Videomaker – Learn video production and editing, camera reviews › Forums › Specialty Topics › Wedding and Event Video › Actual wedding production costs › m_parkansky – there is not
m_parkansky – there is nothing wrong with bringing home $2k/week based on one gig a week. Thats darn good money. If you make $10/hr as a printer (I own a printing company by the way), that represents a big step up and “profit”.
Thats what I was trying to explain in a earlier post, I was not knocking these guys for charging thousands for a wedding video, I was simply trying to correct an accounting misassuption. When looking at hourly rates, anything that you charge over actual hourly cost is profit – not cost. So if you currently make $10/hr and you start charging $50/hr plus expenses, then you are now making a profit of $40/hr. Darn good in most of the world.
Cost is cost, not cost plus profit. If you pay $50 for something and you sell it for $100, $100 is not your cost, it is your PRICE until it is actually sold at which time it becomes your revenue. $50 is your cost (plus possibly any other expenses relating the the aquisition or upgrade of the item/service).
No reason to get discouraged what so ever. A $40 per hour profit is awsome and as a self employed person, a $100k/yr would put you in the top 5% or so of inoome earners in the US.
Your next step would be to take your self-employment situation up to the next level – which is actually owning a business. A business is something that can make you money even if you are not involved in it. Most “business owners” are not really businesss owners, they are self employed. If they got sick or died, all income from their activity would stop. To have a business, in most cases you have to have employees and managers.