p r i c i n g yo u r p h o t o g r a p h y f o r

PROFIT
six lessons

learned the hard way

WELCOME

HOW TO USE
THIS BOOK:
1 Find an hour of uninterrupted time
2 Grab a healthy snack and beverage of your choice
3 Print out this booklet
4 Plan to make notes in the allocated section
5 Have an open mind about pricing (it really is fun!)
6 Be willing to try new things

If the first thing you do when you wake up in

the morning is eat a live frog, then nothing
worse can happen for the rest of the day!
Brian Tracy says that your frog should be the most
difficult item on your things-to-do list, the one youre
most likely to procrastinate on; because, if you eat that
first, itll give you energy and momentum for the rest of
the day. But, if you dont...if you let him sit there on the
plate and stare at you while you do a hundred unimportant
things, it can drain your energy and you wont even know it. H
source: brian tracy

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PRICING IS A
FORMULA, NOT
A GUESS

les s o n o ne :
j oys sto ry

When I began, I scoured the

internet and asked many other

ricing is a careful combination of formula and

people what they sold specific

demand. You must weigh the products that

products for. I grabbed numbers

all clients will want (i.e. Albums are great because

that sounded good and that

clients can get a lot of images in them!) with your

I thought my clients would feel

total costs it takes to create that product (COGS =

comfortable paying. As I learned

Cost of Goods Sold).

Many photographer fail to factor in the time they

more about profits and true costs

spend into their work. YOU are the most valuable

to do business, I realized that I

cost of your product, and in order to be happy and

was not as profitable as I could

fulfilled with photography, earning an income is

have been, nor was I paying myself

important! Pay yourself first.

consistently. This caused issues at

home because my business took

The only way to change the

PRICE of your product is to:

me away from my family and

1 Change the expense of the product.

payoff to make it worthwhile. I

2 Change the time spent on the product.

used this opportunity to examine

3 Change how much you pay yourself.

all of the costs of doing business

social obligations without the

and re-evaluated my prices to pay

Reduce or increase product price

based on these three things.

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myself first.

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les s o n t w o :
j oys sto ry

I did not know how to price. I

was so concerned with making
my clients love my work, that I
pushed the important business
aspects off to the side. I gathered

IGNORE YOUR
COMPETITORS
PRICING

other

photographers

pricing

from the internet and used that

to create my own.

I distinctly

remember having a $450 sale and

feeling elated! The price list I used
as inspiration had $450 as one of

DO NOT COPY ANYONE ELSES.

the top packages-- so certainly

You do not even know if they are making a profit!

that is a good sale, right? I spent

a few hours carefully editing the

his is probably one of the biggest mistakes I

order and sending it to the lab.

see made often. Photographers collect pricing

My lab bill confirmation was for

from their competitors, analyze it and design their

$285. My heart sunk as I realized

price list to be a slightly better version of all of those

that for $165 I just spent over 10

they collected. It is less important to be conscious of

hours with one client. After taxes,

what your competitors are doing all around you and

I was making minimum wage.

a better use of your efforts to worry about standing

out from the crowd.

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BE CAREFUL OF
YOUR PRODUCT
OFFERING
I

lesson three:
j oys sto ry

t is extremely easy to offer a wide variety of products

because there are a lot of different options available

to us as photographers.

Our labs and vendors

I attended a large convention

come out with amazing new products each year and

with the excitement of a first-

while I love to keep my product offering fresh and

time attendee and came back

contemporary, I add new products cautiously.

with stacks of new products that

It does not make sense to offer every product

available to our clients because they will be

I immediately implemented.

overwhelmed.

Overwhelmed clients resort to

ordered samples of everything and

purchasing what they know. Most clients know

was convinced that ALL of my

8x10s and 5x7s and will resort to ordering small

clients would just fall in love with

prints when they are confused.

all of the albums, acrylic, metal,

It is also not wise to leave products on your printed

round, image blocks, notepads,

price list that are rarely sold. For example, we do

and different finishes just like I

hand painted images at our studio which we sell

did!

approximately 4-5 times per year as they are a higher

end item. We took up a significant amount of space

I presented the options to my

on our price list to explain and show something that

clients who were overwhelmed

we rarely sold. Instead, we eliminated them from

and left ordering only gift prints

our printed price list and still present them at their

or small items because they

viewing and ordering appointment. Removing more

were confused and ordered the

unique and less popular items has greatly simplified

products they were familiar with.

our price list. The benefit is that clients are more

easily able to navigate quickly through the products
and offerings we have.

www.joyve r tz.co m

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( 5)

ITS OK TO
SAY NO
W

lesso n fo ur :
j oys sto ry

e all get inquiries that call wanting something

My clients started to walk all over

drastically different than where you have set

up your business to go. Consider who your target

me. Plain and simple. I was busy

market is and if this aligns with your overall business

all the time, but not making money

strategy.

and not doing the shoots I really

Do not base doing sessions on whether or not it

enjoyed. It was draining and took

could possibly have marketing benefits that will bring

time away from what I did best. I

in other sessions if it will not be profitable. Seldom

had such a need to be a pleaser

do referrals flock in the way a client may promise they

and make everyone happy that I

will. If they are not in your target market, chances are

would absolutely shoot a 3 year

their friends are not either.

old birthday party on a Saturday

When you have inquiries that want different types

afternoon instead of taking my own

of sessions or different ideas than what you can offer,

children to the zoo. Because I did

it is OK to say no to those clients.

not know how to price my work

effectively, I was doing the work

Tactful Ways to Decline a Job:

for too low of a rate. I resented

1 My instincts tell me that I am not suitable for this

my business. When I nailed the

2 This is a great idea, but my heart says Im not the

formula for pricing my work (and

right person to get involved

3 I do not love this project, which means Im

there IS a formula) I gained the

probably not the right person for it

clarity I needed to say no

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HOW TO SAY NO BY SAYING YES

Clients can be hard! People are more savvy shoppers than ever, and it is easy to get tripped up when
a client asks for something that goes against your policies or wont make sound business sense.
A very good technique to use when a client asks for changes, wants additional images, wants more than
what is included, wants a discount etc...Always say YES! It works every time. (Trust me!)

Here is how it works:

Client has an objection such as, Can you give me a discount on these?
To answer you always say something affirmative, followed by the condition that must be met to get what
they want. For example, Absolutely! Our larger packages include a discount!

Here are some examples:

Objection: Can you take out the tan lines, glass glare and change my shirt from black to white?
Answer: Absolutely. It will be approximately $60 for the additional retouching.
Objection: Can you take out the tan lines, glass glare and change my shirt from black to white for free?
Answer: Absolutely. Retouching that extends beyond the basics retouching is free with all prints 16x20 or
larger. If you need it on a smaller image, its just $60 per pose.

www.joyve r tz.co m

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( 7)

KEEP IT
SUPER SIMPLE

les s o n fiv e:

our clients should be able to at a glance get a

j oys sto ry

sense of the product line you offer and how they

can expect to spend. If you have outdated products

on your price list, remove them immediately and

I tried to do too much. I tried to

reprint your price list.

offer too much, sell too much,

and thought my price list needed
to appeal to everyone. I had 15
(yes, really!) packages and clients
glossed over them because it was

just too much to read. 50% of

my sales left to think about it
because they were overwhelmed.
When clients left or felt confused,
my sales went down.

Clients have one goal in mind. They want to get

the most amount of images and variety for the best
value. Having a confusing price list will overwhelm
clients. They will tend to tune out and settle for
what they do understand (usually small prints) instead
of what you really want them to purchase.
Proper price lists and orders that satisfy your needs
for profitability are one key to a happy, fulfilling
business in which you are valued.

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c hec k li st

IS YOUR PRICELIST
PROFITABLE?
YES NO

I have more than 5 collections

I have products listed that are rarely sold
My pricelist is self printed on printer
My clients are confused by prices sometimes
My clients leave to think about it
My prices are influenced by my competition
Im not sure how I came up with my pricing
My sales averages are lower than my goal
Clients get a big variety of images for less than my Happy Place Sale
I feel undervalued / unappreciated at times
Im nervous to discuss price with clients
My clients do not buy what I want them to

If you answered yes to any of these questions, then you need to

take steps toward understanding how to price for profit.

www.joyve r tz.co m

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ENCOURAGE
YOUR HAPPY
PLACE SALES

les s o n si x :
j oys sto ry
In 2003, After I had my expenses
nailed down, I knew that for the

our middle package will most likely be your

amount of money I wanted to

best seller (If you dont give it all away in a lower

personally make that my happy

one). When you want to add additional packages,

place sale needed to be $750

take away from bottom, add to top because your

minimum at the time. This is the

clients will gravitate toward the middle. Offer two

minimum amount that I wanted to

middle packages because often they will select the

make per session to cover expenses,

higher of the two middle packages.

pay myself first and have a healthy

People gravitate to collections because it implies

profitability level.

a value and also is easy and convenient. People

I could not

understand why my average sale

assume it is a popular selection, which makes them

was $200 under this and I dug into

feel comfortable to make the investment, knowing

the product mix I was offering. I

that other people have made the same choice.

realized that my two most popular

Are your packages deeply discounted? They do

products were collections-- both

not need to be. Collections imply value, but it does

priced under my happy place

not have to mean a huge discount. Value Meals

amount. This means I was actually

at fast food restaurants have about a 3-5% discount.

Popcorn and Soda packages at the movies have

encouraging and inviting clients to

about a $0.50 discount on a $10-12 package. Many

spend less than I wanted them to

places do not even offer any noticeable discount on

spend. I left thousands of dollars

packages and they are merely there for convenience.

on the table.

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Tips on How to Find your Happy Place

Finding your Happy Place Sale is a process that requires some thought. You will need to know how
much in a month you need to bring in to cover any bills as well as pay yourself a salary.
Take this number and divide it by the amount of sessions you want to do in a month and that will
become your target number for your Happy Place Sale

Some of the expenses you will want to consider:

Internet
Phone
Utilities
Rent
Marketing
Props
Postage
Education
Repairs / Maintenance
Permits
Mileage
Insurance
Entertainment
Vehicle
CC fees
Legal Fees
Misc Expenses
Bank Fees
Donations

Do not forget Capital Expenses such as cameras, computers and lenses!

When I purchased my Nikon D3x for approximately $7000, I learned it would last for around 750
sessions on average. This means it costs me nearly $10 just to turn my camera on for a session (not
including CF cards, maintenance, cleaning etc..).
Lastly, dont forget to pay yourself!

www.joyve r tz.co m

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c hec k li st

WILL YOUR PRICELIST

MAKE YOU HAPPY?
YES NO

TIP: WHY NOT OFFER A DISCOUNT?

Does your pricelist allow

If it fits into your overall business

them to get a lot of variety and

choices for little investment?

strategy to incentivize clients some way,

Can a client buy lots of small

prints for less than a large print?

instead of a discount. The perceived

is more favorable.

I would suggest a gift with purchase

value is the same, but the profitability

Do you sell what you want to

sell the most?

Are your most desired items

in your packages than are
below happy place?

Are clients rewarded for

a gift with a value of $150 with their

larger purchases?

purchase, the perceived discount is

Are your most in demand

products ONLY in your

higher packages?

Are there products you hate

selling in your most

popular options?

Are your collections

discounted deeply?

For example: If a client has a $1000

purchase and you offer them a 15%
discount, they will write you a check
for $850. However, if you offer them

the same at 15%.

The difference is

that they will write you a check for

$1000. Even with the additional cost
of the $150 product you will still end
up with additional profit in your pocket
and your client still feels like they got a
wonderful value.

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c hec k li st

MY NEEDS
My Happy Place Sale Is: $ _____________________

YES NO

I am easily frustrated by
pricing my work

My biggest hurdle with pricing right now is:

I had several yess

____________________________________________

____________________________________________

checked on page 8

____________________________________________

My biggest hurdle with my current price list is:

Im overwhelmed
by pricing

Numbers confuse me
even though I
understand concepts

____________________________________________
____________________________________________
____________________________________________

Pricing is my least
favorite part of business

My clients have given the following

feedback on my price list and pricing:

I know I need to change

my pricing

____________________________________________

I know my pricing
is too low

____________________________________________
____________________________________________

FREE STRATEGY SESSION CALLS

If by filling this out, you need to take steps toward understanding how to price for
profit, I offer {FREE} 1 on 1 Strategy Session calls. To find out if you qualify, fill out
the survey at: http://www.joyvertz.com/strategysession.

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 i m p o rta nt

READ THIS IF YOU ARE

PORTFOLIO BUILDING
T

his is the most exciting and best time. If I were going to go back in time, there are many things I would
have done differently (and lots of things Im glad I did right from the start) but the best advice I have

if you are newer to the business is to market to your ideal end target market from the start.
Newer photographers feel their work is not good enough to charge full price and they enter a stage
of portfolio building where they offer discounted pricing. While it is a fantastic idea to practice and build
to get to the level you want to be at technically, the biggest mistake you can make is to offer very low
(often non-profitable!) prices that do not reflect your ideal target market.
Here is an example: You are a new photographer, offering portfolio building sessions for $75 just to
practice and grow your customer base. Your eventual target market is boutique high end, but you, being
new, cannot justify asking clients to invest $500-1500 on a session yet. (This is totally normal!) The problem
though is that, your portfolio building sessions are not your target market. Therefore you are spending
a year or more working and investing in a business (and your clients who are not in your target market
are referring other people to you-- likely also not in your target market). Before you know it, you have a
client base of people who are all expecting to spend $75-150 and your business has built itself smack in
the middle market. Your choice now is to adapt to this price point and trim some of the services you have
previously offered to now become profitable OR you can scrap your year of work and have to start over
building a new client base to match where your business goals would be.
Ugh! Is that you? No worries. Fix it, immediately! Right now, (like put down this booklet and start jotting
some notes!) start to develop your dream price list that will appeal to your dream client! Scary? Trust me..
this will work. Implement it now (like effective tomorrow!) and dont look back.
Tip: If you are still portfolio building, give each person your dream price list, and a gift certificate valid
for a complimentary session plus $X print credit.
I would make this equal to approximately 2 1/2 small prints. Make it an amount vs. specific products
because this will give your clients the experience of being able to select what products they want. If they
want something over and above your gift certificate, they can pay regular prices for it. If they want only
what the gift certificate allows, by giving them something equal to a little more than 2 full prints, they are
likely to buy 3, as many people do not like to leave an unused credit out there.
Remember: Portfolio building is not only about practicing. Its also about building your business through
referrals. Make sure you do not spend your time building your portfolio with your non-ideal target market.
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www.j oyvertz.com
fa c e b o o k :

Joy Vertz

i n sta g r a m :

@joyvertz

twitter:

www.twitter.com/joyvertz

email:

joy@joyvertz.com

PRODUCTS JOY LOVES

zenfolio

m i l l e r s www.millerslab.com
p r o s e l e c t www.timeexposure.com
www.zenfolio.com (discount: r 2y - y r r - g e r ) l a r s o n www.larsonent.com s e n i o r s i g n i t e www.seniorsignite.com
h i - f i s o c i a l w e b www.hifisocialwebmarketing.com k at i e l o e r t s www.loertsdesign.com

Joy Vertz, has grown in 6 short years from a one-woman show in her basement to now running 2, thriving high end, boutique style studios
with a team of 7 employees. Joy is a business person with a firm grasp on the process of running a successful business.
If you are struggling with anything business related or just want to make more money, talk to Joy.
The moment you make a mistake in pricing, youre eating into your reputation or your profits. - Katherine Payne