Castle_WeddingIn order to grow your wedding business you have to be making more than you are spending. That might seem like a no brainer, but according to Preston Bailey’s article on his blog, you might be cutting your potential bottom line short.

In the current economy everyone is trying to save money on what they spend. As a result a lot of brides have big ideas, but no money to actually pay for those ideas. I’ve seen a couple of weddings now close up where the bride’s family really didn’t have the money for a big wedding so chose to cut down on the guest list and still give their daughter the big wedding. Did they save themselves much money? No they didn’t, but on top of that they talked down prices or bartered with the wedding vendors they used and financially it ended up being a “lose, lose” situation on both sides.

While you can definitely give financial breaks to brides you connect with, you need to make sure that you have already set your bottom line price. You know: the price that you cannot go any lower on if you want to still make money on the wedding. What do you think? Have you ever lost money on a wedding?

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0 thoughts on “Why You Might Not Be Making As Much For Weddings As You Should Be”

  1. Lexi Schafer says:

    Yes, I’m sure I have lost money — I thought I needed come down on my price so I could get the wedding and make money?! Also, I’m a helper/giving person and it’s hard for me to charge more money for something I love to do!
    Lexi

  2. I’ve never ‘lost’ money on a wedding although there have been times when I have not made as much as I could of – getting to venues earlier than I really need to, playing on for a bit longer in the evening without additional payment but hopefully these ‘loses’ will reflect well on the type of service I offer to potential clients attending the wedding.

  3. I performed a wedding 104 miles away for $125. the wedding started late, and with the travel and lateness the day took 7 hours! and that doesnt count the hours of email and phone discussions, and several edits to the ceremony!! After that, I revamped my prices, including travel!!!

  4. Crystal Puim says:

    I can thankfully say I didn’t lose money doing a wedding but I try to keep my prices fair and competitive and in the long run I don’t make very much. Take for example my 6 hour package of 150 images edited and saved to CD for $1895.00. 25% automatically goes to taxes. I am a licensed photographer who has been doing this for 9 years and I am honest. One thing most people don;t know is even if you are doing a business “on the side”, if you are making money then you need to claim your work, pay taxes on your work and get a business license here in Alberta. So with 25% of it going to taxes and about 10% going into travel and expenses like batteries for flash, 10 or so percent going to an assistant and then (for me anyways) spending a minimum of 40-50 hours on editing the 150 photos (I don’t batch process but edit every single photo seperately) and then equipment and editing software upgrading I really am not making much more than minimum wage and putting nothing away for retirement. Then if I get approached durimg “off sseason” I am asked if I give discounts. I do the exact same amount of work whether it’s in December or July. I do try and give deals where I can but it’s really hard to make a living full time as a photographer and yet compete at prices with others who do this part time.

    But…you do need a bottom line and you need to know how much to give and when to (sadly and regretfully) walk away.

    Good luck!

    1. [quote name=”Crystal Puim”]So with 25% of it going to taxes and about 10% going into travel and expenses like batteries for flash, 10 or so percent going to an assistant and then (for me anyways) spending a minimum of 40-50 hours on editing the 150 photos (I don’t batch process but edit every single photo seperately) and then equipment and editing software upgrading I really am not making much more than minimum wage and putting nothing away for retirement. [/quote]
      Sounds like it’s time to give yourself a raise!

      It can be challenging to compete, but if you improve your marketing and sales, you CAN raise your prices so that you have enough to save for retirement…and even take some nice vacations. You’ve earned it!

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