Sunday, November 4, 2007

Calculating Your Base Rate

Knowing what you need to charge per day of shooting in order to cover your expenses is critical. To know how much to charge(ie. your base rate), you must know how much it is costing you. If you're not at least covering your expenses, you're losing money. We're in this to make money! Otherwise it would not be a business, it would be a hobby. So then you must add your salary to your expenses to get your base rate per day of shooting.

Thanks to NPPA, there is an easy way to calculate all this. They do it for you with the CDB (Cost of Doing Business calculator). It's an amazing tool: http://nppa.org/professional_development/business_practices/cdb/cdbcalc.cfm

All you have to do with the CDB calculator is enter the information in the appropriate boxes and it will make all the calculations for you. In addition, each expenses box has a detailed explanation by it.

To give you an idea:

My total expenses for the next year: $60,450 (includes my desired salary)

My weekly cost of doing business is: $1,162.50

My overhead cost for a day of shooting is: $755.63 (Based on projected number of shooting days per year. I put 80 days down)

Keep in mind that most likely it will cost you more than you think to run your business. So estimate on the high side to be safe.

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