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Ready to talk about the question that seems to linger in your mind? Is it time to raise your prices?!
Before diving fully into the subject I wanted to make this FREE class available to you! I offered it for the first time about a month or so ago and it's called "Keys to Effective Family Posing: Goodbye Awkward & Stiff!" It covers all things posing. I had the greatest feedback when this class first went out. If posing is your weakest link or you struggle with the flow of a session you will want to check this out.
I wish there was a timeline of when you should raise your prices, but the truth is that really doesn't exist. And I also know there is a point of your prices just being too high. For today's episode we're going to walk through some guidelines that you can use to know when it is time to raise your prices!
If You're Not Profitable...
First and foremost a HUGE determining factor is if you're profitable! If you don't know whether or not you're profitable there's a simple way to find out. It's called running a CODB - "cost of doing business". For sake of time you can use this YouTube video "How to Price Your Photography to Be Profitable" to determine your CODB. I walk you through the entire equation and help you find the right numbers!
If You're Fully Booked...
Let me just preface: fully booked looks different for everyone. But, if you find yourself being fully booked for 2 or 3 months as a family photographer it's probably time to raise your prices. Obviously if you're part time or full time you being fully booked won't look the same. When I was a youth pastor and only did photography part time being fully booked meant my Saturday was booked. I only had the weekends to shoot and I wanted to save Sundays for family so if I had sessions on Saturday that meant I was fully booked! Structure your calendar and determine which days you want to work. When you see the next 2 months are booked for the days you've determined it's probably time to raise your prices!
If You Want to Increase Your Revenue...
Maybe you're not fully booked, but you're doing fine with your current rate. If you want to be bringing in more at the end of your year you need to increase your revenue! So if you want to increase your revenue, you need to either increase your prices or increase the number of bookings that you're getting. This is typically how it was for me in the early years when photography was my side-gig. I wasn't necessarily fully booked, but I wanted to increase my revenue. What I did was increase my prices every season. I went up $50 before Fall, then again before Spring. Do this until you find your sweet spot!
Common Pricing Concerns
Will clients complain? Maybe, but this is your business. You have to do what's right for you! Will you lose clients? Maybe, but you'll also be reaching a new client market. And lastly I will say this, if you're not making a profit and want to don't slowly raise your prices. Raise your prices to be profitable and do it overnight. You don't have to announce or prepare anyone. Be confident in what you do, find the sweet spot and keep enjoying your photography journey!
+ How to Price Your Photography to Be Profitable
+ Keys to Effective Family Posing: Goodbye Awkward & Stiff
What We Discussed
Not Profitable (2:56)
Fully Booked (4:38)
If You Want to Increase Your Revenue (7:38)
Common Pricing Concerns (10:19)