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Choosing the Right Pricing Model: All-Inclusive vs. Sales-Based
130 Plays22 days ago
Episode Summary:
In this episode of Empowered, we're digging into one of the most debated topics in the photography industry—pricing models. Should you go all-inclusive or sales-based? Host [Your Name] (you can update this with your name if you'd like) shares a no-nonsense, empowering perspective rooted in over a decade of experience. Learn how to evaluate your time, client needs, and profit goals to choose the right model for YOU—not what a course or educator says is “right.” Whether you’re new to business or revamping your pricing, this episode offers clarity and encouragement to build a profitable and sustainable model your way.
What You’ll Learn in This Episode:
- Why profitability is more important than pricing structure
- How to assess your time investment per client session
- Why your business model needs to align with your ideal client experience
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Transcript
Empowering Photographers
00:00:02
Speaker
Well hey there, empowered listeners. I hope that your year is jumping off the way that you were hoping that it would and if it isn't, I'm hoping that I can help you to really feel empowered to make this whole photography thing work, to be one of the successful photographers in our industry, which are many upon many and there is room for all of us at this table.
Pricing Models: All-Inclusive vs Package Sales
00:00:24
Speaker
So today I want to talk about the age-old question, and I'm sure that I will talk about this topic multiple times throughout this podcast experience, and that is because it's something that has been discussed since the beginning of our industry's time. Okay, well, maybe that's not true, but it's been discussed it's the whole time that I've been a photographer, and this is my 14th year in business.
00:00:43
Speaker
I've really been dabbling with business for like 15 years, so this is an old question that my opinion has remained solid the entire time. So here's the question. Are you trying to decide between all-inclusive or a package sales-based pricing model?
00:01:02
Speaker
I'm going to tell you how to easily figure out what will work best for you. And yes, I'm going to make it easy. So any educator is going to tell you that the way that they do things is quote unquote right.
00:01:16
Speaker
And they're especially going to tell you that the way that they're doing things is right if they are selling a particular sales based method. Like you we all know which ones that are out there, which is fine. It works for them. It's worked for their students. So they're going to tell you that's the way to do it.
00:01:32
Speaker
Well, I'm not going to do that. I will never tell you that one way is the right way to price yourself. Because the truth is, it has you being a profitable photographer has very little to do with whether you're selling packages, whether you're all inclusive, whether you sell albums. It really boils boils down to a few simple concepts.
00:01:53
Speaker
So here's
Ensuring Profitability in Pricing
00:01:54
Speaker
the thing. The most important thing is that you have to price yourself so that you are profitable. and only you knows what you need to make in order to turn a profit.
00:02:07
Speaker
So it's super important to know how much time you're spending on each client. So for example, people will say, oh, I'm package-based models. I'm making $3,000 per session. Great. I think that's incredible.
00:02:18
Speaker
But when you break down how much time that photographer is spending on each session, on consulting, on ordering products, plus you take into account what they're spending on the ah products that they're selling to the clients. They aren't actually making $3,000. So I want you to really work out your numbers and see how much time you're spending based on how much you are making.
00:02:44
Speaker
Time is your most valuable currency. Remember that. If that's all you remember from this episode, that's what I want you to remember. You have to know how much time you're actually spending on each session.
Aligning Pricing with Business Models
00:02:56
Speaker
okay so the next thing i want you to think about is that you have to decide if your pricing model fits your business model and the needs of your particular i ideal client your pricing is a huge part one of the biggest parts of the overall client experience that you are going to provide so you've got to decide does your client need an in-person sales experience does your client want products etc you have to decide that Or is your client wanting the um quick and more laid back ah vibe that is all inclusive? Neither of those are incorrect.
00:03:32
Speaker
You have to decide which one is best for you. So generally speaking, after 14 years of being in business and 12 years of being an educator, so really having tons of conversations with other photographers globally, photographers start really truly being profitable when they're making a minimum of $1,000 per session, no matter where in the whole wide world they live.
00:03:55
Speaker
Now, why I'm saying it's no matter where in the world they live is because what a lot of people like to say is, well, my area of the world will not you know will not work for that. My area of the world, people won't pay that much for photography.
00:04:06
Speaker
An example I want to give outside of our industry is if you... um wanted to buy a high-end pair of high heels. I won't name any of the name brands, but we all know the name brands where their high heels are $1,000 per pair, no matter where you live. You could live in rural Indiana or Paris, and if you want those shoes, you're going to pay $1,000 them.
00:04:28
Speaker
You are a luxury service. No matter where in the world you live, there are people who will pay it. If there are people who are not paying it, it's not that they can't afford your service.
00:04:40
Speaker
It's that they don't value it.
Understanding Profitability Metrics
00:04:43
Speaker
Alright, but you have to know your numbers. Let's go back to that. So you and math, you guys got to have a meeting. You and your friend math have to get together and figure these things out.
00:04:53
Speaker
Profitability has nothing to do with if you are all inclusive or if you have fancy packages or if you have a sales based model. It has everything to do with how much you are making at a minimum at each session and how much time you are spending on each session.
00:05:09
Speaker
I have a very simple and straightforward pricing worksheet. It's like the most simple pricing worksheet. I will include it here under this recording. I want you to work it out and just see.
00:05:21
Speaker
And it's probably gonna be that you need to be charging quite a bit more get get to your goal, to get to your place of profitability, and
Gradual Price Increases for Profitability
00:05:29
Speaker
that's okay. You can get there step by step. I teach my mastermind members how to get there step by step.
00:05:33
Speaker
But I just want you to know that just because I'm an all-inclusive photographer does not mean that I think that you have to price yourself that way. All I care about is that you are profitable. That's what matters to me, and that's what matters or what should matter to you.
00:05:49
Speaker
All right, get out there and be empowered and make some money, Empowered Photographer.