Time Investment: 8 Minutes
Suggested Product: BizRevamp®
Sometimes you feel you just can’t increase your photography prices anymore. It feels like the bubble has about burst and you just can’t do it. After you’ve done your proper market analysis and have eliminated the idea of fear holding you back – move to looking at how you can make more money with what you already have instead of increasing prices more.
1. Cut your costs
Identify leaking money – such as subscriptions, overspending on props/actions, and other money going to items that are giving you low return on investment. Cutting costs lowers your CODB and increases your profit margin like *snap*!
Make sure you even know your costs though – if you don’t make sure you get it all into a system whether an accounting or pricing guide spreadsheet.
2. Change your legal structure
Consider moving into a legal structure with a better tax benefit. Generally Sole Proprietors are wide open for liability and have little tax benefit. Consider moving to an LLC or Corporation. If you’re already an LLC then maybe a S Corp Federal election can help reduce tax liability. Get 1:1 help on this here
3. Use deadlines and fees in your contract
Always put client’s feet to the fire. Get your money in a reasonable time with a deadline and potential penalty. The more time you have to spend chasing after a client to order the less money you’re putting into pocket and more time taking away from securing inquiries. If you aren’t using a Photography Contract snag one here.
4. Automate and get efficient!
Implement strategies into your workflow that reduce your time so you’re making more money. Reservation booking pages, hands-on email templates, and other tools can help you to consistently deliver information and increase your time saved to increase money earned.
5. Follow up with past inquiries
Tap into these people. Ask them if they are interested still – encourage them to stay engaged with your social media site and blog features. The more they see you in their inbox, the more your name is searing (branded!) into their mind and the more likely you are to convert them into paying clients. You didn’t pay money to get them (Or if you did that money is already spent) may as well maximize your exposure to them. Take The Modern Tog’s approach to portfolio building (affiliate link) while making money with these past inquiries and you’ve definitely succeeded in making more money without raising prices!