Do not undercharge! By lowering your rates, you reduce the perceived value of ALL photographic services, making it harder for people to charge what is actually needed.
You need to think of this like a business because that's EXACTLY what it is. even if it's just a part time thing, you are charging for services rendered.
I do mainly weddings and this is a good yeardstick on how much to charge. Not everything below will apply, just take what does and doesn;t but consider carefully before you take something off the list.
++ Shoot Costs ++
What does it cost YOU to do this shoot?
-- Transportation (counting Km traveled and attributing a value to it (55cents a Km is normal, this helps cover gas and wear and tear on oyur vehicle).
-- Rental fees. (did you rent any gear for the shoot like a nice portrait lens ...)
-- Cost for the materials to hand over (prints, burnt DVD's, DVD cases, the labels for the DVD's and cases)
-- Staffing (did you have to bring an assistant? How much did you pay them).
++ Ongoing costs ++
What does it cost YOU to run your business?
-- Office supplies (paper, ink, pens)
-- Utilities (power, phone, fax, cell, internet access)
-- Promotion (business cards, funds to attend baby shows and wedding fairs, funds for facebook ads, funds for pamphlets, funds for pricelists, funds for direct mail campaigns, printing ofportfolios to show clients, web hosting, domain name registration, web design ...)
-- A fund to improve your gear. (New lenses, studio lights ...)
-- A fund to replace gear that is damaged or wears out.
++ Salary ++
How much do you think your time is worth? How much do YOU want to get paid?
To determin this, you have to take into consideration ALL the time invloved with a shoot, not just the actual shoot time. Here is a typical breakdown for a 10 hour wedding (from prep pics to end of reception).
1 hour meeting client to go over the portfolio.
1 hour meeting when client calls you back to sign
10 hour shooting the wedding.
6 hours going through the pictures to sort out the poor ones, edit some of them, backup to external HDD, backup to DVD's, make client labels, burn client DVDs, get the prints sent off and pickup the prints for the client.
1 hour meeting with the client to hand over the final product (dvd's prints ... whatever).
So a 10 hour wedding is in all actuality 19 hours of work.
++ Taxes ++
Income tax, slaes taxes ... all that jazz.
A safe amount to put aside for income tax is 44% and sales tax depends on if you are registered, if you have to register and what the tax rates are for where you live. I'll use Canada, Ontario HST (Harmonized sales Tax) of 13% for my examples below.
=== Putting it all together ===
-- Let's say it costs me 140$ in rentals.
-- I travel (in total) 180Km (meeting the client 3 times and traveling to and from the wedding and reception) at 55 cents a KM = 99$
-- Let's say i'm handing over DVD's (2) and one album (photobook). DVD's i'll cost myself at 3$ (labels, ink, wear on burner ... blah blah) and the photobook is costing me 120$ to print.
-- It;s just me at the wedding so no extra cost for an assistant.
Total SHOOT COST: 362$
Note: The shoot costs are tax deductible.
Let's say I want to pay myself around 25$ an hour.
19 hours times 25$ = 475$
Next you need money to run your business (see ongoing costs above). I'm lazy so i just add in my salary again. 475$
Income tax (44% of 475$ + 475$) = 418$
Sales Tax of 13% = 224.90$ (13% of 475+475+418+362).
Total cost to the client is 1954.90$ taxes included.
I played it a little fast and loose with the math and that amount I set aside for my business per shoot might be a bit extravagant in this example (you need to do a proper cost analysis and figure out that number, I just put in a random number for this example) but you get the gist of it.
Just keep in mind that a booth at a typical wedding show can cost 1200$ - 2400$ per SHOW my number above isnt completely crazy. I spent ober 300$ on business cards. My web hosting is very cheap at 100$ a year. My portfolio costs me 300$ to print ...
For a maternity shoot, it willbe much smaller since the time involved will be significantly less but the basic math is still valid.