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Thread: Advice Please - How do you decide on prices ?

  1. #1
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    Oct 2010
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    Default Advice Please - How do you decide on prices ?

    I am a Media Student currently studying by third year in college. I have been editing videos as a hobby for at least four years now, using Sony Vegas as my editing software. Recently, I made myself what can only be seen as a "holiday video" using holiday photos that had been taken over the past four years, due to the fact I always return to the same place. Afterwards, I had a couple of enquiries about it with people asking if I would make one for them, offering to pay. Of course, this was a pleasant surprise and something I would definitely like to explore however I am not sure how to go about it.

    I do not class myself as a strict professional - I am good at what I do, though I am aware that what I produce could be seen as amateur. Therefore, I am not interested in going so far as to offer work at weddings nor am I interested in doing the directing/photography myself - I would merely be doing the editing, which could take me 2-3 days. My questions is -

    How much roughly should I charge ?

    This is an idea of what I mean by holiday videos, using the two that I have previously made. One was mine and the other was a freebie for a friend in order to use as advertising in the future should I take this further:



    I also know that I need to charge for the DVD cost and also postage it will cost to send it once it is complete. I am aware that music is often added into the price as well. If anyone could give me a tad more information on this, it would be great. As I said, this is only a small "business" I am hoping to create, something to help me earn money while I finish my course and something that will hopefully get me money for future holidays. I have already had a few questions about it, I just need help on how I go about it and what prices I should give other people ?

  2. #2
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    As with any other service or product, your pricing is likely be influenced by three key factors

    • The level of competition in the market / location
    • The percieved market price (how much people think your service is worth)
    • Your own costs and target profit

    In my experience there's a small market for this kind of service. Generally people are either unaware that they could have their videos edited, aren't prepared to pay, or would rather edit their own video themselves. Interestingly, there are a reasonable number of people that come to the forums asking if anyone wants their videos edited for free. So demand is low, which means prices aren't going to be that high. And when people do want their videos edited, there's normally someone that will do it for free.

    However, let's assume that someone is willing to pay. You suggest that you spend 2-3 days editing one video. So let's assume that you spend 15 hours of your time per video. As you're a student, let's use a comparable income of a sales assistant at 7 an hour. That values your time at 105. You will then need to add the cost of a music licence, DVD and P&P. So let's add another 15, taking your overheads to 120. That gives you a good baseline to play with.

  3. #3
    Join Date
    Oct 2010
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    Quote Originally Posted by Marc Peters View Post
    As with any other service or product, your pricing is likely be influenced by three key factors

    • The level of competition in the market / location
    • The percieved market price (how much people think your service is worth)
    • Your own costs and target profit

    In my experience there's a small market for this kind of service. Generally people are either unaware that they could have their videos edited, aren't prepared to pay, or would rather edit their own video themselves. Interestingly, there are a reasonable number of people that come to the forums asking if anyone wants their videos edited for free. So demand is low, which means prices aren't going to be that high. And when people do want their videos edited, there's normally someone that will do it for free.

    However, let's assume that someone is willing to pay. You suggest that you spend 2-3 days editing one video. So let's assume that you spend 15 hours of your time per video. As you're a student, let's use a comparable income of a sales assistant at 7 an hour. That values your time at 105. You will then need to add the cost of a music licence, DVD and P&P. So let's add another 15, taking your overheads to 120. That gives you a good baseline to play with.
    Thank you so much, this has definitely given me a much better idea of how I need to go about the costs. I've been told different prices from other people, but nobody has broken it down that way. You've been a lot of help, thank you so much.

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