4 Tips to Help You Increase Your Prices as a Boudoir Photographer
Here’s the truth: more often than not, photographers know they need to charge more. But increasing your prices…that’s a little scary to actually do, right?
“Will I still be able to book clients? Am I worth what I’m asking? Where can I find clients who will be able to afford this?’
We’ve all asked these questions to ourselves. But to make your business run effectively, you’re going to need to charge more.
Once you progress, and rack up more expenses (outsourcing bookkeeping, hair and makeup, studio rent, etc.), making your starting rate just isn’t going to cut it.
So let’s talk about how to make this transition easier. In this episode, I’m going to give you four practical steps to help you increase your prices as a boudoir photographer!
RESOURCES MENTIONED IN THIS EPISODE:
- The Full-Time Formula Spreadsheet: https://tracylynncoaching.com/product/full-time-formula-multiple-niches/
- Join my email list for more photography tips and tricks: https://rebrand.ly/tlcnewsletter
Tip #1: Know How Much You Need to Pay Yourself
First, you need to understand what you actually need to RUN your business. Obviously, that includes your expenses, but also what you pay yourself.
Most photographers bring home 30% of their total revenue. So to figure out how much money you need to run your business, you need to work backwards.
Start with your salary goal.
This is where a lot of photographers go wrong. They think of a big revenue goal instead. And while it sounds glamorous to bring in six figures, the reality is you’re not taking home all of that money.
Instead, let’s just talk about what you need to make per month.
Maybe that’s to replace your 9-5. Maybe that’s to just supplement your family’s income.
It doesn’t really matter…but you need to have a monthly income goal to know what your total revenue should be.
Let’s say it’s $2,000 per month. Divided by the average take-home pay of 30%, that’s $80,000 per year in total revenue. That’s what you need to be bringing in to meet your goal.
Tip #2: Create a (Strategic) Price List
Next, you need to create a price list that will help you get to that number.
So we now know that you need to revenue of $80K to pay yourself $2,000 per month. The next step is to create a price list based on the number of clients your schedule can handle.
For simplicity’s sake, let’s just say you have time for five clients per month. Your monthly revenue (which would be $6,666 based on the numbers above), divided by those five clients puts you at $1,333 per client.
When you have this number, you know what you need to sell. And you can start carving out a path to get there. You know what you need to offer, and for how much.
Now, this will vary depending on your business, but the idea of a price list should work the same no matter what you offer.
There are three main types of price lists you can use:
- A la carte, where you sell each type of product individually.
- Collections, where you can create pre-made collections your client can purchase.
- Build your own collections, where you offer custom collections instead.
Whatever you choose, this can help guide clients to the right purchase for them. Because they can start to see the value in purchasing a collection, or just an album, or both — or really, whatever you offer.
And for you, it means you’re pricing yourself in a way that gets you to your goal instead of leaving it to chance or whim.
Tip #3: Build Up Your Confidence
When a client asks what you charge, don’t be scared or offended by it. More often than not, they’re not price shopping, they just want to get a conversation going.
But practice talking about it…a lot. The more you practice and say it out loud, the more confident you will sound! And confidence sells!
Some of my coaching clients increase their prices and jump straight in, which is great! Go for it if you feel you can.
OR you can gradually increase your pricing by, let’s say $100, for every sale. That way, you can work up to what you need to charge and build your confidence.
Ultimately though, it’s whatever works best FOR YOU.
Tip #4: Book More Clients
And obviously, having more experience under your belt helps. Booking more clients can help you increase your prices.
But how? Here are three things I suggest doing:
- Nail down your ideal client. If you don’t know who you’re talking to, you’re not really talking to anyone. And make sure it’s someone who will pay what you’re worth!
- Build a website that helps you convert leads to clients. There’s a lot of strategy behind this, but the main idea is that it should lay the foundation, give them everything they need to know, and make it easy to book a session with you.
- Put yourself in front of your ideal client. It’s not enough to just hope that they will find you!
SHORT AND LONG-TERM TACTICS TO GET SEEN
Getting seen by your ideal client takes a lot more than posting on Instagram or getting your website up and running. You can’t just hope they happen upon you.
To get seen, you need to be intentional. And you can do that with both short and long-term tactics!
Short-term tactics include things like a bridal fair or women’s show, marketing with other businesses, networking events, and collaborations. And the good thing about them is that even though they’re a bit of hustle up front, they can also feed into your long-term strategies.
Long-term tactics are things like search engine optimization, blogging, and email marketing. These long-term strategies can be a bit time-consuming and daunting upfront because you feel you’re doing so much work while seeing no results.
But eventually, you will see results if you’re intentional and consistent with it.
Need Help Crunching the Numbers?
If you get one thing from this episode, I want you to understand how important it is to know your numbers.
Why? Because this will help you know exactly what you need to do to increase your prices as a boudoir photographer.
We want to enjoy what we do, but it’s hard to run a business if there’s no income, ya know?
If you want a little help crunching the numbers though, I have a spreadsheet that will walk you through it. The Full-Time Formula can help you see:
- Your total revenue
- How many clients you need each year
- Your schedule
- Sales Aaverage goal
And then you can take this information and create a price list that will help you meet your income and revenue goals in the coming year
Interested? You can grab the spreadsheet for just $27 here!