If you’ve been thinking to yourself “I wonder when to raise my photography prices”, this is your sign. You reach a moment in your photography business where you have to raise prices, it’s the clear next step and as the owner of your business you need to make that decision so your business can grow.
I was about a year into my business when I asked myself “I wonder when to raise my photography prices?” and then raised my prices for the first time. I was a bit apprehensive at first but it turned out to be the best thing for my business. It gave me more space to grow and better meet the needs of my clients as well as gave me more personal time and work-life balance. I promise, only good things will come from raising your prices. So if you answer yes to any of the questions below, it’s time to raise your prices!
1. Have you invested in your education?
Investing in your education means that your skills are improving and becoming sharper; therefore, your time and product are worth more. Your pricing should match the quality of the work you’re able to produce for a client. This includes (but is not limited to) your knowledge of posing and working with families, taking photos, and editing photos. Your prices should always take your education into account and the best part is as you raise your prices you’re able to invest more into your education and business.
2. Have you invested in your equipment?
As photographers, we know the difference that certain cameras and lenses can make. The quality of cameras and lenses matters and therefore should be taken into consideration when you are figuring out when to raise your photography prices. Investing in the equipment you use means you’re giving your clients a better experience and a better product.
3. Are your finances in the red?
It’s simple, if at the end of the day after you’ve added up all of your expenses and you’re breaking even or even in the red, then you need to raise your prices. Breaking even is not enough. You need to be profitable. It’s very simple. Raise your prices and start paying yourself for your time, skills, and knowledge. Those things have value and you need to start charging for that value. Being profitable is possible. Find the number that makes you profitable and start there.
4. Are you overbooked?
Don’t confuse being overbooked and crazy busy with having perfect pricing. Yes, it’s good to be booked but it’s better to be strategic with your bookings, take on fewer sessions, and get paid the same or more. If you’re really busy, your prices are too low. If you raise your prices then instead of grinding all year round and potentially facing photographer burnout, you’ll get time back to use however you’d like whether investing in your business in other ways, or in your personal life.
That daunting question of when to raise my photography prices can feel like uncharted territory, but it’s so important for the success and longevity of your business. Do some research and then start testing out some numbers. Signing up for the Simple Sales Blueprint was the best thing for me in figuring out how to be profitable. If you have any questions about the program, send me an email and I’m happy to help!
Recognize that it’s a test! Do your best to find the number that makes the most sense for you and your ideal clients and then test it for 6 months to a year. Give it some time and see if it works. Maybe your pricing is still too low or maybe you jumped way too high and you’re not getting as many bookings as you’d like. It’s okay to test, gather some data and then test again.
You got this!