If about half your contacts are saying no you're probably at the right price. If everyone is saying yes, you're too cheap, if everyone says no, you're too expensive.
Hard part with that is that you might be in the wrong industry and not even know it, some spaces haven’t figured the value of video, and you’ll end up gaslighting yourself into a price point that isn’t enough to grow Not often, but I agree👍🏾
Okay I gotta give you props bro. This is one of the best videos on pricing that I’ve ever seen. Not to say the others were bad, but the way you’ve explained the justification of the pricing just made things click for me lol. This is good.
Kofi is one of the most committed filmmaker RUclipsrs as of today. The consistency AND the quality of each video multiple times a week is amazing. I feel like every time I log onto RUclips there's another video out by him. Keep up the great work bro, thanks so much for your hard work 🙏🏽
Man I wished someone made such a good pricing breakdown a few years back when I was starting! So much value for filmmakers who are still figuring this out! :)
Great content as always! It took me almost 3 years to figure out what you just dropped… so glad RUclips has so many talented folks sharing wisdom these days.
Great idea and suggestions. I think one really important point you made came near the end of the video. When you said where you are geographically can affect how you price yourself for client work. I think that's a very important factor in the overall approach to pricing yourself.
Ignore day rates. Sets limits on what you charge and makes you trade time for money. Charge for you value… set some proposals to the client and figure out what budget they have. Offer what their budget is, then offer 2 packages higher than that. They will most likely go for the middle package.
Value based pricing structure has its merits, but if you’re starting, you won’t know what that value is yourself (yet), it’s also far more likely that potential clients at the beginning of your career won’t have the same conversational cadence as a Chris Do role play 😅. In order to structure packages to start with, it is going to be based on components in this video to begin with, there’s nothing wrong with VBP, in my opinion, walk before you can run
You must consider regional market. 900 is reasonable for basic kit and day with experience and such. Goes up from there. Non profits can get a break. 5k is a decent starter budget for a project and it goes up depending on upon project and need. SF market. Don’t know about the rest of the country.
even if you feel like you are overcharging when you are new. Still do it. anything under 5k is not just hurting yourself but hurting other filmmakers and your community.
Im half in half out on this, because when my rent is due, and i have mouths to feed, Im not thinking of the community in the slightest, negotiation is your friend here.
I agree, but to prevent clients from basically getting free work. They should never get it cheap. Cause than thats all they will ask for assuming the filmmaker will break. And it creates this stigma that all filmmakers are cheap that create high quality work. I have run into this in the past. To keep consistent income you must have a number you dont go under. 5k is basically 5 bucks in the film industry. If you cant pay 5k to a filmmaker, you aint that serious of a client and need to stop wasting filmmakers time. That stigma is why photography makes no money anymore. social media and cheap iphone cameras ruined it for most.@@KofiYeboah
I don't know about the US but in Germany if you use a typical 9-5 pay as a basis that is waaaay too low. As freelance Filmmaker you will a) have way more expenses b) invest time for your business that will not be paid for and c) probably never "work" 5 days a week, 52 weeks a year.
I think we’re missing the idea that it’s a STARTING point, the idea is to work up of something on your first couple gigs, you’re also not immediately going full time. Charge your expenses to clients which we outlined, but in order to jump, it has to be off the ground, not in mid air👍🏾
Extremely helpful bro. Especially the deposit part. I had to learn the hard way too. Doing an entire job and client decided they no longer wanted the video 🤬
It's always a stuggle depending on the job and client. I like to have a set rate, but sometimes, I have to adjust because I want repeat clients. You can gouge for a job that doesn't necessarily call for full day rate due to level of difficulty, and never get hired again, or be reasonable and have repeat clients and referrals.
I’d say my hierarchy would be 1. Negotiate work 2. Negotiate creative control 3. Negotiate opportunities * if a client want a a discount with hopes of future work, start a retainer conversation, they’ll get a discount off rip, and you have consistent work, if they’re serious about what they said
The low budget ones bro bro I’m like a bottom feeder 😂 but as you said it’s time to elevate and make your money a priority or price points. more reel worthy videos! Photography I have that lock video it’s still meh
I appreciate the tips. Here is a different take: instead of trying to hustle and get jobs every month to infinity, focus on trying to become the in-house talent at a large company. You get paid every month no matter what, you often get benefits, and you can still take on a few side jobs here and there.
so retainer work! yes absolutely works! to get those kinda jobs, having the piece work usually is a jump off point, unless you're a lucky one, and start working with a company right off the bat
Thanks for the excellent explanatory video. Personally, this information will be extremely useful for me, as I’m facing significant challenges in determining how to tax my first paid earnings.
Just FYI DO NOT USE DEPOSIT IN YOUR CONTRACT OR IN ANY CLIENT COMMUNICATION, INSTEAD USE RETAINER FEES. By law you can be force to pay back deposits, but never retainer. Look it up and yes even if you put "non refundable deposit" you still can be order to pay it back if you were to be taken into court.
The legalities may change depending on where you live, (I’m in Canada) but in the US I have heard that! My first suggestion is always consult a lawyer before completing a contract 🙏🏾
what does the talent/casting look like, for instance, if you are doing a music video would you only use that casting and talent part if the client wants to include people in the shoot? Like how does the talent/cast piece work?
Back in my still photographer days, weddings and portraits etc. we asked for 50% down and the rest at delivery. What is a fair percentage to ask a client for a video contract deposit?
I use the method of eliminating certain specs of the service to reduce the price of the invoice for example: casting talents and the client takes care of it, but that is playing a russian roulette because theme are moments that they look for people who are not qualified at all and at the end of the day my work is harmed, and I may run a chance that not only collegues think it was my wrong but clients. How do you handle these kinds of situations? 7:29
Well if can go a few ways 1. Urge your client to run it by you once they’ve decided, and give suggestions 2. Maybe eliminate another spec just in case 3. Sometimes, certain things are out of your control and that trade off of creative control in exchange for $$$, this might be a situation where it is
If about half your contacts are saying no you're probably at the right price. If everyone is saying yes, you're too cheap, if everyone says no, you're too expensive.
Hard part with that is that you might be in the wrong industry and not even know it, some spaces haven’t figured the value of video, and you’ll end up gaslighting yourself into a price point that isn’t enough to grow
Not often, but I agree👍🏾
Okay I gotta give you props bro. This is one of the best videos on pricing that I’ve ever seen. Not to say the others were bad, but the way you’ve explained the justification of the pricing just made things click for me lol. This is good.
Thanks homie 🙏🏾🙏🏾
Kofi is one of the most committed filmmaker RUclipsrs as of today. The consistency AND the quality of each video multiple times a week is amazing. I feel like every time I log onto RUclips there's another video out by him. Keep up the great work bro, thanks so much for your hard work 🙏🏽
God bless you man, I appreciate it !
Man I wished someone made such a good pricing breakdown a few years back when I was starting! So much value for filmmakers who are still figuring this out! :)
That’s who it’s for ! I wish I had this in 2018 when. I started so hopefully it helps someone ☺️
Great content as always!
It took me almost 3 years to figure out what you just dropped… so glad RUclips has so many talented folks sharing wisdom these days.
Thank you man 🙏🏾
Uncle Kofi out here teaching us!! 🔥🔥🔥 FIRE BREAKDOWN BRO!
You already know! 🙏🏾🙏🏾👊🏾 hope it helps somebody
Great idea and suggestions. I think one really important point you made came near the end of the video. When you said where you are geographically can affect how you price yourself for client work. I think that's a very important factor in the overall approach to pricing yourself.
Sometimes you’re just in the wrong market 😢
I love your videos and recently picked up the FX30 because of you. Love your drive and precision. KEEP IT UP!
Oh man hope you’re enjoying it !
Ignore day rates. Sets limits on what you charge and makes you trade time for money. Charge for you value… set some proposals to the client and figure out what budget they have. Offer what their budget is, then offer 2 packages higher than that. They will most likely go for the middle package.
Value based pricing structure has its merits, but if you’re starting, you won’t know what that value is yourself (yet), it’s also far more likely that potential clients at the beginning of your career won’t have the same conversational cadence as a Chris Do role play 😅. In order to structure packages to start with, it is going to be based on components in this video to begin with, there’s nothing wrong with VBP, in my opinion, walk before you can run
You must consider regional market. 900 is reasonable for basic kit and day with experience and such. Goes up from there. Non profits can get a break. 5k is a decent starter budget for a project and it goes up depending on upon project and need. SF market. Don’t know about the rest of the country.
even if you feel like you are overcharging when you are new. Still do it. anything under 5k is not just hurting yourself but hurting other filmmakers and your community.
Im half in half out on this, because when my rent is due, and i have mouths to feed, Im not thinking of the community in the slightest, negotiation is your friend here.
I agree, but to prevent clients from basically getting free work. They should never get it cheap. Cause than thats all they will ask for assuming the filmmaker will break. And it creates this stigma that all filmmakers are cheap that create high quality work. I have run into this in the past. To keep consistent income you must have a number you dont go under. 5k is basically 5 bucks in the film industry. If you cant pay 5k to a filmmaker, you aint that serious of a client and need to stop wasting filmmakers time. That stigma is why photography makes no money anymore. social media and cheap iphone cameras ruined it for most.@@KofiYeboah
I don’t disagree with a minimum level of engagement , but I’m a realist enough to know that in a rough economic time, tough decisions get made.
Very informative video! Thank you
Glad it was helpful!
Favorite video on RUclips right now. This helped ALOT .
Ayy ! Appreciate you my g 👊🏾
Duuuude I've been looking for a Video like this since I began. You're the man 🤙
Glad I could help!!
Probably the most helpful video explaining the most asked question. Thanks!
I figured rather than spewing a bunch of numbers with no meaning, I’ll do math ahah
I just do the job and hold my hat out 😂 great video bro
Ahh it’s your HAT you’re supposed to hold out
No wonder I haven’t been getting paid
Thanks for a fundamental approach to this topic man!🙏🏽 Extremely useful
My pleasure!
Man, thanks for this videos, I mean, yo are amazing! Keep pushing 🙌🏼🙌🏼🙌🏼🙌🏼
Appreciate it man 🙏🏾
I rarely comment on videos but this was incredibly helpful! 👏
I appreciate it!
❤ thanks for having me on!!!
Any time!
Incredible breakdown. Thanks!
Glad it helped !
I don't know about the US but in Germany if you use a typical 9-5 pay as a basis that is waaaay too low. As freelance Filmmaker you will a) have way more expenses b) invest time for your business that will not be paid for and c) probably never "work" 5 days a week, 52 weeks a year.
I think we’re missing the idea that it’s a STARTING point, the idea is to work up of something on your first couple gigs, you’re also not immediately going full time. Charge your expenses to clients which we outlined, but in order to jump, it has to be off the ground, not in mid air👍🏾
Great advice! Definitely a topic that should be discovered and talked about more.
Hopefully it gets the ball rolling 👊🏾
Amazing video, thank you!
Appreciation 🙏🏾
Extremely helpful bro. Especially the deposit part. I had to learn the hard way too. Doing an entire job and client decided they no longer wanted the video 🤬
Man I did that too and it sucked 🥹🥲
I got an Fx30 because of you and im loving it!! and what does a day rate look for you?
Thanks ! And generally it gets up to 5-6k if I have to shoot, plan and edit everything if that helps !
Thanks for your time and gems of breaking everything down… can u explain contracts like the breakdown
I’m not a lawyer so best thing I can say is have one
Solid recommendations
Thanks!!!
It's always a stuggle depending on the job and client. I like to have a set rate, but sometimes, I have to adjust because I want repeat clients. You can gouge for a job that doesn't necessarily call for full day rate due to level of difficulty, and never get hired again, or be reasonable and have repeat clients and referrals.
I’d say my hierarchy would be
1. Negotiate work
2. Negotiate creative control
3. Negotiate opportunities
* if a client want a a discount with hopes of future work, start a retainer conversation, they’ll get a discount off rip, and you have consistent work, if they’re serious about what they said
In the states yes 🙌🏾 in Canada everyone wants to shoot in a parking lot lmao 😅😂 but great points def you are right
Been freelancing in canada since 2019, idk if that entirely it bro bro haha
The low budget ones bro bro I’m like a bottom feeder 😂 but as you said it’s time to elevate and make your money a priority or price points. more reel worthy videos! Photography I have that lock video it’s still meh
Very informative… thanks for the information brother
Glad it helps!
great video dude. Super Helpful !!
Glad it helped!!
Chale is out here spitting BARS LOLZ
🗣️ you know!
Fantastic video and was a great help thank you 🙏🏽
Glad it helped!
I appreciate the tips. Here is a different take: instead of trying to hustle and get jobs every month to infinity, focus on trying to become the in-house talent at a large company. You get paid every month no matter what, you often get benefits, and you can still take on a few side jobs here and there.
so retainer work! yes absolutely works! to get those kinda jobs, having the piece work usually is a jump off point, unless you're a lucky one, and start working with a company right off the bat
Love the content 🤝🏾 Could you cover camera insurance 🧐?
Easy
Get it. 😅 haha there’s not a lot of nuance with it outside of find a reputable company, and do the same things as like car insurance
Thanks for the excellent explanatory video. Personally, this information will be extremely useful for me, as I’m facing significant challenges in determining how to tax my first paid earnings.
Talk to an accountant! I’m awful at that stuff and just pay to have a professional take care of it
Just FYI DO NOT USE DEPOSIT IN YOUR CONTRACT OR IN ANY CLIENT COMMUNICATION, INSTEAD USE RETAINER FEES. By law you can be force to pay back deposits, but never retainer. Look it up and yes even if you put "non refundable deposit" you still can be order to pay it back if you were to be taken into court.
The legalities may change depending on where you live, (I’m in Canada) but in the US I have heard that! My first suggestion is always consult a lawyer before completing a contract 🙏🏾
what does the talent/casting look like, for instance, if you are doing a music video would you only use that casting and talent part if the client wants to include people in the shoot? Like how does the talent/cast piece work?
I may recommend having a producer or looking for local talent agencies !
@@KofiYeboah thank you!
Back in my still photographer days, weddings and portraits etc. we asked for 50% down and the rest at delivery. What is a fair percentage to ask a client for a video contract deposit?
That sounds about right ! I usually go 50/50
I use the method of eliminating certain specs of the service to reduce the price of the invoice for example: casting talents and the client takes care of it, but that is playing a russian roulette because theme
are moments that they look for people who are not qualified at all and at the end of the day my work is harmed, and I may run a chance that not only collegues think it was my wrong but clients.
How do you handle these kinds of situations?
7:29
Well if can go a few ways
1. Urge your client to run it by you once they’ve decided, and give suggestions
2. Maybe eliminate another spec just in case
3. Sometimes, certain things are out of your control and that trade off of creative control in exchange for $$$, this might be a situation where it is
Noice 🔥🔥
👊🏾👊🏾👊🏾
Instructions unclear. We charged a client a $50,000 day rate and blamed you. You'll be hearing from their lawyers.
Can’t catch me
Fellow Ghanaian ✊🏾
Chaley commented with the quickness, thanks broski 👊🏾
I gotta say, you should start with your day wage x1.4. That way, you're accounting for taxes, as you'll be paying at a higher rate than your W2 wage.
Depends on where you live ! I left the tax part out as I’m not an accountant and I also don’t know where everyone lives
"Follow Up" 😆
You see it now 👀
@@KofiYeboah Bout to give some "follow up" emails as we speak. ✊
👊🏾👊🏾👊🏾
There’s so many people doing this already that the question is slowly shifting from how much should I charge to how do I get clients 😂
Good thing I made that video just before this one 🫡
@@KofiYeboah 😎💪🏼