Grow your photography business. Studio management suite built for photographers by photographers.
february 2021
Room Show Notes
Room Show Notes
π° So You Want to Raise Your Price
Blind advice to raise your prices is NOT valuable…
Definition of Profit:Β is the (# of sessions you have) x (how much you make per session) – (your expenses)
πΈ 3 Variables to Change Your Profit
Profit is the function of 3 variables:
- Shooting more
- Charge more
- 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 (π), buy second-hand equipment
- Instead of increasing your prices – shift your thinking of “expenses” with your time
- Ex. shift your packages from π $6,000 for 8hrs to π $6,000 for 6hrs
- This trickles down on your time spent on editing
π Key Takeaways
- Stop allowing comparison or your ego to influence your pricing
π¬ Room Discussions & Questions
- Outsourcing may be a better option for you – “how much is your time worth?”
π Follow Bryan, Nathan, and Sprout
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Time
(Friday) 11:00 am - 12:30 pm(GMT-05:00) View in my time