045.

In this episode of Priority Pursuit, we’re discussing something that scares arguably most creative entrepreneurs: raising your prices. 

 

When you love what you do and you want to serve your customers well, it can be easy to charge less than you, your team (if you have one), and your business need and even deserve. 

 

But, here’s the thing. As a small business owner, you likely work really hard, and you deserve to be compensated for all you do and for all you’ve built. And, as your skills and business grow, you certainly deserve to be able to pay yourself more, to work less, and to reward and build your team. (I mean, that’s the dream, right?)

 

However, unless you’re charging enough for your products and/or services, you’ll never be able to reach those goals. With this in mind, in this episode of Priority Pursuit, we’re discussing seven signs it’s time to raise your prices as a creative entrepreneur, which include:

 

1. You aren’t able to cover your cost of doing business or pay yourself enough to meet your needs. 
2. There’s so much demand for your work that you’re turning business away. 
3. You’ve invested in new equipment or further education.
4. You’ve improved your client experience. 
5. You aren’t making sales, because you’re priced in the “dead zone.” 
6. Your competitors are charging significantly more than you.
7. You’re ready to work less. 

 

If you identify with any of these signs, in this episode, we also discuss strategies you can use to raise your prices without upsetting your customers, including:

 

1. If you need to make a big price change, give your customers a heads-up.
2. Raise your prices incrementally.
3. Add value to your products or services.  

 

You can find a more detailed version of this episode’s show notes at: 

https://victoriarayburnphotography.com/signs-time-raise-prices.

 

Mentioned Links & Resources

 

• “Episode 044: Exactly How to Determine Your Prices as a Creative Entrepreneur with Chris Deckard of Velvet Lotus Photography” -