Your Photography Business is Dying
Photography pricing for most photographers is a difficult subject. There is one thing they are not doing: one change will save their business from a slow death. By now, we’ve all heard about the damaging effects of inflation. There is inflation every year, but it seems that the past couple of years have been exceptionally damaging to small businesses. In this blog post, I’m going to show how one small change can benefit your photography business.
Do United States government said that inflation in 2021 was 6.8% (let’s just say 7%) – although many other business professionals would argue it’s probably 10 or 11%. That means if you don’t raise your fees, your business is offering a 10% coupon year long (depending on which figure you think is accurate).
That also means that if you only raise your fees 4%, you are still working at a loss. This video and blog will help you make the better decision.
Inflation is the Scary Monster for Photographers
I wrote this blog post because already, we as photographers have trouble even charging for the work. It’s almost like we aren’t allowed to make money if we enjoy the work. Watch this for more information on that.
When you factor in inflation, it just makes it even harder to thrive. Photographers must come to terms with charging for the work, raising their prices, and defending their value. Every other career on the planet already does this, and the point of this entire website is to make sure you do not become a statistic.
Billionaires are Doing it, and You’re Not (Yikes)
The list of wealthy companies raising the fees for inflation is growing day by day. Multibillion-dollar company Netflix just raise its monthly fee. Trillion-dollar company Amazon, also raise the fees for prime. Other international companies like IKEA, Gucci, Proctor & Gamble have raised their prices. Even the world’s Happiest place, Disneyland said they need to increase prices because of inflation.
We have the world’s biggest brands raising their fees and you as a multi-thousandaire brand will not do this? If anyone should, it should be you. You should be the one raising the prices because of your boutique company, your photography deserves the support of the marketplace.
The 4 Stages to Raising Your Photography Pricing
In this video, I broke down the stages for raising your fees. Watch the video in its entirety and I hope that you recognize how easy it is to achieve profitability. Let me break down the basics of the first steps:
- REALIZATION: you have to realize that you’ve been underselling yourself with your photography pricing, undervaluing yourself, under-representing yourself. You have to realize that it’s a slow decline downward, not up. Do you have to realize there is no trophy for being the martyr.
- DECISION: the second step would be to actually decide that you deserve better, that you want better. In order to move to our third step, you have to wholeheartedly feel step two. Are you just saying it? Or do you really feel that it is time for a change? Once you feel it you can move into step three.
- ACTION: Seek relief. In this case, the relief you were seeking is additional funding for your photography business. The other relief you are seeking is to become profitable, not a declining business. What do we need to do in order to see relief? Raise your fees? Sounds like a great plan! OK let’s go to step 4…
- RELIEF: one of my favorite authors, Esther Hicks talks about seeking relief. She says he shouldn’t worry about how or why something is happening, just seek relief. Do you want more money? Raise your prices, that is a relief.
As you watch the video, I will dive deeper into each stage but this is a quick preview for you.
Photography Pricing: The Benefits of Increasing
In addition to increasing the revenue generated by your photography business, raising your rates for inflation also has other benefits.
One of those would be the recognition that the world does not stop because you asked your clients for the new rate. No one died, and since no one died… This could become a routine habit.
It also increases your self-value, that you can and should increase your rates without any major repercussions. Facing this fear that many photographers have for their business has benefits that will help you for years to come!
I want Photography Mentorship
I offer private coaching calls/videos, online classes, and support groups where you can benefit from your business. If you read the blog and watched the video, this clearly an important topic for you. Consider visiting my products page HERE.
If you want photography (and video) freebies to help you along the way, want to know about new videos/podcasts, or even incredible offers… consider signing up for my photography survival package! That’s below
Do You Have a Photography Podcast?
I do and there is an entire episode about raising your photography prices vs. inflation right here. Check it out. My podcast is available everywhere podcasts are.