It’s a scary phrase right? Choosing to raise your prices is always a big decision for a business and something photographers struggle with. So how do you know if you’re ready? Here are a few signs that it’s time to to pull out that pricing sheet to make some adjustments:
- You’re working.. a lot.
Has your free time started dwindling? Do you feel like you only sit behind your computer and edit? If you’re feeling like you’re business is too busy, it’s a good sign that it’s time to change your pricing since the demand for your business is high! Will you lose clients? Yes, there will be a few but with the increase in income you’ll be working less time for the same amount (or more) money.
- You Haven’t Found Your Ideal Client Yet
If you are booking everyone who inquires but don’t feel a connection to your clients, you may not have found your ideal client yet. Raising your pricing is a good way to weed out those who only book you because you’re a less expensive option. An ideal client is someone who loves your work, is connected to your brand, and willing to pay a premium price for your services. It’s time to rethink your marketing and pricing structure. Check out this blog post if you need help trying to find and reach your ideal client!
- You’re Business has Improved
Do you feel that your photography skills have improved since you last raised your prices? Maybe you took a workshop that changed how you do business? Your customer service is better than ever? It’s time to give yourself a raise. As you and your business improve, you should be increasing your rate to reflect that.
- People are Saying it to YOU
If you have other photographers, friends, or a spouse telling you to raise your prices… well you can take that as a sign to think about doing just that. Photographers care about their industry, and understand that sometimes a peer might need the push to boost their confidence. Don’t brush off what people are saying but take the time to really look at how much you’re making and what your time is worth.
We’re not suggesting to raise prices just for the sake of raising them. It should be a well thought out decision that you’ve taken the time to check out your numbers. But, if a one or a couple of these situations apply to you, don’t let fear hold you back from being more successful. This is a good problem to have and clearly you’re on the right track with your business!