Scaling Your Prices Up
so you want to start scaling your prices up, you can't be at the same price forever. So we're gonna start by implementing it by half a year's. I usually like to up my prices maybe once a year, but when you're first starting out, you want to start to get the ball rolling a little bit again. This kind of goes back to our discussion earlier in the course when we're talking about what's the price range for your region. You don't want to start out pricing people, but you also don't want to stay stagnant. So you kinda have to like judge based on what other people are charging Again. I think I said I started 50% below a midrange photographer for your region and your style of photography, I think within six months maybe bump that up to 60% of that mid range photographer and then in a year get it up to 75 or even 100 depending on how you're doing and higher feeling. If you're not getting a lot of clients for those costs, You won't be able to keep bumping it up as quickly. But every year, if you...
're consistently getting more and more work you can start to bump up your costs now by how much it kind of depends on your market. Typically I bump my prices up every year by 20 to 25% and that's yearly and I've been doing that for seven years at this point I think for the first three years I was kind of staying stagnant at a certain price but every year I move it up and up and up and every year I get more and more busy. So again, this kind of takes time. This is another part where you have to be kind of patient about your prices, about getting more work. And it also helps about how you're keeping track everything Phil just talked about as far as accounting, we'll let you see how you're growing and you can kind of project and see how your business moves. If you see that you made more money in the last three months than you did in the month before those three months. Maybe it's time to up your prices a little bit. Maybe you've gotten to a skill level where people are willing to pay if you see that you've made less money or you're kind of staying in a middle ground. Maybe keep your prices the same, maybe think about lowering them a little bit. It's kind of a give and take and you kind of have to learn the trends as you watch your business grow or stay stagnant. So keep in mind that you gotta track it, learn it, see what other photographers are doing and kind of try and grow yourself. This is the business aspect of it, that is really hard to balance. People go to business school for years to get a handle on this. So don't feel bad about not learning this right away or doing the right thing, you got to experiment, try things, see what other people are doing. So keep an eye on your progress. Keep an eye on your accounting. Keep an eye on other photographers on air. Talk to people, Talk to your client, see if they feel the price is fair. Maybe nudge it up a little bit when people start to ask your prices. But keep an eye on it. And this is something you would be cognizant of if you want to grow over time.