Unfortunately, many photographers are making this same mistake and as the chatter about difficult economic times becomes even more audible, many are tempted to slash their prices on photography packages.  Unfortunately, most photographers don’t have this 500% markup built in, and in some cases, they are barely covering their actual costs.  One important action you can take this December is reviewing your current pricing list that you’re sharing with prospective clients. 

When there’s concern about a troubled economy, it seems that photographers all become tempted to lower their prices for fear that clients are cutting back and won’t be able to afford their current rates.  But instead of just lowering our prices, what we really need to do is look at what we’re actually profiting from those photography packages to evaluate if what we’re doing is sustainable.  In a tough economy, this is really the question at hand. So the first question for reflection is determining whether your package prices for next year are going to be enough for you to cover your personal and business expenses, as well as set aside for savings (something that is critical when the economy is slowing). 

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