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When to Raise Your Prices

May 9, 2022 - Business, Business Tips

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I’m about to tell you something you probably won’t like to hear…

It’s time to raise your prices.

There. I said it… And I’m guessing your stomach dropped with dread at the mere thought of it. 

Maybe you’re thinking “If I raise my prices, no one will pay them.”

To ease your fears, let’s take a walk down memory lane to the beginning of my photography career. 

When to raise your prices

Shortly after I proclaimed my bold and audacious dream to become a photographer, my husband bought my first camera. It was a gift I will never forget, and what I assumed would be an effortless beginning to a career I felt destined to create.

What I hadn’t anticipated was the fact that I was Terrible. *With a capital T.*

I knew I needed to practice to improve, but I couldn’t even give photography sessions away.

>>I faced opposition left and right, but I was determined to start somewhere, learn along the way, and eventually make my mark.<<

I became a professional student of my craft. I studied everything I could get my hands on and graduated with a Masters in Google. (Summa Cum Laude, too. 😉)

I simply started where I was (which was the very, very beginning) and finally developed my skill set to a level where I could begin to charge for my time, even if the amount was infinitesimal.

What I needed to learn then, and you might need to learn now, is a simple fact:

>>Your knowledge and skill set has value, and as you develop it, your prices should also increase to reflect it.<<

I knew that if I wanted to be a photographer as my full-time career, simply making pennies wasn’t going to enable me to focus on my craft (and in turn, continue to improve).

So I made a rule that took all the guesswork out of my pricing: Every 3 sessions I booked, I would increase my prices by $300.

For you, maybe that looks a little different:

  • For every 15 batches of soap you make, you increase the price of the bar by 10 cents.
  • For every 5 families you sign to your daycare, you increase the day rate by 5 dollars.
  • For every 3 paintings you create, you increase the price of your original artwork by $100.

It doesn’t matter what numbers you select, but create a rule for yourself that takes the guesswork out of your pricing strategy while ensuring you are being compensated fairly as you develop more and more expertise.

Now, let’s return to your original fear: that people won’t buy if your prices are too high.

And to that, I say, “You’re right. Some won’t.”

But you aren’t here to serve and sell to everyone. You are serving your Ideal Client. 

By increasing your prices, yes, you may eliminate some people from the purchasing pool. But your customers and clients will be of a higher caliber. Not because they are right or wealthy, but because they see the value in what it is you do. 

But before you can convince anyone else of your value, you have to believe it first.

Free Mindset Makeover Workbook: How to Make Crucial Mindset Shift to Help You in Business

Ready to ignite possibilities and catapult yourself forward? Good. You were made for more, and it’s time to develop a new thought process around pricing. Lean into your worth and download my free Mindset Makeover Workbook by clicking >>HERE.<<

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FREE PRODUCTIVITY PLANNER

Life is about to get a whole lot easier.  

Desperate for change, I created a Productivity Planner to help streamline my workflow and I kissed stress goodbye. 

[With cherry flavored chapstick.]  

FREE INSTAGRAM GUIDE

Oh, friend, it's time to start growing your business on Instagram.
  
Sign up to receive a free Instagram marketing guide, helpful tips, and free stock photos you can use for your business.  

It’s basically an Instanote sent to your inbox to help push you toward your social goals and help grow your following.

FREE STOCK PHOTOS

You're busy, pulled in lots of directions, and trying to run a business. 

In addition to all this, you know you should be posting on social media, so how do you balance it all? 

I'm dedicated to your success, so download five free stock photos to use online...I hope this empowers you to attract dream customers along the way!

I wouldn’t say we were business nerds but my husband just sent me a Slack message asking me to call him.

If you need me, just follow the trail of empty La Croix cans around my house.

"Margaritas make me sound smarter, dance better, sound amazing, and look like Shakira...