How To Calculate Commercial Photography Rates & Fees UK
As a commercial photographer, you may often find yourself in a fix when it comes to pricing your services. Whether you are an experienced photographer or a freelancer just starting out, pricing is one factor that will determine your business’ sustainability.
The following is a guide for photographers interested in pricing their services as professional photographers or freelancers. This article will help you understand the basics of calculating your rates so that you can charge what’s fair. It also includes tips on how to negotiate with clients when it comes time to set up contracts.
The three main ways people refer to the amount paid to a professional photographer for his or her services are:
1) Day Rate – This refers to the hourly rate charged per day worked on an assignment. For example, if someone asks you to photograph them at their wedding reception for 3 hours, you would charge them based upon the number of hours you were working during those 3 hours.
2) Creative Fee – This refers to the fee paid to a creative person for creating artwork, logos, brochures, websites, flyers, business cards, social media graphics, etc.
3) Photography Fee – This refers to any fees paid to a professional photographer. These could include things like travel expenses, equipment rental costs, studio space rent, etc.
Calculating Your Hourly Rate
To calculate your hourly rate, multiply your base salary by 0.8. That’s right! You’re going to use 80% of whatever money you make each month to determine your hourly rate. Why do this? Because many professionals believe that there should always be some margin built into every job. In addition, using 80% allows us to take advantage of tax deductions which means fewer taxes taken out of our paychecks.
The first thing you need to know is that there are two types of rates: hourly rate or per-day rate. The difference between the two can be confusing at times, but it really comes down to what kind of work you do for your commercial client. If you shoot an event, then you will charge by the day.
If you have been asked to provide estimates for jobs before, you may already know how much you think they will cost. But don’t forget about all the other factors involved in determining your final price tag. Make sure that there are no hidden costs in your pricing. Try to be upfront about the actual cost the client will end up paying. Also, consider the post-production and pre-production costs while deciding your hourly pay.
Here are five critical questions to ask yourself when figuring out your hourly rate:
- How long does it typically take me to complete similar assignments?
- What kind of experience am I looking for from my potential clients?
- Do I prefer shooting events or portraits?
- Is there anything unique about this project that makes it different from others?
- Am I willing to accept lower-paying jobs just to get started?
Once you’ve answered these questions, you can start thinking about how much you’d ideally like to earn per hour.
Commercial Photography Prices UK – Photography Pricing Guide
Commercial photography fee varies across the UK based on many factors. Whether you are into wedding photography or real estate photography, you have to factor in many variables. To figure out how much you’ll get paid, simply divide the total cost of materials and production by the number of days required to complete the project. So let’s say you’ve agreed to produce a new company logo for £500.00. Divide that number by £10. Now you know that you will receive £50 for making the logo.
The first thing that comes into mind when thinking about pricing is the cost of equipment and supplies. But there are additional costs involved in running a business like marketing, insurance, taxes, etc., so it’s important not to forget them. The good news is that most photographers don’t have to worry too much about these things because they’re already doing all this work for free!
So let’s take a look at what else goes into pricing your photos:
1) Marketing & Promotion
This may seem obvious, but we still see plenty of amateur photographers charging way more than they should for their photography. They think that since they own a camera, they must be able to sell pictures without having to market themselves. Unfortunately, this isn’t true. There are lots of factors that go into determining whether or not a picture sells. Some factors that impact production costs include location, lighting, composition, subject matter, etc. It doesn’t hurt to spend time promoting yourself either, though. Many people who start with no experience end up making thousands of dollars from their hobby. You never know until you try.
There are many reasons why professional photographers carry liability insurance. One reason is that some countries require it as part of licensing requirements. Another reason is that even if you don’t have a license, you could still face legal action if someone gets injured while using your services. In addition to being legally responsible, you also risk losing money due to medical bills. If you want to ensure that you won’t lose any money, you need to insure yourself against such risks. This means buying an appropriate policy that covers both personal injury and property damage.
As mentioned above, there are several expenses associated with owning a small business. These include payroll tax, sales tax, income tax, and possibly local fees. All of these add up quickly over time. Fortunately, there are ways around paying these fees. For example, you can hire employees instead of working alone. Or you can set up a corporation where each member shares responsibility for filing taxes. However, before taking advantage of these options, you should check with your accountant to ensure that they apply to your situation.
Finally, one of the biggest expenses that every photographer has to deal with is time. Even if you only charge £10 per photo, you still have to invest hours to create those images. As a result, you’ll probably find that your hourly rate will increase significantly once you factor in the amount of time spent shooting. Of course, you can always choose to shoot less often, but that might mean missing out on opportunities to earn extra cash.
5) Equipment Costs
Of course, another considerable expense is related to equipment. While you can save quite a bit by purchasing used gear online, you shouldn’t expect to get top-of-the-line cameras for next to nothing. Instead, you should aim to buy quality items that last. Also, keep in mind that new products usually come equipped with warranties. When something breaks down during use, you’ll likely receive replacement parts directly from the manufacturer. That makes repairs cheaper overall.
Another primary consideration is location. Where do you plan to display your photographs? Do you live near a large city centre? Are there tons of tourists nearby? Will you be displaying them at events like weddings or parties? Each of these locations comes with its own unique challenges. For instance, when photographing outdoors, you’ll typically need to pay attention to weather conditions. The same goes for indoor shots too. Depending on what kind of event you’re planning to photograph, you might need to consider things like sound levels, ambient light, and other issues.
The final cost that most amateurs don’t take into account is marketing. After all, how would anyone know about your work unless you tell people about it? Unfortunately, this isn’t free either. You’ll need to spend money advertising your photography skills so potential clients can see what you’ve got going on. There’s no way around this fact. It just costs more than you think.
8) Pre-production and Post-production
While we didn’t cover pre-production and post-production here because they aren’t really part of pricing, they are essential factors to consider. If you want to make sure that your photos look their best, then you’ll need to invest some time editing them after the shoot. This includes cropping, colour correction, retouching, etc. In addition, you may also want to create an album using software such as Photoshop Elements or Lightroom.