10 Incredible Benefits to Raising your Prices | IPS Made Easy Photography Podcast

Is it Time to Raise your Prices in your Photography Business?

Raising your prices can seem so scary at times. It’s so easy to think of all the unknowns and seemingly “negative” possibilities that could happen, but what about the benefits? Today’s episode on the IPS Made Easy Podcast we discuss the incredible benefits to raising your prices in your photography business.

Pricing Made Easy Workshop

If you are ready to finally raise your prices in your photography business then register for the free Pricing Made Easy Workshop October 28, 2021 at 12:30 CST. Can’t make it? Grab the replay here.

If you are struggling with what to charge, how to put your packages together or what to charge for your a carte menu then this is for you. Maybe you are a shoot and burn photographer. You have one all-inclusive price that’s not something that you can do forever and you really are ready to put your pricing together, but you just don’t know where to go or how to do this. It’s time to finally get paid for your work and if you don’t value it, noone will.

This workshop is a completely free one day workshop. You can expect it to last 90 minutes or less, and you even get a free workbook download that goes along with it. Register and grab the workbook so you are ready to rock and roll by workshop day! All live participants will have the opportunity to email me your questions and I will answer them live at the end. Email me at hello@destinytillery.com for question submissions.

In this workshop you will definitely walk away with a clear understanding of the things that you need to do what to charge, what to offer, what to put in how to make sure you’re profitable. I’m so excited for the transformation this is going to create in finishing out your year strong and going into 2022 with a clear and confident plan for profits.

Raise Your Prices & Work Less

How does it sound to be able to work less in your photography business? When you make more money, you’re going to have to work less to make the same amount of your goal. So what are you gonna use to judge that? First of all, you’ve got to have some sort of goalposts. You need to know where you are going or what’s your goal is to even know whenever you’ve met it. Otherwise, once you’ve met the goal, you will keep moving the end goal and burnout. This decision between moving the goalpost by booking even more sessions or resting is critical. You can book more sessions and make more money, which is a major temptation, or you can rest. I will warn you now.. booking more is a trap, it’s a trap.

Defining a goal and then reaching the goal should not mean working more. You can change your goal when you look at them in 6-12 months and reevaluate all those things. It’s not about working more, it’s about changing your products and adjusting somewhere else, but not working more. You want to be able to still make the same amount, work be able to work much as you do now or less. So number one, benefit one of raising prices is to work less!

Increase Prices = Increase in Quality of Photos

Increasing your prices means your clients will get better photos. You will be better at taking the photos and editing them. For instance, if you don’t have 38 in your queue waiting in line for you to edit. Makes sense, right? You’ll also be less stressed. You can sit down to edit and you won’t be so focused on just just getting them out. That feeling of being behind and rushed to get them processed will be so much lower.

How does it sound to be able to do the things that you need to do to make the final product be something that you are proud of? Just imagine how excited your photography clients are going to be, how willingly they are going to be to share them and refer others to you. None of them are going to be cringe-worthy if they say that you took them, because you’re going to be happy about what it is that you did with them, because you’ve had time to produce quality.

Need an Equipment Upgrade?

When you raise your prices, you have more income. You will have more income to be able to have an equipment upgrade.

Do you have a new computer, camera body or lens you would love to have? Maybe you need some new lenses or some lighting for your studio or whatever it may be. Upgrading your equipment will take your work even further to the next level. Comment below your dream purchase for when you increase your profits. Personally, I remember thinking, “man, if I could just have that 135!” I now shoot with this all the time and it’s my baby. My number 2 is probably my 50mm and then my 35mm, followed by my 85mm. Upgrading your equipment doesn’t have to be a dream.

Invest in Education

Now that you’ll have the income and time from raising your prices you’ll be able to invest in your education. Have a workshop or coaching program you want to invest in? Maybe you would love to attend a workshop or training or course? You will be able to have the funds to invest in your skills as a photographer. This will add to the value your photography clients receive, as well as your confidence.

Raise Your Prices to Add a Client Closet or Prop Collection

You can add to your client closet or a prop collection by raising your prices in your photography business. If you have a client closet you can add wardrobe selections for boudoir, maternity and even children photography. If your newborn, I know you definitely have to have a prop budget because I’m a newborn photographer and that stuff is so hard to resist. You can add to the value, the overall value of what you’re bringing to the table in your business.

Need a Raise? Keep Up with Inflation by Raising Your Prices

With the rising cost of nearly everything, you need a raise! When did you last give yourself one? Seriously comment below how long it’s been since you raised your prices? By raising your prices will help you counter the effects of inflation.You are you own boss and you need to give ourselves a raise, just like any other good em boss would do for their employee.

Money to Invest in Business Systems

When you have more time and money to invest into refining the systems and your offers you can invest in business systems. What are your client touchpoints? You can begin to think, how can I improve? Now that you’re now just going 90 miles an hour you can create a plan with intention. Just trying to stay afloat and keep my head above water is not ideal. What can I do to really make this better? What is there some sort of program is I don’t know is there all the systems I’m using for say online galleries or slideshows or projects or products or the things in a studio. Check here to learn more ways to improve the client experience.

Workflows, offerings, software and even outsourcing can be refined with raising your prices. So if you’re charging more, you’ll have more of those resources to invest back into your business and into your work. You’ll be able to invest in samples, products and even a new system to make your work easier. What systems are you excited to get?

Less Haggling Sound Good?

We’ve all had it happen.. someone messages with a sob story or a request for a discount. If you haven’t had it happen yet, you will! This can be really frustrating. Instead, you want to attract quality clients and this happens when you increase your prices. The clients you will be attracting would be embarrassed to haggle like that because they respect that you get what you pay for and value your work.

Higher Prices Attract Better Clients

Less haggling and this one are similar, but we really need to drive this point home. The clients who only want to buy from you because you’re the lowest price photographer they’ll treat you like it. These clients expect the world from you and they’ll leave you for a competitor. They don’t have the loyalty because they are judging the service as a commodity and not the value based service it is. If you are worried about clients looking for the best deal then just know that when you switched to premium prices, then you position yourself as the best at what you do.

They see the value in things. What they say like you get what you pay for and they’re willing to invest for quality and having things done right the first time, instead of just looking for the lowest price and there is a difference. if you feel like people are doing your dirty and they’re not doing you right then they’re probably not.

There’s time to raise your prices and attract the premium clients that aren’t afraid of spinning what they value on things. Again, it doesn’t have anything to do with how much you make it has to do with who values what and what they’re willing to spend on the things that they value.

More Time?

What would you do if you had more time? This summer I was able to invest time into new hobbies and adventures and you can too! I learned to drive a camper, took time teaching my kids to forage for herbs and slowed down a bit. What would you like to do with the extra time you’ll get with raising your prices?

You’ve got to make time for the things that you love to do, because if all we’re doing is chasing after the dollar and we’re chasing after making a bigger business and chasing, chasing, chasing, and we’d never give ourselves the time to really enjoy our life, then what is it worth like? What’s the point? Go ahead and raise your prices. Be confident. Allow other people to value the work that we put out in the world and get more time to live your life.