Professional Fee Setting – Step One
Since we started 1Scan photographers have been a huge section of our client base. Many have been established freelance / self employed professionals, other have been keen amateurs longing to ditch the rat race and strike out of their own.
I’ve also dealt with IT professionals in pretty much the same boat, cutting loose from traditional employment and becoming their own boss. Just as I did over 20 years ago.
Of course a key question is how much should I charge? What am I worth? And while I’ve been scanning their slides and photos they’ve asked me.
Over ten years ago my little boy, whoa he’s all growed up now, went off to America and latterly started his own business. He’s been in the midst of a thriving entrepreneurial community and yet even there he gets asked the question.
“What the f*** is my rate?”
So he took action and set up WTF is my rate? which gives you a starting point. OK, at the moment you’re an accounts clerk and you want to be a portrait photographer. Aren’t they different? Obviously yes, but somebody who runs your company thinks you’re worth, say, £40K pa. In my experience worth transcends occupation so start with that on this calculator – read US dollars for sterling. Work out how long that portrait session will take or how much time the wedding will eat up and use that as a basis.
Once you’ve been going for a few months, in effect making ££ what you were previously, give yourself a pay rise. Up your rate 15% every year. Stop squealing, you’ll lose the odd client but your income will edge up and your profit increase significantly.
None of this will start until you take the first step, and that step is finding out WTF is my rate.