I bet you didn't know that there are A LOT of photographers out there losing money in their own businesses and they don't even know it!
When it comes to ensuring profit in your business, there's lot more to do with it than just being sure to earn more than your cost of doing business and the taxes you pay. In fact, there are multiple ways photographers are leaving money on the table or worse, cutting into the hourly pay and making less than they thought!
But, don't worry. If you're unknowingly part of the crowd, you can change that today! So, let's talk about 3 ways you might be unknowingly losing money in your business so you can recognize the issues, make changes where needed, and improve the bottom line in your business!
Mistakes You May be Making That Are Affecting Your Bottom Line:
1. Not Charging For Additional Edits
If you agree to take on additional edits for your clients, like cosmetic, head swaps, etc., but you're not charging for your costs (if you refer out your edits) or time involved to perform those edits, you are reducing the amount of money you're earning per hour!
Make sure to notate in your contracts what types of edits are included and what are not along with the fee per image. That way, you have written expectations you can refer back to if there are any questions and you can be sure that any additional time dedicated to your clients' requests aren't affecting your profit!
2. Not Accounting for Creation Time
Another mistake is not accounting for creation time when pricing your prints and products. How much time do you spend creating an album, making revisions, and placing the order with your lab? Prints and products come with effort that involves time not often considered when photographers price them. Be sure you factor in your time and charge appropriately!
3. Not Offering Prints and Products
I almost hate to call this a “mistake,” because I don't believe you have to sell prints and products to be a profitable photographer. However, I do believe not offering them is money left on the table and if you haven't considered it before, consider it now!
I can't tell you the number of times I have seen photographers post on social media about how proud they are that their clients loved their photos so much, they went out to a lab and had them printed for their home. I don't know about you, but I'd be sad vs. elated that I lost a sale because I didn't offer what my clients wanted in the first place!
It's not as much effort as most think to offer photo products. Your clients will print their photos if you don't. Why not better serve them and change the bottom line in your business?
Want to dive further into the finances of your photography business?
Check out my 5 Myths about Making More Money as a Photographer Guide! This guide was created to dispel the money myths photographers latch onto that can quickly hinder their ability to generate more money in their business.
By downloading this guide, you’ll access the keys to navigating those myths and how to release them from your business in order to trigger your ability to create a business that FEELS GOOD and turns you into a profitable photographer!