Let’s talk raising our prices.
Lots of people will have different opinions on your pricing. Some people will tell you that you are too expensive. Some people will tell you that you are too cheap. So how do you know if YOU should raise your photography prices?
Obviously, the higher your prices, the more luxe experience and attention you can give to your clients, and the more money you can make.
But most photographers need time to gradually grow into their “ideal” pricing.
If you are umming and ahhing about whether or not you should raise your photography prices, this is for you.
Here are 8 questions to ask yourself to know if it is time to raise your prices:
- Does my current pricelist factor in my CURRENT cost of goods, cost of operating, cost of acquiring a customer (eg Facebook Ad spend?) AND the cost of my time? Am I factoring in paying GST, income tax and superannuation?
- Am I currently working the hours I WANT to be working in my business?
- Have I raised my prices in the last 12-24 months?
- Am I currently paying myself what I want to earn?
- Am I pricing myself for the VALUE I provide TODAY?
- Does my pricing reflect the mindset of who I WANT TO BE (rather than from the mindset of who I am today or was last month, last year, two years ago)?
If you answer “no” to any of the above questions, then it is time to revisit your pricing.
- Am I completely booked out, needing a waitlist?
- Am I consistently attracting nightmare clients?
If you answer “yes” to either of those two questions, then it is time to revisit your pricing.
Calculate the numbers properly and look at your revenue, all of your costs (including paying yourself for the time you spend both in front of your clients and behind the scenes in your business) and your profit per client.
The numbers don’t lie.
If the numbers show that you need to raise your prices but you don’t feel like you can right now – then do a deep dive into your beliefs about why not and what’s possible for you (then clear them).
Shift your thinking from making your pricing personal and emotional to calculating your pricing from an EMPOWERED and PROFITABLE perspective.
Then of course –
There is no decision unless there is action.
You don’t have to double your prices overnight. Start by increasing your session fee and print prices by $20-$50. (It WILL make a difference to your bottom line).
So decide, commit and announce it – even if it feels uncomfortable.
You’ll probably feel nervous.
You’ll probably feel like you will lose clients.
You’ll likely feel doubt, fear, and resistance…
AND yet- if you do it anyway… you are opening yourself up to receive your ideal clients who are happy to pay your raised prices.
You may be surprised at the response.
Like Sara. She came to me to help her raise her prices from a $1200 average sale.
We looked at what she wanted to earn per shoot, we reviewed her pricelist and then I coached her on EXACTLY what to say during the sales process. She then implemented exactly what I told her immediately with the next client enquiries and sales sessions.
The next three updates I got from her went like this:
2 Days Later: “I just made a $2600 sale!”
One Week Later: “I made $6000 from 4 shoots this week!”
One Month Later: “I’m now branching into the luxury market for minimum $10K sales.”
Confidence in your pricing comes from taking ACTION.
As long as you have:
An exceptional customer EXPERIENCE to match your pricing
A PROVEN SYSTEM to elegantly guide your clients into a sale;
And the BELIEF that you are WORTHY of receiving those prices…
… You can charge whatever you want.
Don’t be afraid to raise your prices to be the empowered and wealthy business owner that you ASPIRE to be.
If you are a photographer or know a photographer who wants help with pricing, you must check out my free (physical) 90 page Art of Pricing for Photographers workbook here.
PS: Please do share this post with anyone who might find this helpful!
PPS: If you are looking for a supportive, inspiring place for photographers, come and join my free Facebook group here.