Well, here comes the end of another financial year hurtling toward us! Who could believe that just a few short months ago we were busy looking at our calendars and booking events in for the 12 months ahead? Now all of a sudden June is upon us.
It is a good time though to assess how the business is going and also where the business is headed. Most photographers I know spend time at the end of the financial year reassessing their pricing policies and other elements of their business plans.
So it’s the perfect opportunity to make sure that when you set prices, you factor in all facets of the packages that you offer. For instance, a wedding which was booked early this year for February 2012 may have been sold to the couple at last year’s (2010/11) prices. To make sure you haven’t undersold your product, you not only have to price to allow for increases in things you have no control over like CPI and equipment increases; but you also have to factor into your pricing things you do have control over, like additional shoot locations and travel, and the all important ‘pièce de résistance’ – the album design!
So, to ensure you don’t miss the album design boat and end up having to spend your own valuable time and profit on design, factor in the costs now. It isn’t a huge component of the budget, and we can help you make the right decision by giving you a design fee guide.
So simple! The benefits of reassessing pricing once a year far outweigh the costs. If you need some help or information about including album designing in your prices, just give me a call. My door is always open.
Cheers
Mel x