|Here are monthly expenses and income based on minimum wage for a household of two children and two working adults in metro Atlanta. These numbers come from Fairness for Georgia Families.
Last blog I talked about usage fees. This is part 2 of 3 on pricing.
Your first step in know what to charge for photography projects would be the first step in any business you decide to start. How much does it cost for you to live? What is your home budget to pay the bills?
The table above is from research done in Atlanta, Georgia on the cost of living for a family.
What is scary is the actual take home salary of the two adults working at minimum wages is easily $12,500 less than their actual bills. The expenses are the average lowest rates.
Do you know what your monthly or annual budget is for you to live? Even if you do not go into business for yourself, you need to know this. Too many folks and most likely those working at Capitol Hill have the same problem. They have more going out than coming in.
If you are not upside down and have money in the bank and still don’t know your budget, just start tracking your spending. By knowing this number it will empower you later when you have someone ask your price and you know that if you don’t charge X amount that you will in reality be paying them to take your work.
Believe it or not this is one of the biggest reasons business will fail. Not knowing what they need to take home can impact what the business needs to succeed.
If you want to do photography full-time then you need to take this first step. My next post will help you with the cost of doing business, but you need to know what you have to take home to pay the bills before you can go to the second step, so take some time and get those numbers on paper.