Unfortunately, not all wedding photographers are profitable. Their are a lot of great photographers that fail financially every year. These photographers have one thing in common. This is a lack of a business plan. Over 50% of business fail within 3 years for the exact same reason. A key part of any wedding photographers business plan is their price list. Not considering all your expenses, before creating a price list, is a recipe for failure. How will you know how much to charge without first knowing your exact income requirements? That is just part of the equation to success.
You must also consider wedding photography related expenses. If your not going to work from home (like many other successful photographers) you will need to rent studio space. Another consideration is your advertising expense. Advertising is a must for any new business. Otherwise, people will not know you exist.
A photography related expense is your lab and wedding album fees. This is considered your cost of sales. Industry experts recommend your cost of sales be 20% or less of gross sales. Take this into consideration if you wish to be successful financially.
