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What Is Your Per Hour Figure

Lesson 6 from: Creating Your Ideal Photography Business

Kathy Holcombe

What Is Your Per Hour Figure

Lesson 6 from: Creating Your Ideal Photography Business

Kathy Holcombe

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Lesson Info

6. What Is Your Per Hour Figure

Lessons

Class Trailer
1

Class Introduction

07:01
2

How To Price Your Products

05:01
3

Which Products Will You Offer

13:14
4

Methods For Pricing

10:38
5

Mark Up Factors On Products

05:46
6

What Is Your Per Hour Figure

04:45
7

What Is The Feasibility Of A Product

11:28
8

Target Sales Average

08:04
9

Session Fees Pricing Strategy

09:48
10

Minimum Purchase And Incentives Pricing Strategy

05:53
11

Bundling Pricing Strategy

25:47
12

Pre-Design Pricing Strategy

10:33
13

Album Pricing Strategies

10:33
14

Example Pricing List

17:33
15

Business Basics Overview

07:07
16

Tracking Product Lines In Your Business

14:01
17

Track Your Session Counts

07:19
18

Know Your Sales Average

06:41
19

Importance Of Data Analysis

10:14
20

Overview Of Costs

13:46
21

Professional Photographers Of America Benchmark Survey

18:57
22

Creating A Vision For Your Business

08:25
23

What Do You Want To Accomplish

13:31
24

Take A Leap Of Faith

20:19
25

Refine Your Vision

12:44
26

Products That Sell

07:48
27

Identify Pricing Strategies

03:03
28

Portrait Pricing Strategy Example

15:57
29

Album Pricing Strategy Example

09:21
30

Online Pricing Strategy Example

08:21
31

Fine Art Prints Pricing Strategy Example

05:54
32

Packages Pricing Strategy Example

12:39
33

Sales Strategies Overview

05:45
34

Portrait Sales Session Overview

05:34
35

Sales Strategy for Portrait Sales

22:56
36

How to Present Images to Client

23:03
37

Sales Strategy for Wedding Sales

09:49
38

Album Pre-Design

18:51
39

Marketing: Define Yourself

12:55
40

Who is Your Ideal Client?

05:12
41

Who is Your Ideal Partner?

03:27
42

How to Start a Partner Business Relationship

08:29
43

Marketing Strategies that Work

17:10
44

Product Lines: Business Plan Part One

09:07
45

Workload: Business Plan Part Two

08:23
46

Sessions: Business Plan Part Three

16:06
47

Expenses: Business Plan Part Four

11:14
48

Clients: Business Plan Part Five

05:29

Lesson Info

What Is Your Per Hour Figure

This is where we talk about something called your per hour figure. This is gonna be the foundation of everything that we talk about for the rest of the class. So, it's how much money you need to bring into your business while you're working for a client. So, let me clarify. This isn't when somebody calls you and says "What's your hourly rate? "Like how much will you charge me to come "and photograph for me?" This isn't that number. This is your internal business number that you need to know as a photographer for every hour that you work for a client. You're gonna spend other hours on marketing. Your gonna spend other hours on running your business. But these are the hours working for a client. Shooting, selling, editing all of those things. Okay? So, how do you figure out your per hour figure? It takes into account everything that's going on in your business. So the formula is, your total expenses, divided by hours worked on client work. So, we're gonna go happy math again here. So you...

start out with your monthly salary. That includes everything that goes to your personal well being. Your paycheck, your taxes, your health insurance, your retirement contributions. Everything that goes into your personal well being and your business. That's your salary. I like to do it by month, because it makes it simple for me. So, your monthly salary plus your operating expenses of your business. So, these expenses are your monthly expenses. Include every dollar that you spend to run your business. So it's your general expenses. The ones that happen whether or not you have a client in the door. So it's your marketing, it's your telephone, it's your internet, it's your accountant, it's your office expenses, it's your rent, your utilities, equipment, all those things that you spend on a monthly basis to run your business. When you put your personal salary, you put your operating expenses together. That gives you your total expenses for the month. Then you have to figure out how many hours you actually work on client work. So, whatever that is. I would say roughly, when we did our business, we spent about half our time running our business and half our time working on client orders. So if you work full-time, 20 hours a week. If you work less than that, you'll have to figure that out for whatever your business is. So, the hours worked, it's for client orders. So what is your per hour figure? Now, when we get to this point, a lot of people are like "Oh my gosh, "I have no idea what it costs me "to run my business on a monthly basis. "And I have no idea what my actual salary is, "because it's irregular and it changes all the time." So, here is an example of how this works. The salary plus the expenses. Did you know that the average photographer makes about $66,000 a year? Kind of an interesting fact. So if you divide that by 12, it's $5500 a month. And that includes taxes, retirement, everything. That's an industry standard. Then, for the sake of happy math, we will assume that your business cost you $4500 a month to run. Which happens to equal magically, $10,000. Nice, round, happy number. And then, if you divide it by another happy number, a hundred hours per month that you work on a client order, you get $100 per hour figure. Now what I can tell you is if all of this math is overwhelming to you, and you don't know these answers because you're just starting or you're not quite sure about your expenses, this number is a safe number to use. This is something that will keep you in business over the long haul. It's a number that I use in my business, and so it's a gift to you that are not number specialists. Use this $100 as your per hour figure. I would suspect that many of your numbers are much lower than that. But go do the math, figure it out for your business and see what your specific number is. That is your red hot salsa item number two. Calculate your per hour figure, you're gonna need it for the rest of the workshop, so. Figure out your per hour figure, what that means to you.

Class Materials

Bonus Materials

Business Plan Worksheet
Expense Worksheet
Sales Averages by Product Line Worksheet
Sales Projections by Product Line Worksheet
Session Count Worksheet

Bonus Materials with Purchase

Art of the Sale Book
Creating a Vision Workbook

Ratings and Reviews

Lindsay
 

I started my business a year ago with little formal technical photography education. It's hard to admit but I've been winging it, figuring out each small task that goes with photographing a session, editing one, and working with clients as I go. I may be doing things backwards, but now that I feel like I'm more comfortable in those small, specific parts of business, I need to figure out how to make this business sustainable and profitable. Kathy's class felt perfect for this time in my business to take a step back and look at the bigger picture of what I want to focus on and where I want to go (and how much I want to pay myself!). She uses realistic, specific numbers: something that's SO helpful and I feel like I rarely see in the photography community. And she breaks everything down in an organized and easy to understand way. The classes were easy to follow along with and Kathy's positivity and patient manner is inspiring and motivating. The fact that she used to be a school teacher is clear. Thank you so much Kathy (and the rest of the Holcombes)!

Jenny Farrell
 

I am so glad I was able to attend this course in person and receive all the wonderful and practical information Kathy shared with us. I also really enjoyed the connections with other audience members and side conversations with Creative Live peeps as well as the Holcombe family. What an inspiration this family is--lots of practical info, but also a great pep talk to not sell yourself short and get out there and do what you love, but use sound business practice while doing it. Thanks so much for these incredible two days.

Vanessa
 

Fantastic course! Very helpful instruction and how-to guide for anyone considering starting up a photography business. Kathy was an excellent instructor, with a wealth of knowledge and experience. I gained a good understanding of the practical everyday aspects of running this kind of business, and how to create my own vision.

Student Work

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