How to Price Your Drone Projects
Image Credit: Wix Stock Library
Congratulations! You did it. You got the license, bought the equipment, and established your brand. You are only steps away from finally kicking off your very own drone business, but there are a few more things you need to work out. One of them: figuring out the best way to price your projects.
There are several things you have to consider before you monetize your work. The goal of this article is to provide you with a quick list that will hopefully give you a better understanding of how to make your business profitable. That way, you can focus on what’s really important: flying.
TYPE OF SERVICE
What type of services is your business administering? Your projects’ pricing will depend on what you can provide your client. Will you offer photography, videography, and editing? The more services you present, the higher you can price your projects. It is recommended that you develop a standardized price range for every deliverable, but every project should have a custom quote since every project is different. Client 1 might require more services than Client 2. By catering to each customer, you can make every quote as unique as the individual.
Image Credit: Wix Stock Library
PACKAGING
It is smart to have packages for your clients to choose from. It is common for individuals to establish packages based on images, videos, or a combination of both. The packages’ prices commonly vary according to size/length, number of deliverables, resolution, editing, and type of equipment used.
INDUSTRY
Much like your services, you should also choose what industry you want to work in. This will determine the type of clients you will be working with. Price range will vary according to your client and to what level of skill they require of you. Also, certain industries have higher liability rates which can lead to higher prices.
LEVEL OF EXPERTISE
How much experience you have will also affect the pricing of your projects. It is recommended that you research your competitors' price range, but you also have to acknowledge how long they have been in business in comparison to you. With that being said, be wary of undercutting the competition. Though it could be a clever tactic that might attract customers to a new business, it is not a long term solution.
Image Credit: Wix Stock Library
EXPENSES
To make your business profitable, you have to take your expenses into consideration. Equipment, insurance, training, marketing, and manpower are just a few of the expenses you'll have to account for when pricing your drone projects. While some are one-time expenses, others are not. By keeping tabs on your expenses, you will be able to price your drone projects in a way that brings your business the revenue it needs to thrive.
In conclusion, there are many choices to make before deciding how you'll price a service, but the key points I would like you to take away from this article are these: think well about the services you want to provide and the industry you would like to go into, have a standardized price range but custom quote for every project, and experience matters but know your worth. The drone business is growing because it’s on-demand. You are providing a unique service, and it is up to you how involved you'll be in the industry. It’s your business - build it and price it the way you want to.
Blanca Tavera is a University of Georgia grad with a Bachelor of Arts in Advertising and Communication Studies. She’s an intern at Women Who Drone and is relatively new to the drone industry. Her main goal as an intern is to gain a holistic understanding of the industry and experience as a writer in order to provide beneficial and entertaining articles to the readers.
