Alicia here! Today I’m guest writing for Heidi as her and her family are currently enjoying Disney World!
This week I’m answering a common question that is in the mind’s of every photographer in their first few years of business:
WHEN IS THE BEST TIME TO RAISE MY PRICES?
I hate to be the bearer of bad tidings, but there just never is a perfect time to raise prices.
You can wait and wait for the perfect moment, but it’s never going to come.
Fortunately, there are signs that a price increase is due, so you’ll know when the time is ripe for an adjustment.
- You aren’t paying yourself a paycheck because there isn’t money left over after expenses.
- You seem to only be attracting the people who hire you who still balk at your pricing — right in front of you.
- You want to work less but can’t afford to reduce the amount of money you are currently bringing in.
- Wal-mart’s prices are higher than yours.
- It’s been over two years since your last price increase.
- It’s time for you to grow your business and hire an assistant to help reduce your workload.
- All your photographer friends are telling you to raise your prices because you are worth more.
- Your spouse is telling you to raise your prices because you are worth more.
- The IRS is telling you that your deductions exceed your income.
- Your business profits leave no room to put aside money in savings, investments, or outsourcing.
The thing is, you may never feel ready to raise your prices.
That wave of nausea may not pass until you get hired for the first time on that new pricing. You may constantly question yourself and doubt what you know you need to be doing.
It’s a terrifying thing to take a leap of faith and hope that you are making the right decision. But it’s never the right decision to do nothing, to settle for what you know you are choosing to do because it’s safe.
The only way to have longterm business success is to do what everyone else is afraid of doing.
THAT’S how to stand out. THAT is how you create an amazing business that is profitable, sustainable and one that your clients are thrilled to be apart of because they know that you are in it for the long haul.
If you need help figuring out profitable pricing for your business, take a look at our pricing guide, Easy as Pie Pricing. (It’s currently available for $200 off!)
LOVE, ALICIA CAINE