- What's going on, guys?
My name is Chris. - I'm Lizzie.
- I pointed at you so you would say,
I'm Lizzie. - I thought you were gonna
introduce me. - This is Lizzie, guys.
Uh, today, we're gonna be talking about actually
what to charge for your photography and video projects,
and Lizzie's actually my business partner
as well as my girlfriend.
We own a company together, which is super exciting,
and she's kinda the one that, like, handles
all the finances, she actually puts the budgets together.
I'm always like, let's do this,
and she's like, that's too expensive,
but we can do it for this budget.
That's why she's here, she's like the pro in this area.
So, we're gonna be talking about that today
to kinda, like, figure out exactly
what you should be charging for your next project.
- Yeah, the problem is though,
we also have a lot of chores to do today,
so, we're gonna be giving your theses tips
while we do menial tasks. - Yeah, lots of menial tasks--
- So, yeah. - So, let's get started.
- Let's go!
That's a TV remote.
(electronic music)
- Alright, tip number one is your price is determined
by your skillset, so, you guys are actually gonna have to do
a little bit of research right now.
Go to different photographers'
and videographers' websites in your area,
and find out what they're charging.
It might be on a charge page or something like that,
you'll have to do a little bit of research,
and then, compare their skillset to yours
and then, you can kinda, like, find out
what you should be charging.
That's a little pro tip for you.
Also, (lips smack) finishing touch on this bed.
(upbeat music)
- So now, you know what the high-end and low-end costs are,
build a budget, so, open Excel and build your own budget.
Set hourly rates for each task
and once you have those, go in
and set how many hours it takes you to do each task
for that particular project,
and before you know it, you have your final budget.
How easy is that?
Almost as easy as making avocado toast. (laughs)
- Alright, the next one is be consistent with your pricing.
A lot of people think
that creative is just throw a number out of the air
when they're quoting on a project.
Well, that's not true.
We're like every other business in the world.
Also, if you're just throwing numbers out of the air,
stop doing that, you're making us look bad.
And also, this is just junk mail, not,
it's awful, why are we even here?
- Pro tip, always get everything in writing.
So, send an estimate for your client's design
and be super specific when you write this.
List every task, every item, and every rental this includes.
So, this can be things like your editing time,
what camera you're using, and how many shoot days.
(curtains rustle) - Yeah, any time I didn't
get it in writing, those projects either went off the rails
and I basically lost money on them,
so, make sure you get everything in writing.
So important! (curtains rustling)
- And this lets your clients know
what to expect, so, you don't get taken advantage of.
And most importantly, you get paid on time,
so, include your payment date on that.
Say someone comes to you and needs a two-minute promo video.
Your first step is to ask what their budget is.
Now, usually they won't tell you,
but if they do, you can develop the creative
based on that budget.
If they have no idea what a project like that costs,
then you can give them the average budget
for a project like that, and then, you can tell them
what it includes, and you can add or remove
some of those offerings based on what they need.
(water spatters)
- Alright, the next tip is contingency.
Now, you're probably wondering, Chris, what is contingency?
And actually, I didn't know until Lizzie told me.
Typically, this is a number at the end of your budget,
so, you have your budget and then, you have anything
between six to 10% that you're gonna put
on top of your budget and this is like a buffer room
in case, like, the scope of the project changes.
So, let's say your client comes back to you
and they're like, we need another round of revisions,
or, we need three more edited photos,
well, you can be like, we're gonna dip
into the contingency right now,
and with your approval, we're gonna charge for that.
So, typically, this is there in case the scope
of the project changes.
Also, it's taco night. (bag crashes)
- You won't figure all of this out right away,
but that's okay, it's totally a learning process,
and you'll notice that if no one's accepting your quotes,
that's probably a good sign you're charging too much,
and if everyone's accepting them,
that's probably a sign that you're charging too little,
so, modify it as you go.
I would say, on average, we probably land
about 75% of the projects we quote for.
- Yup. - Yeah.
- So, we've actually prepared a budget template for you guys
that you guys can use to start budgeting your projects
and either start making more money
or make sure your budgets are on track,
so, go to the link below and download that,
make your life a little bit more easier
moving forward. - Download it.
- Yeah, actually, Lizzie prepared that.
A big thank you for everything you did
on the video today.
- Oh, it was fun. - Please go check out
her YouTube channel, she's adding a ton of value there.
So, the link's also there, go subscribe to Lizzie,
she's amazing, I genuinely mean that.
- Oh stop. - On that note,
if you guys liked this video and saw some value in it,
please press like, it actually makes a difference.
Subscribe, would love for you to join along,
and we're gonna catch you in the next video.
Peace out, everyone. - Boom!
- Boom!
(singers vocalizing)