PHOTO PRO TIPS

It’s nice to get some perspective once in a while. The US Depart of Labor released new statistics about Photographers. It’s a great read to give you an idea of the market we’re in.

Here are some key points cited from the article:

• Most photographers spend only a small portion of their work schedule actually taking photographs. Their most common activities are editing images on a computer—if they use a digital camera—and looking for new business—if they are self-employed.
• Freelance photographers also should develop an individual style of photography to differentiate themselves from the competition.
• Photographers can expect keen competition for job openings because the work is attractive to many people. The number of individuals interested in positions as commercial and news photographers usually is much greater than the number of openings. Salaried jobs in particular may be difficult to find as more companies contract with freelancers rather than hire their own photographers. Those who succeed in landing a salaried job or attracting enough work to earn a living by freelancing are likely to be adept at operating a business and to be among the most creative. They will be able to find and exploit the new opportunities available from rapidly changing technologies. Related work experience, job-related training, or some unique skill or talent—such as a background in computers or electronics—also improve a photographer’s job prospects.
• Median annual earnings of salaried photographers were $26,170 in May 2006. The middle 50 percent earned between $18,680 and $38,730. The lowest 10 percent earned less than $15,540, and the highest 10 percent earned more than $56,640. Median annual earnings in the industry employing the largest numbers of salaried photographers were $22,860 in the photographic services industry.

Interesting stuff, huh? That last bullet point is a little misleading though. The median annual earnings means profit. Freelance photographers write off a lot as part of their CODB. So in order to net $26,170, you have to gross $74,771 (assuming you operate at a 35% profit margin). If you have 50 assignments a year, than on each assignment you have to bill at least $1495 per assignment to make $26,170.

Chew on that and let me know what you think.

This entry was posted on Thursday, May 8th, 2008 at 5:29 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.