💰 So You Want to Raise Your Price

Blind advice to raise your prices is NOT valuable…

Definition of Profit: is the (# of sessions you have) x (how much you make per session) – (your expenses)

💸 3 Variables to Change Your Profit

Profit is the function of 3 variables:

1. Shooting more
2. Charge more
3. Decreasing your expenses

1. Shoot more

• This is a function of Marketing and Sales (top of your funnel)

2. Charge More

• This needs to be sustainable and well-informed***
  • Ex. You’re a wedding photographer. You charge $2,500 per wedding and you shoot 20 weddings a year. If you use the cost of a good model – your PROFIT is $32,000 per year.
  • If you have a lot to risk – then sure – “double your prices” or…
  • INSTEAD – Increase your price 10% every 5 weddings: $2,750 (this will bring you $15,00 in pure profit by the end of the year – just by these SMALL increments)

3. Decreasing expenses

• “Trim your fat” (mind your spending)
  • Ex. cut down your phone bill, pick an all-in-one CRM (😉), buy second-hand equipment
• Instead of increasing your prices – shift your thinking of “expenses” with your time
  • Ex. shift your packages from 👉 $6,000 for 8hrs to 👉 $6,000 for 6hrs
• This trickles down on your time spent on editing