LET’S TALK HOW TO KNOW IF YOU SHOULD RAISE YOUR PRICES
Today we are talking about whether or not you should raise your prices. We often get asked, “Is my work even good enough to raise my prices?” We cannot actually see your work right now, and since we cannot see your work, we cannot tell you a definite yes or no. But, we can tell you some tips for you to know whether your work is good enough to raise your prices.
THE FIRST STEP IS MAKING A PROFIT
When you raise your prices, you have to know that you do not need to raise your prices from $100 to $1000 right away. Before you even talk about raising your prices, you have to decide if this is going to be a business for you. If you are charging whatever, and you are not able to take home anything, you just have a nice hobby that is paying for itself. If you want to make this a business, the first step is making a profit. You do not have to jump up your prices, rather you can inch your prices up over time.
IS MY WORK PROFESSIONAL?
So, is your work good enough to raise your prices? The first thing you should ask yourself is, “Is my work professional?” When you look at your work you are either ultra critical of yourself, or because it’s your work, you think it is amazing. Here are some factors to consider:
- Do you shoot manual? You need to know and understand your camera if you are going to be considered a professional Photographer. If you are not shooting in manual, there is no way you are delivering any sort of consistency in your photos. Also, professionals decide where the focus point is. Are you choosing the focal point, or is your camera? You have got to be in full control of that camera – you decide where it is focusing and what the light is going to look like. Being able to troubleshoot is huge in being a professional.
- If you are wishy-washy about your work, do not be afraid to ask for some constructive criticism. We have a great group on Facebook called The Snap Society Community. Every Saturday our members post their photos for some constructive criticism. We would love for you to join us there!
- Are you consistent with your editing? Especially picture by picture. In one shoot, are you editing in different ways? Having that consistency does show professionalism because you are being able to be defined in what you are giving out to your clients.
KNOW YOUR NUMBERS!
The next thing in deciding if you should raise your prices is to know your numbers! The thing with running a business is that it costs money to run a business. When you break down and know your numbers and know your expenses, you do not feel guilty about charging higher prices. You can confidently say that this is how much it costs to run a business.
IT IS NEVER EASY
Lastly, just know that it is never easy for anyone to raise their prices. You should not wait, because it is never going to get easier. It will never be fully easy and feel completely safe and wonderful and happy. When you have a defined business model, than you can change your prices. You also have to come up with ways to set yourself apart from all the other Photographers if you are going to charge those premium prices.
Have a community around you to cheer you on. When you second guess yourself, because everyone does, you can go to your community to bounce those ideas off of. Especially when you made a big change and it did not work right away, you need community to cheer you on.
So, is your work good enough to raise your prices? How do you know? Is your work professional, do you know your numbers, and are you taking yourself seriously?
Last week on Coffee Talk we talked about Can You Shoot & Burn and Charge Premium Prices?
PLEASE COMMENT BELOW
Do you think your work is good enough to raise your prices? If so, have your raised your prices?!