You start a business and want to just GET. MONEY. IN. THE. DOOR.

Often, this means you’re willing to photograph just about anything. Even once you niche down into interiors there are many types of shoots that you can be doing, and with each there are different ways to approach your business and clients! With each, you need to ask yourself:

Do I offer low pricing and build up volume?
Do I offer higher price points and hold out for the high end clientele?
Do I have a fast turnaround included with my rates or offer that as an up-charge?
Do I automate everything in my editing so it’s quicker and easier for me or do I hand-blend and individually edit so that each photo is handcrafted?

The value triangle

Honestly, I don’t even know if that’s what this is called, but that’s what I’m calling it. I learned about the concept fo the value triangle years ago and it really changed my mindset for offerings in my business. Suddenly, I felt much more intentional in how each client’s project played out. Also, it clarifies WHY I have the process and rates that I have for each project, and that makes it easier to explain to clients when they ask any questions along the way!

Here’s what the value triangle looks like:

With a value triangle, you’re looking at the three basic ways to provide value as a photography business.

• In the rates you offer

• In the turnaround times and speediness of a shoot

• In the level of quality of final photos delivered

Now, here’s the lesson:

To be a business that survives long-term as an actual business, you will need to prioritize TWO of these ways to add value. So as a business owner, you will not be able to provide all three; you cannot be low priced, fast, and provide magazine-worthy images. Something will have to give. You need to choose which two (or one) will take absolute priority over the others. There is no right answer, it just needs to fit your market and visions for your business in the long-term!

Think of it this way:

If you try to be the lowest priced, quick turnaround, top quality service… you would either never make a profit or never sleep! You would be spending hours day and night - planning, shooting, and individually editing the photos to provide top quality, only to make not enough money to cover your costs. To survive, your business would rely on debt or supplemental income (like from your spouse’s salary or a side job that pays your bills). In other words, your business would fail. No es bueno!

What does this mean for your business?

It means that you need to consider the needs of your target market. Considering the needs of your target market will dictate what values you provide from the triangle, which will then also let you know how to market to them and find your ideal clients!

If you want to do real estate photography, will you be charging higher rates and shooting less so you can hand-blend the images and deliver magazine-worthy photos? Or do you prefer to drive up the volume of shoots you’re doing, keeping your rates low and your process quick and automated?

If you want to work with designers, will you do shoots at lower rates for entry-level designers because you want to help them out, but keep your process automated? This may deliver a slightly lower quality, but it gives new designers access to professional photography. Or do you prefer to seek out the established designers who have larger projects less often, but pay higher rates for top notch quality?

There is no right answer! It really all depends on your visions for your business’s future.

What if you work with different markets?

I hear you. There are still occasional vacation rental or real estate shoots that I even do, but here’s the great thing about having the value triangle in mind: I know exactly how each type of project needs to be treated differently.

So when you work with a designer, you know that
higher rates + top quality = collaboration + hand-crafted images + slower, intentional process (quality over quantity).

When you do a real estate shoot, you know that
lower rates + quick turnaround = quick shoot + automated editing.

You’re able to make adjustments to the rates, process, and expectations so that you can categorize each type of shoot and treat them differently. Gotta love the clarity!

So it’s a good idea to take a few minutes and reflect on which TWO value points you are prioritizing and which one is not being prioritized. If this gives you new clarity or any A-HA moments, I wanna hear all about it!

xo,

Natalia