This post, an answer to a specific question from a photography student, has been moved from my photography instruction blog:
This is a very good resource you should read
http://www.ppa.com/pdfs/PPmag-05Benchmark.pdf
Here’s some nuts and bolts:
They say that 35% profit of gross sales is the target, after expenses, insurance, taxes, etc. (although most photographers actually pull in a smaller percentage). So to earn 18,000/year you’ll need $51,500 in sales. That’s about $4300/month or $1075/week. Figure out how many photo shoots you can do a week to make $1100, but remember that is for every week of the year. If you have slow weeks you’ll have to make more on other weeks to makeup for the loss.
Most people will only be able to afford to use you once a year, so you’re going to need to pull in a steady stream of new clientele, week after week. If you can average $550 in sales/session then you’ll need about 95 clients/year.
It’s a constant hustle to meet expenses and then be able to afford to pay yourself. As I said, other people are doing it and you can too, just know what you’re diving in to. Unfortunately, this economy makes any new business venture very risky. If after you’ve taken in all the information you decide you want to move ahead, I’ll gladly help all I can with resources, etc.
So, having return clients, developing a client base who return every year is so important. If the average facebooker is a 55year old woman, I need to think about how my services meet that target market dont I. Any thoughts?
Yes, return clients are crucial. It’s much easier and often more productive, in fact, to market yourself to people who have already used your services compared to seeking out new clients. Of course you cannot neglect that part of your marketing strategy either.
I wasn’t aware that that was the primary demographic for Facebook, 55 year-old women, interesting. I would have thought much younger. To reach that audience I would suggest marketing yourself on Facebook and building a following there. Also, determine what local magazines, including free publications, that group tends to read and consider getting your work presented there (ad or feature).
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