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Setting a price for commercial use of your work

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LMNOP

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Hey APUG,

This is a first for me, so I thought someone on this site may have a piece of advice. I was recently approached by a company, that in a way, I already work for 9-5, sort of a sister brand. They want to use my images for product packaging, in a major way. This would entail several product lines, each featuring a different photograph per product, being sold through through a few channels, not a national brand, more regional and online.

The point is, how do I price myself? They want to know, what would you like to get paid for this? And we can negotiate from there. I'm not looking to make millions here, especially because it is good exposure for my work, however, I don't want to be underpaid for this usage. I created some of these photos specifically for their consideration, but it was not exactly commissioned, though they would like to use that model more going forward.

Any thoughts? Thanks!
 
is it like a big company that you know will have a good budget? Because then I'd quote high
 
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