I always wanted to go into business but never knew what to charge. I really am going into the video production business now and I feel anxious about figuring out rates. I have never taken a business class. I'm hoping there is a simple formula or a list of what all to consider.
2007-03-21 14:53:45 · 5 answers · asked by Sher 3 in Business & Finance ➔ Small Business
Yeah....figure out what your time is worth to you per hour but be reasonable and charge them that amount
2007-03-21 15:03:04 · answer #1 · answered by G-Man67 2 · 0⤊ 0⤋
I think you or a friend or couple of friends should call around to other businesses to find out what the industry in your area is charging/what the market will bear.
The other formulas suggested by others are fine, except you may price yourself out of the market relative to what the other providers charge in your area.
You could start by get cost estimates by calling a few different video production businesses in a nearby town and asking them, "How much would you charge to do X?" "X "is, for example, taping and editing a 3 minute commercial, or taping and editing a wedding reception, or producing a music video, etc.
Take that information and then figure out if you charge similar rates can cover your overhead and make a profit. Good luck.
Check out www.entrepreneur.com
2007-03-22 14:11:43 · answer #2 · answered by Silazius 4 · 0⤊ 0⤋
What you need to do is figure out what your business cost would be to run your business ie.. expenses, equipment, employees etc... Usually if you take that cost and then add a third of the total cost it would give you a nice profit for yourself. If it doesn't look like enough to sustain your life style then increase it to fit what you want to make. You then take that number and divide it by the number of hours it would take you to do the job and you will get the hourly rate to charge or leave it hole and you will get a contract rate to charge at the completion of the job.
2007-03-21 22:05:30 · answer #3 · answered by tazman 3 · 0⤊ 0⤋
I would find a video production website where you could see how they have their fee's and/or rates set-up. Look at different ones, look for the best. Use their plan to develope your own ideas. :)
2007-03-29 20:00:40 · answer #4 · answered by TinajaLove 2 · 0⤊ 0⤋
http://www.entrepreneur.com/
Great site for your question.
Call the competition and get price quotes.
Have a wonderful week.
2007-03-27 11:06:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋