The Dreaded Rates Question
No matter how long you’ve been in business at some point you have to raise your pricing. This has been one of the most asked topics we hear from our students.
What if I raise my prices and then people stop booking me? This is a common worry for most business owners, not just makeup artists. Costs are increasing across the board and you have to consider raising rates from time to time because the cost of living is annually going up.
If you're feeling too busy or overwhelmed and don't have time to consider a new project or business development, it might be time to look at whether or not you're undercharging. Evaluate your business to see if these are signs it’s time to raise your rates.
Are you dealing with an influx of work that you can’t handle?
All your leads are saying “yes”
Do you feel resentful or burned out?
You can’t hit your financial goals
You can’t grow your business (hire help, start your own product line)
Have you recently completed new training, received a certificate or participated in a workshop that taught you new skills you could offer your clients?
Raising your rates can be emotional because we worry that clients will think we don't deserve it or maybe think we're not worth it. A great solution to this is to think about it more like you're not “raising” rates. Instead your “changing” rates.
What if you lose a client? Simply put they were not meant for you. You need to be OK with letting a few clients go because they booked with another artist because she was “cheaper”. Why? It opens up your mind and business to take on more well-to-do clients who value the services you offer. Bottom line, if you feel you're worth what you're charging, so will your clients.