154 - Profit Margin
Take & Talk Pics
English - March 21, 2016 07:30 - 17 minutes - 16.3 MB - ★★★★★ - 42 ratingsBusiness Education learnphotography niche photo photography photographyeducatiin photographyschool robkrueger success taketalkpics weddingphotography Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Profit Margin
There are countless resources out there on the topic of profit margin. Just search Google and be instantly overwhelmed with 1 million great ideas to increase your profit margin. If I had to break it down into three parts I could easily do so. I am the kind of person that often only uses logic in many aspects of my life and when it comes to your profit margin I don’t change one bit. There are a lot of thing to think about within each of my three main points but definitely worth a quick read. At the very least worth a listen, maybe even twice.
Look at your current profit margins
What do you make from each job
What do you pay out for each job
What is it to pay yourself for each portion of every job
Things you must have to do the job well
Things you may be spending more than you need on
Account for waste
See the gross profit margin
And prepare for change
Cut costs
Anywhere and everywhere you can cut cost, Do It!
Save $5 a month on your internet service provider
Eliminate your land line and go completely mobile
Split a product with a fellow photographer
Drink more water and less soda and beer – ANYTHING!!!
Raise prices
Be firm on your price
If you take a cash discount that can help the sale
Eliminate any specials/coupons
Do not fold back to your old pricing to book a gig
Conserve your marketing budget!
Only use what you know works for you
Increase productivity!
You or an employee – make more of an effort to produce more from your time
Reevaluate often!
Happy Shooting!
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