I think pricing is THE most difficult part of being in business as a professional photographer. Even after 18 years, I'm still not always sure my pricing is 100% where it needs to be because the industry is constantly changing and evolving. That said, I would like to share some thoughts on pricing that I hope will help you become more profitable and get more enjoyment out of your photography business.
Side Note: There is no ONE right way to do price and sell your work. Anyone who tells you differently is trying to grow their own business by selling you their pricing and sales formula. 😉
There are 3 main types of photography sales models: In-Person Sales (IPS), All Inclusive, and Shoot-and-Burn. And then there are variations on each of these.
I used to dislike the Shoot-and-Burn sales model, where the only deliverable to a client is digital files. This changed when I became close friends with a busy mom who did photography on the side. Her main focus was on raising her kids and she had no time or interest in giving clients a full-service experience. There is nothing wrong with this model, you just need to make sure your price covers your time and cost of doing business (more on that later).
All-Inclusive pricing works for photographers who want to offer more than just files to their clients. Most people using this model include a print credit and an online gallery where clients can order additional products. This model is especially good for photographers who travel for sessions and can't meet with clients for in-person sales or who have a full schedule and don't wish to spend the time assisting clients with their order. This can be a very profitable model but profitability depends on being able to get a high enough volume of clients.
The In-Person Sales Model will bring you the most profit per session. When you sit down with a client to help them make their order, they will almost always order more because you can directly influence their buying decisions. Because you are more involved in every step of the sales process, this model is time-intensive. Your prices will be higher which means you will probably have a lower volume of clients, but you can spend more time serving each one.
My sales model is a blend of All-Inclusive and IPS. Clients book a Collection (session fee + print credit) then I conduct a sales session afterwards at my home to help them choose their images, discuss retouching, decide how to use their print credit, and assist with ordering any other products they would like. In 2020, I moved to a Zoom for these sales sessions and it's working so well, I've continued to give clients this option. The only downside is they can't touch and feel the products as they would if they came to my office.
Which model is right for you? A lot of that depends on your lifestyle, session volume, whether you are full- or part-time, and how much money you need to make per session to turn a profit.
Then how do you actually determine pricing for the sales model you choose? A good place to start is to find out your Cost of Doing Business. Once you have this number, then you divide it by how many sessions you think you can book. Photographer Karl Taylor offers a good CODB calculator and explanation video on his web site:
Photography pricing calculator.
But just doing the numbers isn't enough - you need to also know the value of your work. A member of my Pegasus Alumni group recently shared a great video about Price vs. Value. It will help you understand how value should factor into pricing. 
