1) It undermines and damages the industry. Yep, we said it. The people charging low rates are usually hobbyists, which often means it doesn’t effect them in the same way it would effect professionals in the industry who use it as their sole income. If they aren’t hobbyists, they are selling themselves short and it won’t work out well in the long run. There is plenty of information out there that includes the ballpark rate you should be charging and where you should start, if you’re just starting out you don’t need to be charging the same as the creative down the road who has been doing the same as you for ten years but you also don’t need to undermine the whole industry and charge $10 per image. Find a rate that works for you, the quality of your work and is around the industry standard.
2) Raising your rates can be incredibly difficult, once you’ve lowered your rates and realised it’s not going to cover your time, it’s incredibly hard to raise them without upsetting your clients that have been paying discounted prices whilst getting premium products. Starting off with strong rates that reflect your work and cover your time will help avoid unnecessary conflict and clients going elsewhere. You want clients that appreciate your work, will pay you your going rate and appreciate that just like them, you’ve got to make a living wage as well.
3) You will attract the wrong clients. Yes. Is there such a thing as a wrong client? Yes. They want everything, for nothing and know no boundaries. They will be coming to you because you are the cheapest, not because you were their first choice. They’ve probably emailed or DM’d every product photographer in your area on Instagram and stopped until they found the cheapest. You want your clients to work with you because they genuinely love your work, not because out of everyone they contacted, your rates were well below industry standard. There is always going to be a market for really low prices, there is also a huge market of people that will be more than willing to pay what you want - and deserve. If clients really love your work and photography style, they will pay you for it.
4) Overworked and underpaid. There is nothing worse than burnout and charging less will see you at the end of the week tired, uninspired and not much to show for it money wise. You’ve spent a lot of time acquiring your skills and professional experiences and you’ve put your money into materials, resources and tools. Your rates should reflect your investment of time and money. This doesn’t mean you need to charge as much as the creative who has far more experience than you, it means find a price that is reasonable for your business and ensures you aren’t overworked and underpaid.
Don’t charge small dairy milk flat white prices when your work is worth large oat milk latte with a splash of caramel prices.