Budgets

The secret formula to get bidding financial feedback: 

When bidding on a job, clients won’t usually respond with the exact budget numbers; we have to ask with specific amounts, allowing them to respond with “yes, no, more, less…” etc.

Q:

We just had an odd situation, and I would love to consult with you and see what an actual cost would have looked like, knowing what I know now. It was for a big international brand for a big ad campaign, and we felt completely taken advantage of. We want to learn from this, but I’d love to consult with you! Is this something you might help me out with?

A:

Terrible situations happen with clients across the board, and I always have the same answer: have a rep and/or a producer on your team when bidding on any new type of project. Not all image makers have the experience to know how to protect themselves from a client. An extra set of experienced eyes before the trouble begins can be worth the cost. 

Q:

How do you work with a client with little to no budget? Do you work with them at all?

A:

Budget is always the issue. Every level of photographer deals with it, and it always ties back to the overall marketing plan. Where are you in your career? Will this image benefit you? Could it solidify a future relationship or be a good image for your portfolio? The bottom line question is: will this “lack of budget” still allow you to create a quality image? If the answer to that question is no, I’d suggest turning down the job. 

Q:

How do you navigate big corporations that are not paying advances upfront for big-budget shoots? Is it a deal breaker? Should a production company pay the upfront production expenses?

A:

Advances are extremely important but the one requirement I’d be flexible with is when we get the advance. It isn’t always before the job begins and if it’s a trusted company, I’m ok with that. If they don’t pay an advance I’d see it more as a red flag making me question if this was a trustworthy client I can rely on for payments. 

Q:

Is “authentic” becoming synonymous with “cheap” or “low production,” i.e., not wanting to pay as much?

A:

“Authentic” means believable, so the term itself doesn’t necessarily imply cheaper photography. Many photo and broadcast shoots aim for a genuine style and use stylists to achieve that authentic look. However, social media content often has an authentic aesthetic and tends to come with lower budgets.

Q:

Since I’m just starting out in the business, should I price myself a bit lower and work my way up? Can I get away with a smaller budget and get the same results?

A:

Normally, newer photographers can take on lower-paying jobs to help build their portfolios. Right now, you may be competing for these lower-paying jobs with more established photographers, but if you’re willing to offer additional services like extra time, post-work, video, etc., you’ll have a better chance of getting the job. Ultimately, the client wants to be reassured that you can handle the project, so make sure to reassure them and be flexible with budgets.

Q:

Any thoughts on what to charge just for a GIF?

A:

Specific negotiation topics to consider when pricing a GIF:

• It’s not a free extra, as a GIF is a highly valuable commodity.
• Image count, which forms the basis of our fee structure, must be considered for the stream of multiple images.
• Be specific with usage, as a GIF is a series of images used together and may not be priced the same as individual images.
• Clarify which size of video or motion usage is included for quality performance.

Q:

I’m a Photographer in a small town, and I know I’m not charging enough. I don’t know how to charge more or reach bigger clients. I’m asking very low rates ($200 for half-day shoots and $400 for month-long progress images), but I’m still getting asked to lower my rate by people who want to work with me. How do I reach out to bigger clients, and how do I know what I should charge? Is there a simple formula or standard rates?

A:

We all wish there were a simple or standard formula for our rates. I can personally tell you that fee budget calculations don’t always make sense to equal out proportionally with the project. I’ve heard some photographers use stock image sites to see what they charge per usage, but we don’t have an overall chart for this. Based on the fees in your area, can you ask others what they are charging? My approach is how I know the average budget clients are spending, and then I speak on a human one-on-one level with a client to understand how high they can go within their budget. It is a numbers game where I try for more and use the usage terms for negotiation.

Q:

Thanks for your Monday 1/22/24 Low-Budget Job Checklist, helping me figure out what low-budget jobs may be worth taking. One area you didn’t cover is stock photography. Stock is always cheaper, but since it could lead to other financial gains like celebrity portraits for licensing on Getty or August, isn’t that a good idea?

A:

Stock photography is a perfect example of a lower-budget creative investment leading to larger payouts! Let’s expand my Lower-Budget Job Checklist – WHAT ARE SOME OTHER TYPES OF LOW-BUDGET SCENARIOS YOU DO TO BRING IN CASH DOWN THE LINE?

Clients usually cannot provide specific prices or amounts you need to present a range of options for them to advise bringing you up or down.