Do you want to raise your prices with confidence, knowing it’s the right next step for you? 

The main thing to keep in mind when you are considering raising your prices is to consider supply and demand. Yup, we’re going back to economics (anyone else take it in school?)

When we think about supply and demand as a photographer, this means we’re thinking about two things…

SUPPLY: How many sessions or weddings you are comfortable booking per year or month. 

DEMAND: How many inquiries you’re getting that want to book!

With these two things in mind, this means it’s going to be different for EVERY photographer. Some photographers thrive off of 30+ weddings per year… and some only want to book a max of 10 per year. Some photographers love shooting 5 sessions per week… some only one want per week. 

Think about where you’re at…

How many sessions or weddings do you realistically want to book? 

It might sound like you’ve “made it” as a photographer if you tell others you’re shooting 40 weddings per year, but is that really sustainable? It’s not that impressive if you’re barely able to keep up with the back end without working 60-70+ hours per week and have no personal time (aka no social life). Trust me, I’ve been there, and it’s not fun, not worth it, and it doesn’t serve anyone well (including your clients) because you’re burnt out. 

What does your demand look like?

Once you figure out how many weddings or sessions you want to book per year, think about your demand. Does your demand meet how many spots you have to fill? Is your calendar booking up with clients with the amount of spots you’ve decided is a good number for you? 

If your demand is greater than your supply (if you’re getting more inquiries wanting to book than you have spots for), it’s time to confidently raise your prices. This means fewer inquiries should want to book, and you’ll hit that sweet spot of booking out your spots without then turning away too many inquiries for every date. 

If your demand is lower than your supply (if you’re not getting enough inquiries booking to fill those spots you want to fill), then it’s time to look at new ways to market your business and build a solid brand (check out my other blog posts for more tips on that!). 

If your demand is super high…

So, you’re in a position where it’s time to raise your prices because your demand is super high… it’s time to RAISE THEM! If you’re in that position, let me tell ya, you’re in a place most photographers want to be and you can do so with confidence because the demand in your business is there. 

I typically don’t recommend making an announcement that you’re raising them or waiting too long… because otherwise, you’ll fill those spots with clients at price lower than you probably could have charged, essentially leaving money on the table (and booking yourself out too early and feeling tempted to book more than you should). In other words, you want to make as much as possible per session so you can shoot less and make more! If you have the demand to try raising them, you can go for it without announcing it. 

How to Raise Prices

So HOW do you raise them? Simply raise the prices on your investment guide and start sending new prices to inquiries! I recommend raising portrait session prices anywhere from $50-75 per price increase, and wedding inquiries around $200-400 every price increase. It will totally depend on your unique situation, though, and how much you need to raise them! And remember, nothing says you can’t lower them again! If you raise your prices and aren’t booking for a solid 3 months for portraits or 6 months for weddings, you can always lower them back down a little to see if that does the trick. I have done this multiple times in my business. I promise, no one is paying that close enough attention!

Do you want to learn more about what it takes to ACTUALLY stand out as a photographer in a saturated market? Come join me and hundreds of other photographers at my free online class on November 12th at 12pm and 6pm EST. Register for free here: http://www.stephaniekase.com/freeclass