PROFIT MARGINS

HOURS WORKED

40 - 60 hours PER wedding

40% - 70% loss of total budget to expenses (products, assistants)


(EXAMPLE)

$10,000 - cost - fees - taxes - products - editing time - stress - loss of family time - equipment failure - payroll = NOT ENOUGH

$10,000 - $1,000 Sales Tax - $2,700 Business Taxes - $300 Second Photographer - $350 Book - $20 online hosting = $3,370

$3,370 / 48 (hours) = $70 an hour

$5,000 package = (roughly) $35 an hour 

$2,500 package = (roughly) $17,50 an hour


SWEET SPOT = HOW MANY WEDDINGS YOU CAN HANDLE VS HOW MUCH YOU CAN MAKE PER WEDDING

  • Buys new gear
  • Pays marketing costs to stay within the demographic (OR IDEALLY MOVE UP)
  • Creates consistent value (AND GROWING)
  • Drives new business 
  • Attracts attention from the right clients (assuming you're marketing yourself at the level you want to work at)

TIPS FOR MAXIMIZING PROFIT : 

  • Streamline Client experience

  • Habitually clean and protect gear

  • Minimize face to face meetings after initial consult (preserve time expense)

  • Streamline editing process (shoot as close to perfect in camera as possible)

  • Set clear boundaries with clients (when you work and when you do not)

  • Do not get behind

  • Account for taxes and expenses up front so that take home money is actual profit

  • Maintain as much money in the business as possible to account for unexpected expenses

  • Raise prices when your reaction from your clients doesn't communicate an "investment"