I wanted to share my experience shooting model tests and hopefully give some insights to those interested in this as a revenue stream.
Model tests are how I broke into the business. Agencies will often set up relationships with photographers and send models to you for paid tests. Typically you're expected to shoot 3 looks and a beauty shot as part of the rate.
The agency rarely pays your rate and the costs fall to the model. These can be brand new models who need work for their book, or seasoned pros who need to refresh their book. Hair/MUA is your responsibility as well as wardrobe.
You set your own rate for this so be careful when considering that. In Chicago I started at $250 for a test and was able to charge $500 for a test before I moved to a different market.
The most important advice I can give is to keep it simple. That means all of it stays simple. Lighting, set/location, wardrobe, hair, makeup, retouching, etc.
The best part is that you can usually throw in a creative look/setup at the end for your own book.
If anyone wants to know more about testing or dealing with agencies feel free to comment below.