Costs of Goods - Other Products
Here we’ll tackle pricing for everything else that you may offer in addition to Coverage Only and Albums, be they prints, hi res files. We’re primarily focused on either big ticket items or ones that the client orders at the time of the original booking.
Don’t worry about entering your print pricing and costs from your online ordering site. You’ll recall that in the Fundamentals section you were asked to provide an estimate of how much you sell after the wedding contract has been signed. We’ll leave those purchases to fall under that rough estimate.
Engagement and/or Bridal Session
Price to Client
If you offer an engagement shoot or bridal session to your clients, list the full price that you charge here. If not, just leave this field empty.
No. of Images Taken
How many total images do you shoot at a typical engagement session? Better to over-estimate than under.
No. of Images Delivered to Client?
After you’re done culling the images down and editing the files, how many do you actually deliver to the client?
Using the cost per image as set in the Coverage section, the cost to narrow down the images to the final delivered number is calculated here.
Using the cost per image as set in the Coverage section, the cost to color correct and properly prepare the images for delivery to the client is calculated here.
These costs may include the cost of parking, milage expense, proofs or whatever other incidentals may arise in the course of your session.
Total Post Production
This auto-calculation represents the total of all culling and editing costs that take place after the shoot is finished. This amount is referred to as “Labor” in future projections.
This auto-calculation includes both Post Production and Other Costs to arrive at the total of all costs associated with shooting and proofing the session to the client.
This is how much profit is generated from the shoot after Costs of Goods are taken into consideration.
Your profit margin is determined by dividing your Gross Profit by the Price to the Client. This ratio may be compared to other products to monitor your overall profitability.
Within this section, you’ll find several products pre-entered into the table. (Scroll down for more information on them.) Just click on the product you wish to edit and then tab from one field to the next. To delete any product, just click on the red “X” to the left of the product. Once a product is deleted, it cannot be undone except by reentering it from scratch.
New products are automatically added once you begin adding products. You may create as many products as you wish. When a new product is created and a Price is listed, the Materials and Labor fields will auto-calculate based upon a set Cost of Sale of 30%. You may change any or all three fields to match your actual costs.
The following fields may be edited by the user:
Give your product a name. Keep it simple but clearly understandable so you may easily select it later.
This is your price to the client.
The costs for materials and any out of studio costs associated with creating the product. For example, the cost of your second shooter is included under materials.
Enter the costs for your post-production and related work to produce the finished product. This is either your labor or labor that you might typically do that you instead choose to outsource.
This is the total Costs of Sale for you to deliver the final product.
This is your Gross Product which is the amount you earn after your Costs of Sale have been deducted.
Your Gross Profit Margin so that you may compare your margins between products
Extra Hour of Coverage
This is a client offered option for one additional hour of wedding day photography coverage. The values for Materials and Labor are pre-calculated based upon your costs for a second shooter and post shoot culling/editing. This is the only field for which such data is entered. If the pre-entered data does not match your actual numbers, you may delete this option and create another using a different name and with your numbers. (Don’t create an identically named option otherwise it will perform the autocalculation each time you visit this page.
Hi Res Images
Even if you include Hi Res Images with your basic Coverage Only, you’ll want to list them here so that you can add them in separately and account for the costs of creating and delivering the files. If you use a special system for delivering images and are charged a set fee per wedding, list that fee under materials.
This item is pre-entered but shows no Materials nor Labor Costs of Sale. This is because the Photo Station generates no additional costs if you do not hire an extra person to man the station. If you do, entire the total extra amount that you pay as a material cost. You will also need to manually calculate the cost for editing and culling the additional photos. (Note: If you don’t hire anyone extra to man the station, there are no additional editing costs incurred because time spent shooting at the booth is time not spent shooting other images. The end result is a net increase of zero extra photos.)