5 Signs to Know if You Should Increase Your Photography Prices
When it comes to making more money in your photography business, you really only have two choices:
Photograph more people.
OR
Raise your prices.
Perhaps you already have too much on your plate and the thought of taking on more sessions or weddings lead to feelings of overwhelm... so the only logical option is to charge more per client.
Many photographers resist raising their prices. After all, coming up with initial prices is a big hurdle so the thought increasing them leads to a ton of uneasiness, especially if you are still getting push back from your current client base.
So how do you know if now is the right time to increase your session or wedding pricing?
Here are 5 signs to look out for before your next price increase:
1. You're booking out.
This doesn't necessarily mean that you have hundreds of clients. Everyone of us has a different version of what "booked out" is. What's yours? 4 clients a month? 6? 10? 20?
Regardless of what booked out is to you, if people are clamoring to get on your calendar, there is a high demand for your photography services. And when there is a high demand for you, the market can bear a higher price point.
2. Current clients tell you you're too cheap.
When you're clients say "Oh wow! That's so cheap!" or "I expected it to be more than that," it's time to up your prices.
3. You're attracting the WRONG kind of clients.
You know the kind...the ones who are constantly complaining, asking for more discounts or are not happy with your process. They can be a huge suck on your time and your energy level...and quite frankly, it's just not fun working with those kind of clients!
Upping your prices a bit can help pre-qualify the people who book you because they are more likely to appreciate you and your photography talent.
4. You've mastered consistency.
In posing, in lighting, in post processing and client interaction. If you are going into sessions and/or weddings confident in your skills and consistently getting amazing results, you deserve to be paid in line with the higher value you offer.
5. You simply want to earn more money.
No need to feel guilty about wanting to earn more money. You put a lot of time, energy and effort into your photography business and, as your skill set and experience increases, it's totally natural to earn more.
Not to mention, the cost of doing business and the cost of living is steadily going up too, so it just makes sense that what you charge will need to increase over time as well.
If you've known that you need to increase prices then DO IT. Do not wait for someone else's permission.
Ask yourself, what would feel good to charge per session or per wedding? What makes the most sense in this season in your life given your financial goals and time?
If you're not sure what the answer is to that question, I'd love to gift you with my free Profitable Photographer's Pricing Calculator. It's an easy plug and play sheet that will show you exactly what to charge per client, exactly what to put aside for taxes and exactly how much you can reinvest back into your business based on your unique financial goals. Grab your very own copy here!
The next season can be one of the best financial seasons in your business if you just get out of your comfort zone and sort out your pricing!
Cheering you on!
Heather