A day rate is a surprisingly tricky number to figure out. How much should you charge for your skills, per day in the field? What amount is ‘normal’, what are others earning, what can your client afford? Luckily, arriving at the best day rate to charge is something you can base in fact, not guesswork. Here’s how.
What is a photography day rate?
A topic that stumps many conservation photographers – whether you’re just starting out, or have been in the field for quite some time – is what you should charge as your day rate.
A day rate is the amount you charge for a full day’s work in the field. It’s what you earn when working on an assignment for a publication or client.
It is a unique and ever-changing number that varies for each photographer based on business needs, experience level, and personal value.
If you’re new to the industry, you might be unsure what’s considered normal or how to adjust your rate based on your experience level and client budgets. On the other hand, if you’re a seasoned pro, you might feel pressured to match your peers’ rates to stay competitive or accept whatever rate your client offers to secure an assignment.
But a day rate is not a number to randomly guess at.
Instead, it must be rooted in hard facts, taking into account the earnings needed to run a profitable business plus the value you bring to the table.
For example, a National Geographic veteran with 25 years of experience will likely have a higher day rate than a new conservation photographer with less experience.
Because of all these variables, calculating a day rate can feel intimidating. Yet, going through the steps to develop a rate based on exact numbers and rooted in the reality of your photography business can be a genuinely confidence-boosting exercise.
3 core factors for calculating a photography day rate
There are three core factors to keep in mind as you calculate a day rate:
1. Your Business Needs
Your day rate is not a random number plucked from thin air. It must be grounded in your business expenses and income requirements. To run a profitable conservation photography business, you need a day rate that covers all your costs and gives you a decent paycheck.
2. Industry Standards
Although your day rate should be tailored to your unique situation, it’s essential to be aware of the industry norms. Research what other photographers with similar experience and skill levels are charging. Use this information as a benchmark for your rates.
3. Your Clients’ Budgets
Last but not least, always take your clients’ budgets into account. While you may need to charge a specific amount to keep your business afloat, it’s crucial to strike a balance between your needs and your clients’ financial constraints.
Arriving at that ideal number is ultimately a simple matter of a basic calculation and then a little calibration. So let’s start to take this step by step.
To help, I have a fantastic tool for you – a day rate calculator designed specifically for photographers. This user-friendly calculator helps you determine your ideal day rate by factoring in expenses, income goals, various income sources, and the number of working days per year. Pop your variables in and voila! You have your day rate. You can download this fantastic tool for free, keep it handy, and let’s explore what it takes to calculate your perfect day rate.
How to calculate a photography day rate in 4 steps
There are just four steps to figuring out your ideal day rate. And because day rates shift based on your business needs and experience levels, this is an exercise I recommend you go through every few years.
1. Get clear on your business expenses
Business expenses are a crucial aspect to consider when determining your day rate.
Whether you’re a professional or just starting as a hobbyist or side hustler, treating your photography like a business is essential.
Knowing your expenses helps you determine a fair and reasonable rate to charge.
If you haven’t been tracking your expenses, start using a Google spreadsheet, QuickBooks account, or similar tool to monitor them regularly.
Some basic categories of expenses include:
- operational costs (office space, utilities, furniture, office equipment)
- computer and printing equipment (software, printers, paper, ink)
- online presence (website hosting, email service provider for your email list, cloud storage, backups)
- photography equipment (purchases, maintenance, repairs)
- insurance (business liability, equipment, vehicle, property)
- professional services (accountant, lawyer, advertising)
- business structure costs (licenses, entity filings, copyright registration fees)
- professional development (courses, continuing education, memberships)
- transportation (flights, car rentals, fuel, parking fees, tolls)
- employee-related expenses (salaries, health insurance)
To calculate these expenses, review your past year’s accounting records or credit card and bank statements, and highlight all photography-related expenditures. This will help you categorize your expenses and determine your average costs, providing a solid foundation for calculating your day rate.
2. Decide your income goals
Determining your income goals involves asking yourself two key questions:
- How much do you want to make from your photography work
- How much do you need to make to maintain your desired lifestyle?
Your business should provide you with a paycheck that covers your personal expenses.
For full-time professionals, this means accounting for everything – mortgage payments, car payments, food, utilities, vacations, entertainment, clothing, retirement savings, and more.
If you’re pursuing photography as a side hustle or hobby, your income goals might focus on making enough per month to offset expenses or working towards eventually transitioning into a full-time career.
By clearly defining your income goals, you’ll be better equipped to calculate a reasonable day rate for your photography business.
Learn More: How to turn your photography hobby into a profitable side-hustle
3. Determine the percentage of revenue from assignment work
When setting income goals, consider how much you want to earn from assignment work – where a day rate applies – and how much comes from other sources like image licensing (here’s tools for calculating photo licensing fees), speaking engagements, or workshops.
Think about the portion of your photography income you want to come from specifically from assignments with day rates.
Additionally, evaluate how many days you can dedicate to assignment work per year.
For example, suppose you have a full-time job outside of photography. In that case, you might be able to allocate around 60 days a year for assignments. As a full-time professional photographer, you could potentially spend 250 to 300 days a year in the field. However, remember that only some of your time is spent in the field, as post-processing, editing, and managing business tasks also require attention.
By understanding how many days you’ll be working in the field and the percentage of your revenue coming from assignment work, you’ll be better equipped to calculate an appropriate day rate for your photography business.
You may need to adjust these factors until everything balances out.
For example, you might find that in order to meet your income goals and cover your expenses, you have to work more days than you thought. Or you might discover that because you can only work a certain number of days in the field, you need to minimize your business expenses to meet your income goals.
This is where my free day rate calculator becomes an invaluable tool (if you haven’t downloaded it yet, scroll on up to the form to grab it).
By inputting all these numbers into the calculator, you can easily visualize and adjust them until you reach your ideal day rate.
Once the calculator generates that number, you’ll better understand what to charge based on your expenses, income goals, and working days in the field. This will help you create a sustainable and profitable photography business.
4. Calibrate and re-calculate
After determining your day rate based on expenses, income goals, and working days, you may need to calibrate it further.
For example, charging $100 a day might cover your expenses, but it’s significantly lower than the industry standard, which can range from $500 to $1,000 or more per day. To find a realistic rate, research what other photographers with similar experience levels charge and consider client budgets.
To gather this information, ask fellow photographers about their day rates and what clients typically offer. Most conservation photographers are happy to help each other out.
Once you have a day rate based on solid numbers and research, adjust it according to what your client can afford.
If they can’t meet your desired rate, consider increasing the value of the package instead of lowering your rate. This could include adding extra images, video snippets, a social media package, or other marketing materials that won’t significantly increase your expenses.
By enhancing the value of the package, you can maintain the income you need while making your client satisfied with their investment. Turning a potential walk-away situation into a win-win scenario benefits both you and your client.
Remember to be kind, respectful, and open to negotiation in these conversations to foster positive relationships within the industry.
Calculating the perfect day rate for your photography business involves considering both hard numbers and less tangible variables. The key is to find a balance that ensures sustainability and success while doing this vital work.
Remember, conservation photography is essential; every photographer deserves to earn a paycheck for their valuable contributions. I genuinely want you to succeed in this field because your work significantly benefits all of us.
So grab your day rate calculator, and take the first step toward a thriving, profitable conservation photography business.
