So great to see so many of you getting value from this video & the different approaches to choosing a day rate! Apologies for the mistake made with the equations at 12:47 and 14:43 - the correct formula is to take the amount you want to make before tax then DIVIDE the amount by 1 minus your tax rate. So the example for the ideal rate should have been: $60,000 / (1 - 0.25) = $80,000 Aka $20,000 in taxes. And the example for the burn rate should have been: $30,000 / (1 - 0.25) = $40,000 Aka $10,000 in taxes Thank you to those who pointed this out. And realistically, these are just ball park numbers so don't overthink things - start charging & adjust as you go! See you all in the Photo + Video Business Bootcamp!
I've been a "pro" for a while now, but have had some issues with the business the last few years, partly due to travel restrictions and partly because of my own poor choices... I've signed up to learn some new things and see if I can plug some holes in my business :)
Hey Paul, great decision, and yes the course will absolutely help you navigate the roadblocks you’re facing with your business. Small tweaks have a BIG EFFECT in the long term game, and the course is filled with hundreds of those small tweaks. Wishing you the best of luck and keep me posted on your successes!
My rate is $250 an hour x 8 for my day rate. I live in Alabama USA in a 300k population and I make over 6 figures a year. I’ve had 4 days off this year. I love money. Lol
Absolutely: I like that he also tests things that matter the most (to me) with a camera. Things like picture quality at a zoomed in level, chromatic aberration, shooting in low light conditions,.. and not only the bells and whistles like the new features as "Me mode" or single lens mode that all others only seem to focus on. I want to see the real sensor qualities. I like to see if it's worth upgrading from the X2 for example. Resolution wise it seems to be. But quality wise it doesn't look much of a difference, at first sight from other YT reviewers. So, yep: I can't wait for his Insta360 X3 insights also.
@@DirkDS likewise. I work in film, VFX on-set. I have a proper DSLR rig for HDRis but have been looking at smaller and quicker alternatives for years (still haven’t found one yet.).
This was helpful and as soon I can afford it I will get through it. I have one serious question: If you sell a 360 tour to a client which is dependent to a platform (metareal, metaport) and these companies will not exist anymore for any reason. The Tours won’t be available for the clients someday. I see a a barrage of lawsuits coming in Germany and I can imagine in other countries too. So what is the solution for that? Keep a copy and loading up on other plattforms?
Well that could happen with any online platform really, and is pretty unlikely. That said if it did, yes it’s pretty easy just re-uploading tours to a new virtual tour platform 👍🏻
The concepts are all great, but there does seem to be a small problem with the specifics of the maths. Specifically at 12:47 and 14:43. If my gross revenue is $75,000, 25% of $75,000 is $18,750 (not $15,000) leaving me with only $56,250 in net revenue (not the $60,000 that I wanted). If my gross revenue is $37,500, 25% of that is $9,375 (not $7,500) , leaving me with only $28,125 (not the $30,000 bare minimum I need to get by). I think the correct formula is to take the after-tax amount and DIVIDE by 1 MINUS the tax rate (instead of MULTIPLYING by 1 PLUS the tax rate). So, $60,000 / (1 - 0.25) = $80,000 (not $75,000). and after you pay 25% on $80,000 (which is $20,000) you're left with the $60,000 you intended.
Very good video, just curious about 360 photos business in France especially Paris, it is saturated or many room to growth? Your advice is highly appreciated
My rates are 200 for 2 hour of shooting plus 100 extra after every hour I shoot for restaurants and I even print there menus at an extra cost I do work a 9-5 job but I work shoots about once or twice a week it's a hassle finding clients so I always been afraid to make a full transition to photography and video work
On the idea of day rates: I'm a career audio tech (35+years). I charge the same if I'm the lead or an assistant on a given project. I bring the same experience to every gig.
Charging for time is ridiculous. Charge for usage. It could take an hour to shoot a portrait for your local dentist to put on his business card or an hour to shoot a portrait of the Oprah for Harpers Bizarre.
@@BenClaremont I was just using an hour to illustrate my point. Hourly rate, day rate, whatever, is the wrong way to think about charging photography. The better way in my opinion is to look at the value to the customer and the usage they want. Charge for that usage and stipulate it on the invoice and/or in a licence. Back in the days when I was charging day rates I had a few clients push back, saying oh that seems like a lot of money, we only want it for a one off ad in the local paper. So I'd adjust price to get the job. Then I'd see them use the shot in magazines and posters and point of sale display, etc etc.
@@BenClaremont My apologies Ben I didn't catch that. I got to 8.45 and couldn't take it anymore. Love your videos. Have learned so much about 360º from watching you.
Alex's math is incorrect. If I have a 25% tax rate, to take 60K home after taxes, I need to make 80K not 75K. If I only gross 75K I'll take home 56K. Remember you're paying taxes on every dollar. So the equation she should be using is 60K/(1-.25) and get 80K. The taxes on 80K will be 20K, leaving her with the 60K target after taxes.
Hi Jim- yes that’s correct, our mistake. Alex improvised that part as the bigger point was that tax should be factored in to day rate equations, albeit she was slightly off.
Alex has made an error in her tax calculations... If net income is $60,000 and tax rate is 25%, gross income (before tax deduction) should be $80,000. In situation from your footage if you deduct 25% from $75,000 only $56,250 will remain, not 60k.
![[UA] NAVI vs MOUZ | BO5 | IEM Rio 2024](http://i.ytimg.com/vi/CMBYk0cbGoA/mqdefault.jpg)
So great to see so many of you getting value from this video & the different approaches to choosing a day rate! Apologies for the mistake made with the equations at 12:47 and 14:43 - the correct formula is to take the amount you want to make before tax then DIVIDE the amount by 1 minus your tax rate.
So the example for the ideal rate should have been:
$60,000 / (1 - 0.25) = $80,000
Aka $20,000 in taxes.
And the example for the burn rate should have been:
$30,000 / (1 - 0.25) = $40,000
Aka $10,000 in taxes
Thank you to those who pointed this out. And realistically, these are just ball park numbers so don't overthink things - start charging & adjust as you go!
See you all in the Photo + Video Business Bootcamp!
Great topic, when I was first making videos for clients, pricing was always the hardest barrier!
Thanks Olley, yes it’s a huge one for sure!
Get 50+ more high-value business lessons for photographers & videographers from Alex & I HERE 👉 bit.ly/pvbbyt
This info is gold. Thank you!
No worries!
Great summary and detailed information on pricing! Thanks, Ben.
My pleasure
I've been a "pro" for a while now, but have had some issues with the business the last few years, partly due to travel restrictions and partly because of my own poor choices... I've signed up to learn some new things and see if I can plug some holes in my business :)
Hey Paul, great decision, and yes the course will absolutely help you navigate the roadblocks you’re facing with your business. Small tweaks have a BIG EFFECT in the long term game, and the course is filled with hundreds of those small tweaks.
Wishing you the best of luck and keep me posted on your successes!
Awesome Video lots of great info
Wow what an amazing video. I'm excited to start my own business 🙂
Wish you the best of luck 👊🏻
@@BenClaremont Thank you 🙂
My rate is $250 an hour x 8 for my day rate. I live in Alabama USA in a 300k population and I make over 6 figures a year. I’ve had 4 days off this year. I love money. Lol
I tip my hat to you 🎩🙌🏻
You’re the only UA-camr I trust to review the Insta360 X3. Really looking forward to your review.
Yes, I was surprised not to find Ben's review of it (yet)...
@@DirkDS same, really curious to hear his take.
Absolutely: I like that he also tests things that matter the most (to me) with a camera. Things like picture quality at a zoomed in level, chromatic aberration, shooting in low light conditions,.. and not only the bells and whistles like the new features as "Me mode" or single lens mode that all others only seem to focus on. I want to see the real sensor qualities. I like to see if it's worth upgrading from the X2 for example. Resolution wise it seems to be. But quality wise it doesn't look much of a difference, at first sight from other YT reviewers.
So, yep: I can't wait for his Insta360 X3 insights also.
@@DirkDS likewise. I work in film, VFX on-set. I have a proper DSLR rig for HDRis but have been looking at smaller and quicker alternatives for years (still haven’t found one yet.).
Still editing- my review will be out by the end of today 😁
This was helpful and as soon I can afford it I will get through it.
I have one serious question:
If you sell a 360 tour to a client which is dependent to a platform (metareal, metaport) and these companies will not exist anymore for any reason. The Tours won’t be available for the clients someday. I see a a barrage of lawsuits coming in Germany and I can imagine in other countries too. So what is the solution for that? Keep a copy and loading up on other plattforms?
Well that could happen with any online platform really, and is pretty unlikely. That said if it did, yes it’s pretty easy just re-uploading tours to a new virtual tour platform 👍🏻
The concepts are all great, but there does seem to be a small problem with the specifics of the maths.
Specifically at 12:47 and 14:43. If my gross revenue is $75,000, 25% of $75,000 is $18,750 (not $15,000) leaving me with only $56,250 in net revenue (not the $60,000 that I wanted). If my gross revenue is $37,500, 25% of that is $9,375 (not $7,500) , leaving me with only $28,125 (not the $30,000 bare minimum I need to get by).
I think the correct formula is to take the after-tax amount and DIVIDE by 1 MINUS the tax rate (instead of MULTIPLYING by 1 PLUS the tax rate). So, $60,000 / (1 - 0.25) = $80,000 (not $75,000). and after you pay 25% on $80,000 (which is $20,000) you're left with the $60,000 you intended.
Very good video, just curious about 360 photos business in France especially Paris, it is saturated or many room to growth? Your advice is highly appreciated
There is plenty of opportunity with the right business plan 😁
thank you for your reply
My rates are 200 for 2 hour of shooting plus 100 extra after every hour I shoot for restaurants and I even print there menus at an extra cost I do work a 9-5 job but I work shoots about once or twice a week it's a hassle finding clients so I always been afraid to make a full transition to photography and video work
On the idea of day rates: I'm a career audio tech (35+years). I charge the same if I'm the lead or an assistant on a given project. I bring the same experience to every gig.
That’s great Doug- as you should!
Okay so what camera should I buy?
Check out my other videos if you plan on offering anything 360 👍🏻
@@BenClaremont I have. It was a joke. 😂
Charging for time is ridiculous. Charge for usage. It could take an hour to shoot a portrait for your local dentist to put on his business card or an hour to shoot a portrait of the Oprah for Harpers Bizarre.
Which is why we don’t recommend it for photographers or short amounts of time like that. Better to charge set amounts for set packages.
@@BenClaremont I was just using an hour to illustrate my point. Hourly rate, day rate, whatever, is the wrong way to think about charging photography. The better way in my opinion is to look at the value to the customer and the usage they want. Charge for that usage and stipulate it on the invoice and/or in a licence. Back in the days when I was charging day rates I had a few clients push back, saying oh that seems like a lot of money, we only want it for a one off ad in the local paper. So I'd adjust price to get the job. Then I'd see them use the shot in magazines and posters and point of sale display, etc etc.
@@ChrisCameronPhoto I agree 100%, which is why I said at the start that day rates are not suitable for photography. It’s about the result/outcome 👍🏻
@@BenClaremont My apologies Ben I didn't catch that. I got to 8.45 and couldn't take it anymore. Love your videos. Have learned so much about 360º from watching you.
0:33 ... No, just hungry... Literally. As in a starving artist hungry. 😋
Been there before… I feel you 😁
Alex's math is incorrect. If I have a 25% tax rate, to take 60K home after taxes, I need to make 80K not 75K. If I only gross 75K I'll take home 56K. Remember you're paying taxes on every dollar. So the equation she should be using is 60K/(1-.25) and get 80K. The taxes on 80K will be 20K, leaving her with the 60K target after taxes.
Hi Jim- yes that’s correct, our mistake. Alex improvised that part as the bigger point was that tax should be factored in to day rate equations, albeit she was slightly off.
Alex has made an error in her tax calculations... If net income is $60,000 and tax rate is 25%, gross income (before tax deduction) should be $80,000.
In situation from your footage if you deduct 25% from $75,000 only $56,250 will remain, not 60k.
Yes, she corrected herself in the pinned comment. Still, minor detail compared to the general points we are making 😉
the complete video about your cours no valueble information
What do you mean?
Y’all’s day rate is so cheap.
Who’s? Experienced people charging $1k+/day is not cheap.
@@BenClaremont250 is way too cheap for beginner. Even if it is without taces.