Deciding whether or not to raise your prices can be a daunting and vulnerable conversation to have with yourself. It’s a big decision and something that photographers often struggle with. What if I raise them too much? What if I don’t get any leads? How do I know if I’m ready?
Here are a few signs that it’s time to give your pricing sheet an update:
You’re working—a lot. Have your friends forgotten what you look like? Do you feel like the only place that your family sees you is at your desk? If you feel like your business is too busy, it’s a good time that it’s time to raise your pricing to meet demand. Will you lose clients? Maybe. But they’re likely a client that is no longer ideal for you. You’ll gain newer (higher paying) clients in no time!
You still haven’t found your ideal client. If you’re booking everyone that inquires but don’t really feel a connection, you may not have found your ideal client. Raising your prices is a great way to weed out the clients who are only booking you because you’re a less-expensive option.
Your business has grown. Have your photography skills improved since your last price increase? Have you taken a workshop that has helped your business evolve? Is your customer service better than ever? If yes, it’s time to give yourself a raise. As your business grows, your rates should reflect that.
People are telling you that it’s time. If your photographer friends, vendors and clients are telling you that you’re inexpensive, you need to listen and adjust accordingly. Sometimes, your confidence just needs a boost. These conversations can be a great catalyst to take a good look at your pricing and what your time is worth.
Raising your prices should be part of a thoughtful conversation with yourself, but don’t be afraid to take the leap. Fear is no reason to hold yourself back from success. If you and your business are on the right track, you should honor your worth and share that confidence with your potential clients.
How did you know that it was time to raise your prices? Tell us in the comments below.
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