randy_kurtz Posted November 21, 2007 Share Posted November 21, 2007 Hello all, I work full time on a Railroad plus Photography business. The Photography business started small and it was fun made good money and the clients were very happy and so was I. Now its none stop work and NO FUN and I hate that because I love to take photos and make people happy. So whats a guy to do should I raise my price and hope it slows down or just start turning people down when they try to book a appointment. Thanks randy.. Link to comment Share on other sites More sharing options...
david_spivak2 Posted November 21, 2007 Share Posted November 21, 2007 When you find the answer to this question, please let me know. So far, I haven't. Link to comment Share on other sites More sharing options...
randy_kurtz Posted November 21, 2007 Author Share Posted November 21, 2007 David just hoping for a little bit of enlightenment lol :) Link to comment Share on other sites More sharing options...
bobbollinger Posted November 21, 2007 Share Posted November 21, 2007 There is a rule of economics called "price elasticity of demand." AS price goes up, demand will go down relative to the change in price--although the relationship will not be linear. When you hit the correct price point, demand will stabilize at a place where you can supply all of the demand with the hours you wish to work. If you experiment with raising your prices in relatively small increments, theoretically you will start to see a decrease in demand for your services. Hopefully, you will continue to make small increases in price until you find the equilibrium point that allows you to work less (reduced demand)and make the same or greater money (higher price charged than before). Link to comment Share on other sites More sharing options...
randy_kurtz Posted November 21, 2007 Author Share Posted November 21, 2007 Thanks Bob, Maybe raise my price 10% and see what happens. randy.. Link to comment Share on other sites More sharing options...
mrossi Posted November 21, 2007 Share Posted November 21, 2007 I have the same issue in a different line of business. I say reflect on your income and which jobs paid what, and then focus on getting more of the work you enjoy the most, learn how to say no to the less than desireable work. <br><br> My [non-photography] business is at a point where I'm totally overloaded. As a result I am being more selective with the clients I take, often either shying away from jobs, or quoting high rates to reduce my chances of getting certain jobs. It's working okay. <br><br> What I've arrived at is that I need to assess what kind of work I want to do, then chase down that kind of work. I'd rather have a few very happy long term clients and enough time to serve them well than too many clients and not enough time to service them well... <br><br> Try to put your own wants/needs/interests first because if you're enjoying what you're doing you'll do better at it too IMO. Link to comment Share on other sites More sharing options...
fullmetalphotograper Posted November 22, 2007 Share Posted November 22, 2007 The best answer I can give is, "sleep when you're dead." I got trapped a little in that mode. The biggest trick is to make time for yourself to shoot for yourself. That will help avoid burn out. You may be surprised that raising your price may not slow down, but you will find it is less stress. Low prices mean clients are more likely to what to haggle and find fault in your work. They are looking for a deal and a bargain. Link to comment Share on other sites More sharing options...
Ian Shalapata Posted November 23, 2007 Share Posted November 23, 2007 How about trying this...First determine how much time (and which days) you want to work each week. Then, when presented with a job offer, figure how much time and effort it will require and see if it fits within your schedule. If it does, great. If it doesn't, let the customer know when you CAN do it and let them decide if they want to wait or go elsewhere. That then allows you to schedule your time as you want it. In regards to price elasticity, you have to determine if your niche in the photog business is "price elastic" (as explained) or if it is "price inelastic", in which case you could attract more customers by raising your price because you now appeal to a different demographic of customer. Good luck. Ian Shalapataipsfoto.com | info@ipsfoto.comFreelance Multimedia Journalist Link to comment Share on other sites More sharing options...
William Michael Posted December 4, 2007 Share Posted December 4, 2007 My dentist edits his patients: they fit into his bike riding, fishing and cooking diary. He is a very good dentist, he does have highly raised prices, he simply has a quota of patients and is selective, and is in his surgery three and a half days per week. Seems to me you had a lifestyle thing going and it has changed for the worse as you simply cannot say `I am not available at that particular time`, to prospective photography clients. WW Link to comment Share on other sites More sharing options...
William Michael Posted December 4, 2007 Share Posted December 4, 2007 >>> he does have highly raised prices, <<< should read: `he does NOT have highly raised prices` The `NOT` was indeed the point I was making. WW Link to comment Share on other sites More sharing options...
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