This is gonna get ugly, but it needs to be discussed. Come on in to the trust circle, my friends. In this photography industry, you can find photographers who are quite literally producing images for free all the way up to $20,000+ fine art averages and of course, every one in between (not to mention commercial photography with budgets in excess of $300,000 for a single campaign.
Due to the fact there isn’t a standard level of entry into this industry, it’s up to the business owner to price their own services and products. Usually this decision is ill-informed and based on competitor pricing leaving the photographer to underprice their talents in hopes of luring in clients with low prices. That usually begins an ugly cycle of chasing a financial goal that the owner is unable to reach. Raise your hand if you’ve been personally victimized by underpricing yourself. I think we’ve all been there.
But WHY do we do it? WHY have we done this to ourselves?
Let’s talk about the 3 feelings at the CORE of UNDERPRICING YOURSELF.
See? We all just collectively tucked our chins in and widened our eyes while looking down at the floor. I FELT THAT. Let’s just rip off the bandaid, shall we?
1. Unworthiness: ouch. It already hurts. This gross feeling happens when we don’t feel good enough about our work or ourselves to charge higher prices. That can come from comparison to other competitors or deep down inside our personal issues. Either way, it sucks, am I right?
2. Scarcity Mindset: Listen, if you’ve ever thought “I would NEVER pay $2,500 for pictures!” this one’s for you. YOU ARE NOT YOUR TARGET MARKET. Just because you wouldn’t pay that, doesn’t mean that someone else won’t. What may be a fortune to you could be pennies for others.
3. Fear of Failure: “But what if I mess up?” Honey, you can “what if” all over yourself, but don’t forget that there are steps you can take to make sure those “what if’s” don’t happen. Don’t allow fear of failure to be a crutch for not charging what you’re worth.
YIKES. Have you felt any of those feelings before? I know I have! #1 and #3 are ALWAYS in the back of my mind and the only way I have overcome them is to JUST INCREASE THE PRICES. It’s terrifying, but you’ll never know what can happen if you don’t.
So, if you are struggling with any of the above, then this is for you.
If you’re TIRED of underpricing yourself and ready to charge what you’re worth and actually profit from it, let me introduce you to Pricing for Profit. Your 5 Step Process to a Purposeful & Profitable Pricing and Sales Plan for your Photography Business
Pricing for Profit is an intense self-paced course for photographers who are tired of financially struggling in their business (and even their personal lives). It’s my 5 step process to a purposeful & profitable pricing and sales plan for your photography business that teaches actionable strategies that will take you through a personal & business financial analysis, implementation of a minimum order requirement and session tiers, building collections and a la carte product offerings that motivate higher sales averages without icky hard-sell tactics, and even features the detailed process of in person sales sessions using psychological methods that result in increased earnings every time.