As a creative entrepreneur, setting prices for your products or services can be one of the most challenging tasks. You don’t want to overprice your offerings and scare off potential clients, but you also don’t want to undervalue your time, expertise, and talent. Your work feels super personal and it’s difficult to assign a price tag to something that feels like a natural gift!
Plus, there’s the age-old debate about whether or not you should actually post your prices on your website.
However! If you’ve been in business for a while and haven’t raised your prices, it might be time to reevaluate. Here are seven signs that it’s time to raise your prices for your creative offerings:
1) You’re busy af.
Aka: You’re overwhelmed with client work and struggling to keep up with all the demand! This can be an excellent problem to have. If you’re swamped with clients and barely have enough time to breathe or respond to new inquiries flying into your inbox, it could be a sign that your prices are too low.
When business is booming, raising your prices can help you manage your workload and ensure you’re compensated fairly for your time, energy, and expertise!
2) You’ve got no room to grow
Related to number one! Your done-for-you services are booked solid. Doubling, tripling, or quadrupling your prices just isn’t feasible (or still wouldn’t get you to your income goals).
If this is the case, it’s time to introduce scalable offers like digital products, courses, or group programs so you can supplement your DFY services with valuable offers that don’t require trading as much time for money.
3) You’re constantly offering discounts
If you find yourself constantly offering giveaways or running sales to attract customers, it might be time to reassess your pricing strategy. While offering discounts can be a useful marketing tool, it can also devalue your offerings and make clients expect lower prices in the future!
4) You’re feeling resentful
… of your current clients who are underpaying you OR of other service providers who are charging more than you.
It’s time to raise your rates so that there isn’t one hint of resentment or negative energy entering your client or community interactions.
5) Your skills and experience have increased
If you’re anything like me, you’re constantly learning and growing with each client you work with! Your prices should reflect that. If you’ve gained new skills, honed your expertise, added more deliverables or value to your signature services, or expanded your portfolio, it’s time to adjust your prices to reflect this increased value.
6) Your expenses have also increased!
As your business expands, your expenses like will, too! Things like hiring an assistant, a VA, investing in coaching, using more expensive softwares – they start to add up. If this is the case in your creative business, it’s time to increase your rates accordingly. If you ignore these growing expenses, you’ll end up becoming less profitable over time!
TLDR: raising your prices as a creative entrepreneur can be daunting, but it’s essential to ensure the long-term sustainability of your business. (You’re a business after all!)
If you found yourself nodding along to any of the signs listed above and you need help creating a more strategic pricing structure for your offerings, you might be the perfect fit for private coaching.
Remember, your time, expertise, heart, and talent are SO valuable, and you deserve to be compensated fairly for your hard work.
6 Signs It’s Time To Raise Your Prices As a Creative Entrepreneur
March 28, 2023