If you want your business to be successful, you need to make sure you are fully aware of all the factors and pricing accordingly.
Running a photography business involves a lot more than taking pictures, so it's important to review your workflow, or the way you're running your business.
You must remember that every hour you spend retouching or creating an album is an hour that you can't book a session. It is important to retain gross profit on the items you are offering to your clients, but don’t get so profit focused that you lose sight of the types of items your clients want.
The key is to offer products that meet your client's needs AND the gross profit goals of your business.
At the end of the day, if you have the best photography in the world, but don't set your prices for profitability, none of it will matter because you won't be in business for long.
If you don't know your cost of doing business, my article, on Calculating Your Cost of Doing Business will help you get started.What products and services are you offering to your clients?You should review your product lineup on a regular basis.Make time to regularly review your business to make sure you are still on the right path, or to make a course correction if necessary.There is nothing wrong with changing course, just make sure you are doing it with intention.Before we get into the details of this exercise, I’d like you to take a few minutes to reflect on what success looks like for your business. What is the purpose, cause or belief that inspires you?Where do you want to be five, ten, twenty years from now? You don’t want to wake up one day and realize that you’ve been working your tail off to build a business that you don’t love or doesn’t meet your life goals.You need to know what items are selling, and you also need to know how much money you're making on each.As an example, if you're selling an album with almost every session, but it's taking too much time to create for the amount of profit you are making, you need to make a change, and either increase the selling price of your albums or find a faster way to create them.Make notes as you go, and keep a list of your action items – the things you want to change, tweak, or look into.Be sure to keep your clients in mind as you review each area as well; how will any change you are considering impact them?