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Market Pricing comparisons for my photography business

Market Pricing comparisons for my photography business. By Melissa H. Introduction. Business in operation for 6 years Market pricing comparisons for my existing freelance photography business Grow business from mainly family and friends to wider clientele

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Market Pricing comparisons for my photography business

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  1. Market Pricing comparisons for my photography business By Melissa H

  2. Introduction • Business in operation for 6 years • Market pricing comparisons for my existing freelance photography business • Grow business from mainly family and friends to wider clientele • Expand business to do indoor studio photography • Access to studio space for $15 per hour

  3. Gathering Information • Math concepts used in figuring price comparisons: • Percentages • Average, median, range • Estimates and rounding • Gross and net profits • Gathered information via: phone calls, personal contacts, brochures/fliers, and company websites • Comparisons of high and low end businesses (freelance and national chains) that I view as my competition

  4. Goal & Hypothesis • Compare prices of services from some main competitors Goal: Offer more services to wider clientele and increase profitability • Hypothesis: Walmart would be most affordable for both printing and their in store PictureMe studio prices

  5. Comparisons • Local & National Photography Studios • Printing Services • Comparison Pricing Scenarios

  6. Studio Comparisons * Sitting fees variable with seasonal pricing and coupons. Above prices listed are regular, non-seasonal prices. CD’s all require package purchase for listed price.

  7. Printing Service Comparisons * Prices for 8x10 are being used in the comparisons because of the high cost of printing them versus the nominal cost of smaller print sizes. Range of net cost for an 8x10: $4.99 – $2.84 = $2.15 176% difference between lowest to highest

  8. Scenarios

  9. Scenario Comparison Table * After making price comparisons of CD printing services, I decided it was most profitable to burn the CD’s myself.

  10. Estimated Monthly Net Profits Range of net profits: $800 – 1470 184% difference between lowest to highest

  11. Conclusion • The final pricing for my services directly impacts my profitability • Though Nichols Lab is not the least expensive choice, they offer time saving additional services for a nominal difference when compared to Walmart • My hypothesis was correct, but my final choice for printing services considered more than just cost alone

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