The first part of that title is “Charge What You’re Worth…”
Too often as new entrepreneurs, we want business and experience so much that we timidly charge the amount that we know our services are worth. (I know that goods can be equally difficult to price but factors such as inventory and shipping can help you stabilize that.) In my instance, as one of a heck of a lot of photographers, I started off with a sliding scale that really wasn’t a scale at all. Folks would ask me for a deal and I’d give it to them because I just wanted to shoot. And, as a hobbyist, that’s perfectly fine. As an entrepreneur, it’s not.
I have a former coworker who has a great eye but who doesn’t consider herself to be a photographer (I don’t know why and I know she’s reading this and could make shooting a GREAT additional source of income). She does favors for friends and family sometimes. Sometimes they thank her with a monetary gift and sometimes they don’t. The difference between the two of us is I invest in equipment to become better. I spend time daily practicing to become the best version of myself I can be. So, when I do inform people that the cost of an hour shooting* is between $100 and $150, some are ok with it. Others aren’t. And that’s fine if it’s not in their budget right now. Everyone who wants to eat at Angus Barn can’t do it right now. But if they want to badly enough, they can put a bit away throughout the year and have a great holiday dinner. The same is true for the quality goods and services you offer. If they see value in it, they will find a way to pay for it.
Before I go, I’ll toss you another example: I have worked on résumés for hundreds of people. I started in college just proofreading them and then I began formatting them. To begin with, I was doing the work for free but, as I began to hone my skills and invest in more resources that would make me better, I knew it was time to start charging for professional development services. I let people know my price. Initially, I thought I was charging too much (mind you, at the time, I was charging half of what I do now) because people didn’t want to pay the amount. I found myself giving everyone discounts. Then, one day, I decided no more discounts. Sure, there are times of year (specifically at the end of a semester) when I may run a two-week special on professional development services but that’s more so marketing. If they want that first $35,000 or $45,000 or $150,000 job (yes, my work has opened all of those doors), it’s nothing to invest $100-$200. It’s all about what we’re willing to spend our money on.
Long story short, charge what you’re worth, be good at what you charge for, and someone will pay for it. Respect your time and others will respect it as well. As my guy Fabolous said, “let these (people) know your worth. Ain’t no discounts.”
*Price varies based on distance traveled and number of subjects in the photograph.
Make knowing your worth a priority.