.png)
All-In Wedding Photography
The business podcast for wedding photographers who want to build a booking system that works.
If you're tired of feeling stuck and alone in your business, this podcast is for you.
Join wedding photographer Alex Stead with co-host Ren as they break down funnels, marketing, pricing, and business strategies together in a way that actually makes sense.
New episodes every Thursday - hit subscribe so you never miss one!
All-In Wedding Photography
What's Really Holding You Back From Raising Your Rates?
You're not alone if you find yourself discounting when nobody asks, pricing at break-even points, feeling resentful after client work, or identifying as the "affordable option" in your market. These are classic signs of fear-based pricing that ultimately leads to burnout and resentment.
Ready to stop letting fear set your prices? Listen now to transform your relationship with charging what you're worth and build a business that supports rather than drains your life.
Download the pricing toolkit: http://alexstead.ca/pricingtoolkit/
she was like oh my god, are you serious? Ooh, she was like I was going to hire you to support you. Like talk about a gut punch. Hey Rennie, hi Alex, has anyone ever told you that you're too expensive?
Speaker 2:Oh, my god, yes.
Speaker 1:What did you do about it?
Speaker 2:I felt terrible, did you? Um, I think that I get really annoyed and defensive, but really I just like am terrified that they're right.
Speaker 1:Ooh, In this episode we're going to dive into the terror of being told you're too expensive.
Speaker 2:Did you hear me yesterday?
Speaker 1:No.
Speaker 2:I was on a sales call, yeah, and they asked if that was like my lowest rate, mm-hmm, and it was yeah, and I was like like yes, that is.
Speaker 1:And it took every fiber of my being to not explain what goes into that being my lowest rate the urge to over explain I want to be like well, see here like see my office cost this much and this costs that much Let me tell you about the spreadsheet that went into this race.
Speaker 2:Like it genuinely is hard, because I do think without like explaining, how would somebody know why your price is what it is? But also I don't think explaining ever makes anybody feel better.
Speaker 1:Mm-mm. I think what it comes down to is that if you're scared to charge more, it's not because you don't know how or you don't know you should charge more. Sometimes it is, but often it's because that, deep down, if you ask for more or ask for what you know you're worth, people are going to walk away or they're going to yell at you yeah and if they walk away, what does that mean about you as a person?
Speaker 2:well, I think the fear is that it will be the start, the like, the starting indication of a trend, and not getting more business yeah, automatically assuming that like this is going to lead to more. I think I often take one point of data fueled with emotional up close experience and think it's a lot more important than it is.
Speaker 1:Totally. I remember one time in particular, when I had recently raised my rates and I had put a lot of work into basically like a whole rebranding strategy, and somebody who I sort of knew reached out to me and when I gave her my rates, um, we were on the phone and she like I don't know what the word is do it. What did she do? She was like, oh my god, are you serious? She was like I was gonna hire you to support you. Like talk about a gut punch and like that.
Speaker 2:So validating to the imposter syndrome I was doing this as a favor to you, yeah, and like I can't believe you're charging that much that's don't give me business as a favor if you can't well, that's literally it.
Speaker 1:I think she was like oh, we're gonna throw alex like 40 and get her to take our photo. Oh my gosh and I wasn't even that expensive.
Speaker 2:I was probably charging like 150 at the time now I don't want her to have anything, but I think what I struggle with is a lot of the time like I'm in such like problem-solving solution. Let's get you everything you want mode.
Speaker 1:I'm like, yes, let me do it for $20. Actually, let me pay you.
Speaker 2:Literally that I'm like I want you to have this, like I want to make this work so that you get everything you want. The thing is that if I did run my business like that, nobody would ever get to hire me because I would be back working in a nine to fiver.
Speaker 1:Absolutely. It's costing you a lot more than just money to undercharge.
Speaker 2:But it's so hard because I do want to find a price that keeps me happily in business and gets as many clients as possible the service that they want.
Speaker 1:Well, yeah, that's the goal, I think, for most business owners. I think we see in the industry a lot of people be like you need to be charging like 10 grand, you need to be charging 20 grand, you need to be charging like 10 grand, you be charging 20 grand. You'd be charging 50 grand, like throwing out these like huge numbers, and if your nervous system is not ready for that, if you're still charging like 500 or a thousand, you're not, you're not gonna charge 10 000 immediately. That's, that's cuckoo caca like that's.
Speaker 2:That's not even a possibility that's poop and cuckoo and poop but it's not about being this like girl boss millionaire.
Speaker 1:It's like I want to charge a rate that feels fair, so that I'm making enough to support myself and my business and stay in business and also allow people to work with me and get what they want.
Speaker 2:I want to charge a rate that I show up like happy to be there A hundred percent.
Speaker 1:You know my clients use my pricing calculator, which is in the show notes, and every single time I get the like oh my God, I can't charge that amount. But they're looking at it and they're like charging this amount is for me to make minimum wage. Often it's like this is not charging so much that you're bringing home a million dollars a year. This is charging enough that you are making the same that you would working at McDonald's. There's more to it. You got to know your costs. You got to know your costs. You gotta know your numbers. So this episode is actually kind of taking us. This episode is taking us to the next step. So when you do know your numbers and you've looked at that and you're still afraid, what is the real reason that you're afraid to charge more when you do know you should be charging?
Speaker 2:more you're talking about. We figured out the number, the logical, the technical.
Speaker 1:We put we know the logical next step, but emotionally, how do we take that next step? What's holding us back?
Speaker 2:okay, so how do you emotionally charge what you know your business costs?
Speaker 1:yeah, that's today's episode.
Speaker 2:Do you have an answer?
Speaker 1:Well, we're going to get there, come along.
Speaker 2:Come with me.
Speaker 1:Whoa. So I want to talk about what people think they're scared of, what they're actually scared of, how it shows up, why it matters, and the shift you need to put in place to actually get over those beliefs. This is more of a mindset episode, I guess, like we're talking about the deep down, like what is actually the problem here, because I think we all know, know, like most decisions are not logical, most decisions are emotional, and then we justify it with logic, right? So what people think they're scared of when they're, like, thinking about raising their prices, it's the logical. They're like they think they're scared of losing bookings, right. They think they're scared of hearing you're too expensive that phone call. They think they're scared of clients straight up ghosting them or saying no or that, like you know that coming from clients, other people.
Speaker 1:But what they're really scared of, I think and I'll tell you that this is me is being rejected, right, losing the validation and the approval.
Speaker 1:Because when you're undercharging, the validation and approval skyrocket. People are coming to you because your work is way better than what you're charging and so you're getting booked like wildfire because people know and are taking advantage of that what happens if you raise your rates you lose that validation of getting booked absolutely solid all the time. You have to admit that you're no longer the like super cheap, super nice photographer who over delivers and way under charges and you have to step into something bigger and scarier which is running a real business with boundaries. That's what the fear is. That's what the fear is. There's also this fear of like being found out of this like imposter syndrome, that like if I charge more I'm not gonna get any bookings ever again, because people are gonna realize that I'm not actually worth anything, that I'm not a real business, I'm not a real photographer and if I try to put myself into that stratosphere it's all gonna come crumbling now because I'm not real.
Speaker 2:Well, that's because nobody sends you a letter in the mail and says hello, you have been approved, authorized, certified. We are knighting you, knighting you as a wedding photographer. You've just, you've just got to decide. Nobody tells you.
Speaker 1:Yeah. So I will say you know it's time, not only logically, when you're looking at your calculator, looking at the results and saying like oh shit, I'm charging 50 and saying I need to charge 250, but also there are some signs that it's time for you to work on the emotional aspect of this. What?
Speaker 2:discounting when no one even asked, just felt I just had. I just read that and it was like a super cut of every single time I've done that in the last like two months to myself. I'll do that and I won't even charge travel. I'll do that and I'll offer you this package instead of this one. If you want me, I can do that and that without charging the add-on yeah, so this is exactly.
Speaker 1:This is how you know it's time to like emotionally level up has nothing to do with the actual numbers, but about like. What you have to do emotionally is if you are discounting when no one asks. So it sounds like that's where you are right, did you?
Speaker 2:hear me, uh, this morning joking about that to my mom.
Speaker 1:No.
Speaker 2:Oh, I was telling her about booking a wedding and I was like you know, I get to talking to them and I'm like the price is firm. And then they're like, well, can we do this and that and that? And it's technically add-ons. And I'm like yes, and they're like is there any extra charge? No add-ons. And I'm like yes, and they're like is there any? No?
Speaker 1:so, yeah, discounting when no one asks, pricing your sessions at like a break even or even less than break even point, without realizing it. So, knowing your numbers and knowing what it takes to break even and what it needs to be to break a profit, and going with the break even price instead, or still charging a little less than that, if you feel resentful after you deliver, if you're like, oh man, I did so much work and I got so little out of that, do you feel that?
Speaker 2:way. No, not these days, but there's been times you felt that way.
Speaker 1:Yeah, that's when you know it's time for an up level, is when you're starting to feel that way Okay, Right, and feeling like burnt out. The way this manifests, I think, is when you're like I'm giving so much of myself for so little reward. I think this is really common with people who are stuck in this cycle of like charging very little and overbooking. So you're really stuck in this cycle of like you're charging next to nothing and you've got every single day of the calendar booked Right and you're like I'm so, so busy and you're taking your validation from being busy. But like what? Maybe I'm making in like one or two weddings? It's taking you 30 to make the same amount.
Speaker 2:Is this part I think of being wrapped up in the identity of a budget photographer Like? This is not. This is not about like numbers and what I could charge, like I identify with being affordable.
Speaker 1:Yeah, and I think it comes down to like the validation Right. It's very easy to be validated when you're not charging enough. People know what a photographer should be, and if you're charging a lot less than that, you're going to get validated. People are going to say like, oh my God, your work is so good for what you charge, right? But? And people are going to say like oh my god, your work is so good for what you charge, right, but it just leads to burnout there's no way you can stay sustainable with that.
Speaker 2:There's a reason? Yeah, like it's not. You're not actually charging affordable rates. You're charging going out of business rate yes, affordable rate. This is fire sale rates yeah, like affordable rates would still be paying yourself.
Speaker 1:Yes, absolutely so why does it matter? If you're like alex, listen, I like undercharging, you can't stop. You, can't stop you. I like the validation. I like the feeling of blogging. I like not ever being rejected. I like that nobody ever says no, I like that. I book every single person who messages me.
Speaker 1:So why does it matter? If you're pricing based in fear? It keeps your business stuck in survival mode instead of growth mode. You're not making enough to think ahead and plan your future right About like can I upgrade my camera? Can I do a new class or get more education? Can I like grow as a photographer? If you're stuck in a cycle of like, you're barely making enough to pay for the gas to get you to the sessions. You're not thinking about the future. You are just in survival.
Speaker 1:Fear-based pricing also attracts fear-based clients. So you're attracting people who are on this same level as you, who are also, like afraid. They're afraid to spend money, they're afraid to do more, and often that fear can manifest as like annoyance, anger, wanting a lot more Not always. And it's not that like people who don't have a lot more, not always. And it's not that like people who don't have a lot of money to spend are going to be bad clients. It's not what I'm saying at all, but if the energy you're putting out is that you're afraid to charge more, you're likely attracting at least some level of your clients are people who are going to take advantage of that.
Speaker 2:And also remember people with a set budget can always hire you for less time. Yeah, of course. And if you are much more experienced and skilled than when you started, you can still deliver the same amount.
Speaker 1:Yeah, one thing I love that I've talked about before is charging enough that I can comfortably support myself and then volunteering my time in my community to organizations that I care about, and volunteering my photography services to nonprofits and people. That can connect me with people who genuinely need this service and can't afford it, and that feels really good. That feels so much better. The other thing is that when you're pricing based on fear, it will lead to burnout and it will slowly kill your creativity, your passion, your growth. You're not going to want to show up because if you're not getting paid for it, it's going to create this dichotomy within yourself that, like you're going to build that resentment and it's going to manifest in your clients. So there's a shift that needs to happen. Right? If you're stuck there, how do you get out of it?
Speaker 1:if you're stuck where in this, like pricing based on fear and validation, and knowing that you're not charging enough, like how do I change?
Speaker 2:that feeling like you're in a bit of a like rut where you're like, I know I'm not charging enough, but it's important to me that I'm like affordable and fully booked, yeah, and I think they're connected Totally.
Speaker 1:I have this guide that's free. It's in the show notes. It comes with a calculator. It's called the Transparent Transition Guide and it's basically you take the price that you're currently charging and you plug in all your expenses and what you want your hourly rate to be in the calculator and it spits out a number. The guide the transparent transition guide shows you how to get from the number you're at to the number that you need to be at without losing all your clients and without doing it overnight.
Speaker 1:It's a slow process that feels good and feels safe to the nervous system that doesn't require you to fully price yourself out of your entire market immediately. So that's step number one is giving yourself a plan to do this. This is not going from charging $50 to $500 an hour overnight. This is going slow and steady in a way that feels really good and really calm. The other thing is that you don't need to set your prices based on who likes you right. We're basing our prices based on what we need to run a sustainable business for a long time. The person who wins is the person who can stay in the game the longest right, and if you are pricing yourself to come in and burn out quickly. That's not fun. It's not fun for you, it's not fun for your clients. Your clients also want you to be around for a long time, right? They want to pay a price that keeps you in business because they want to keep working with you. So you need to set your prices based on what it actually takes to build the life and the business you want.
Speaker 1:Pricing is not about being liked. It's about being sustainable, being steady and pricing that you feel good so you can keep showing up. So, in closing, you are allowed to be paid well for your time, even if right now, you feel like if you were to charge more, you would lose all that validation and it would be so scary. There is a way out of that. You can do it slowly, you can do it in a way that feels good, and you are not a bad person for wanting to raise your rates.
Speaker 1:You are not a bad person for charging enough to support yourself and your business. You are not a bad person. It is not greedy, it is not selfish to want to make enough money to do more than just put gas in your car. It's not wrong to want to build a sustainable business that lasts a long time that's built on real data and real numbers. So the sooner you can stop letting fear set those prices, the sooner you can start building a business that actually supports your life and not one that drains it. Thanks for listening. This is Alex, I'm Wren, and we'll see you next week. Bye.