There are Hidden Business Costs for Photography Studios
Professional photographers are priced based on their expenses / costs of business in order to make a profit. This includes but not limited to: equipment (which is 25K+), professional editing software, accounting software, studio management software, proofing gallery subscription, props/supplies, advertising expenses such as website/marketing materials/ads/etc, fuel, continuing education, business liability and equipment insurance, legal services, office expenses, utilities, internet, and assistant/associate payroll just to name a few. This doesn’t even include our time/talent/customer relations.
Financial Burdens Placed on Small Businesses
AND not only that, but we pay 35%+ of the profit we make to the IRS.
The Hidden Costs of Business
We absolutely love what we do and barely make a profit – I promise we are not trying to rip anyone off! Here are just some of the expenses for wedding events off the top of my head:
– Cost of paying my second photographer (and she has expenses too)
– Cost of a sitter to watch my son for 8+ hours
– Cost of mileage/fuel to and from locations
– With three cameras each and 5 lenses a piece, enough flashes and flash stands to light a dark reception, and high quality flash drives (4 for each camera to ensure backup) our equipment costs an average of $25,000 JUST for what we bring to the wedding. That does not count our computers! Check out all of our equipment need JUST for photoshoots.
– We pay memberships for Photoshop and Lightroom, memberships for online gallery to download photos, client management software, and business liability insurance
– We are constantly taking classes to further our education and knowledge so that you get the best of the best
– And unfortunately as business owners we pay about 35% in taxes to the government out of pocket. (This is business taxes and does not include sales tax) Which also means we have to pay an accountant to keep track of our financials and file our taxes
– We do 4+ hours of work before the wedding for consultation and timeline creation. We literally put together a inspiration board to ensure you get exactly what you want. (See attached timeline from our last wedding)
– We are on our feet (and toes, and knees, and sometimes backs) shooting non stop for the entirety of your coverage and then editing takes 15+ hours
I’m sorry for the rant, but I don’t think a lot of people actually know this. The more you know, right? And this goes for any business, not just photography.