said, I know that I need to take a longer, more serious look at my own financial plan and define it more. I'll be interested to see what others have to say.
BTW, thanks for the blog love!
BUT, you also want to factor in recurring costs that you don't necessarily pay for with each wedding that you shoot. For example: liability and equipment insurance, fees paid to lawyer/ accountant etc, marketing materials (even something as simple as business cards), website, advertising, necessary equipment upgrades, continued learning (workshops), taxes......
That said, I know that I need to take a longer, more serious look at my own financial plan and define it more. I'll be interested to see what others have to say.
BTW, thanks for the blog love!
This might help
Cost of Doing Business Calculator
Cost of Doing Business Calculator
QUOTE(Alex H @ January 9 2008, 11:27 PM)
This might help
Cost of Doing Business Calculator
Cost of Doing Business Calculator
Great link, thanks!
Keep in mind that after the figures from this CODB calculator you still have to factor in the COG's.
And, of course, what your time and talent is worth. What are you paying yourself for the number of hours invested into each event?
QUOTE(bsteffine @ January 10 2008, 08:32 AM)
And, of course, what your time and talent is worth. What are you paying yourself for the number of hours invested into each event?
That would fall into the "desired annual salary " field on the CODB calc, wouldn't it?
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