Where are you going and where are you now?

2012© KeriNeal dba KeriLynn Design, LLC

Where are you going and where are you now?
This is a relatively simple question for me to answer, as I am a mature photography student that has accomplishments on my bio.  I left working for a newspaper company and advertising agency to go freelance and update my education -where I am now. Where I intend to go is grow my business and get big publishing opportunities. With that being said, I am often asked how do I make money this way?
~Show Me the Money!
One of this most controversial arguments among professional photographers is pricing. What to charge, when to reduce your rates, when to charge more than your listed price, etc. My standard answer when asked, "How much do you charge?" is "..as much as the client is willing to pay."

"Never be the cheapest-it's true. you never want to be the cheapest. I don't want to be the 'always low prices, always' Walmart version of photography. Nor do I want to be the Target version. I want to be the Nordstrom's, Saks, Tiffany or other high-end exclusive boutique version of photography. Further, I believe that's the level of service, quality and commitment I bring to each assignment." (Best Business Practices for Photographers; pg.96)

This is an art form after all. Warhol charged different prices for different art pieces. Freelance photographers like Dorthea Lange or Gary Weingard probably started out working for peanuts (especially when working under Federal subsides grants and the FHA programs) and earned more when their popularity and demand rose. And then there is markup...

"One way to evaluate your fair markup rate is...look at the items you typically use for assignments -seamless backdrops, film, packaging materials, shipping, etc. and that you will be carrying these expenses over a period of time..between 30 to 45 days.With all this said, understanding markups are a common practice, you should be more empowered to charge markups on everything and not feel guilty about it."(Best Business Practices for Photographers; pg.110)

I ask myself, what is my time worth? Sure, I may only need an hour to take an image, but I may have an additional 5 hours in editing, so I never want to undercut myself and not be paid for ALL my time.
I was recently aware of this debate when I read a letter -written by a client-posted by a fellow photographer, here is an excerpt:

"...I canceled my $500 photography session with you and this is how I spent the money: $79 for a manicure and pedicure, $180 for a hair coloring and cut, $150 dinner with my husband at a fancy restaurant, and $91 on miscellaneous items I can not recall and probably did not need.  Today, I was told by my doctor, my cancer has returned and given me about three months. So instead of having a lasting professional image of my family that my husband and daughter can have for a life time, I cancelled my appointment with you and foolishly spent the money. Please share this with your customers if they ever feel the need to cancel, I am here to say, they will regret it." 

In most cases, my clients understand, I am giving them quality work that is worth every penny. I have been given the unique privileged of entering their private lives to capture a memory that they will value the rest of their lives. So, I ask you, what is that worth?