One of the biggest, confusing, scary things about being an entrepreneur is figuring out what to charge for your services as an artist. Once you’ve decided on your pricing, and hit that sweet spot, it feels comfortable. You’re booking, and you’re happy. Well, it’s time to get out of your comfort zone, because we all know comfortable is not a productive state of mind. As a basic business principal explains, the more something is in demand, the higher the price is. The more people who want you, the more your time and talent is worth.
It’s time to raise your prices.
It’s normal to increase your prices yearly as the cost of living (and everything else) also increases.
But then, your mind starts running. What if people don’t book? I’d rather have lower prices and lots of bookings versus higher prices and lots of no’s! But I promise you - there will always be a market for $100 portrait sessions, and $500 portrait sessions, for $1,000 portrait sessions, and $5,000 portrait sessions. It’s all about what type of client to which you choose to market.
If you raise your prices by $X, that means you can book 8 less shoots per year, which means tens of hours spent with family and friends when you would normally be traveling, shooting, and editing. If you raise your wedding packages across the board by $X, you can now give your clients a welcome package with champagne and send Starbucks cards before the big day. You have more room to improve the client experience, which is what we all want to do!
Value your time and your skill. If you've had the same prices for over a year, it's time to re-evaluate, take the leap, and raise your prices. Raised prices = more value = less work = more funds for client spoiling = more time with family = happier you = a better business all around.
Next week, I'll be sending out PART II - how to market to your new ideal client and take the work you've always wanted to. Stay tuned!