I'm starting a business with my friend. How much should we charge?

Question

My friend and I are both sophomores in high school, and we are starting a photography/video production business. As of now, it's not official (i.e. paperwork, registration, etc.), but we plan to make it later. But that's not the problem though. We're planning to shoot at one of my friend's party's and have his mom (who wanted to pay us last time we shot at his party), to distribute our business cards instead of paying us. However, the problem is, if we actually get clients, how much do we charge? We were thinking of having them set the price, or even doing it for free in the beginning to build a reputation, however in both these cases, there's a chance of loss on our part. Does anyone have any suggestions? Thanks!

Thanks for the advice Sara, but I already checked around, and they charge into the hundreds. Unfortunately, we can't do that.

Answer 1

Figure out how much this costs you for each job. How much are you actually paying out to do each job? How much do you think you are worth an hour, or each job? There are two of you, do you both expect to get money............I think so. You do need to get a license. It is very difficult to have someone who is hiring you to set a price, since that person has no idea how much it does cost you to do the photography. Since you are in school, do you both have work permits from the school? That is important. How much time do you invest in each job? That time is part of your price. Keep perfect records of how much your cameras cost, your film, your transportation to the job, everything that has to do with the photography. Keep one book for your expenses, and another book for income. Put down where you worked, who hired you, how much you were paid. Remember, your business cards are an expense, as well. Are you advertising in the school newspaper? Did you have the school newspaper do an article on your new business ventrue? That is always great for advertising. I admire your idea of making this a business and not just a hobby. Start out doing it right, with the license, work permit, all your expenses written down clearly (with as many receipts as you can get), and write down every cent you earn (take copies of checks you receive). If you figure it out correctly, you may be on your way to a business that pays you both well. Take care to have all the permits and licenses in order.Good luck on your venture!

Answer 2

check the competition first of all, do free work or just collect for your costs until you are absolutely certain you can call yourselves PROFESSIONALS. You will be getting into extremely sensitive areas, like weddings and even funerals, and if you don't produce GREAT work, you will not get paid, and probably get sued! Not to discourage you at all, just keep in mind this type of Stuff is EXTREMELY important to the folks that have it done... I did wedding shoots, 35mm stills years ago as a sideline, and I usually had a partner to back my efforts up. It was worth it!

Answer 3

Never do free work. For the first few projects, especially for friends, try an hourly rate plus expenses. Send them a copy of all your receipts.

Answer 4

think of how much your investing. if your working at a small b-day party, then not too much. i'd say if your taking pictures, then maybe $6-8 an hour. if your videotaping too, then i think 10 and up is cool. i have no experience in money, i just know when i cant afford it or when its way overpriced..
btw, im in 8th

Answer 5

Set a time minimum for instance 4 hours for $100.00. Then if they want to have you edit the video, add pictures, music, etc. you need to charge extra for your time.

Answer 6

i would check around to your local photography shops and see how much they charge and you can kinda get a ball park of what to charge but dont undercut yourself. dont tell them that you are going to be opening up a business. just ask for a quote of how much per hour, and tell them you will get back to them.