Many photographers have difficulties with setting their price and determining their value. Certainly, you should never price work to result in lost money or less than minimum wage, but many do. You can research your area to see what your competitors charge, but ultimately, you’ll need to charge what you are worth.
Generally, you’ll want to estimate 3 hours of editing time for every hour of shooting. Some photographers use a gauge of roughly $50 per hour to cover standard costs. Be sure to factor in travel and preparation time. Consider your ongoing costs, such as insurance, gear, accounting services and your website.
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Once you start adding up the numbers, you can see why undercutting your competitors may not always be the best strategy and may result in you losing money on a gig. If you cannot seem to make the numbers match, you’ll either have to consider whether you are OK with having an expensive hobby or if you need to branch out into a different, more profitable market.
You should also always require an upfront deposit for high-priced gigs. To avoid credit card stop payments, you should require cash, cashier’s check or bank transfer for paying the deposit.