How much per hour do you want to make...I would say a 5-1 ratio is a realistic goal - ie 5 times the raw footage time to edit...ie 8 hrs of raw footage =40 hrs editing - not exact of course and you'll get lower as you get better, and of course, how good / polished the final edit is, but it's comfortable enough padding to make it very clean and dynamic.  So with that in mind...
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Think by the minute...
$2 per minute of raw footage = $20hr / $120 per hour long tape
$3 per minute = $35hr / $180 per hour long tape
$4 per minute = $50hr./ $240 per hour long tape
 Of course, obtaining such payments, will be hard to come by for weddings, best way is to stick with one or two guys who do great work, get to know them, so you can edit them faster, and trust you with that amount.  When they haggle, with multicamming you combine all cameras into the TRT as per raw footage goes. ÂÂ
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So for instance, a 2 camera shoot of an hour long event, can be counted as 60 minutes and you'll still make a profit, since you'll be editing ONE multiclip and will usually take as long as 5 hrs not 10.
 I would say 8 hours of footage per wedding is a common amount/average amount (although it can be all over the place).  A quote of $1400 will cover 40 hrs at $35 hr with plenty of room for error (you're NOT GETTING THAT FOR ANY WEDDING BTW LOL, but most weddings will be an hour or so under 8 hrs as well and an experienced editor can serve a 10K video in about 30hrs or less), but math wise...to customize wedding quotes further...
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$1400 for a comfortably padded 40hr/$35hr edit of 8 hours of raw footage ÂÂ
Multicam time = 1hr Ceremony and I would say about 30 mins of Reception formals. So deduct 90mins x 3 = $270 = $1130
 $1130 with some common sense and competent shooting for 8 hrs of raw footage will get you $35 hr at least.  Hopefully that wasn't too confusing, but you'll definitely need to lower that quote unless you're really lucky LOL.  But 8 hrs raw footage/40hrs editing time is a tad of an overestimate for a lot of videographers...6-7 hrs of raw footage at 30 hrs (something you should aim as a cap for your typical edit IMO).  30 hrs you should be able to mix the audio properly with no hiccups, basic color correction so everything matches, and cut out anything that's boring, while using natural/doc style sound - ie conversations etc. ÂÂ
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Don't know what your situation is...$500 is very low though, unless you're just starting out fresh out of college - but if a company gives you grief over $500 or if that's a common pay for them, you need to get out of that as soon as you are able to.
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Also, get paid, at least a portion up front, and make sure they have client input ready for you.  Also, it's THEIR STUDIO, and THEIR RESPONSIBILITY TO ARCHIVE /STORE THESE PROJECTS for their clients, not yours - they should provide the hard drive...you really can't afford that on your budget to buy a hard drive for each person.  Capture time - have them capture it if you can as well, bring it up if they haggle. ÂÂ
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