As a creative entrepreneur you're bursting at the seams with creativity, passion and energy because you love what you do....am I right?
That's why you got into this business in the first place, to make a living doing something you love. But let me ask you a serious question: are you making any money??
I know, I know, people don't like to talk about money. But here's the thing: you are running a business, and trying to earn a living, which means we need to talk about money girl!
Too often I see gals in the wedding industry working their little booties off but not earning the kind of money they should be making, leaving them burnt out and eventually needing to close up shop.
I don't want that for you! There is no good reason you can make some good money following this dream and passion of yours.
Here is a very simple 3-step process that you have to follow if you want to have a profitable business that is sustainable.
1. Know your needs
I have 3 words for you sister: set. a. budget. SERIOUSLY! You will never have a good handle on your finances or be consistently profitable in your business if you don't ever know what your baseline is.
Schedule some time to sit down, pull out the bills, a calculator and some pen and paper and figure out:
- What you need to make in your business (revenue & take home)
- What you want to make in your business (revenue & take home)
- What your baseline expenses are (to run your business)
- What expenses you'd like to add in order to grow your business (so you can plan how you're going to pay for them)
I few weeks back I created a simple pricing guide for planners. It's 7 questions to get you started on pricing for profit and totally relates to any wedding biz. Click the button below and snag a free copy!
2. Know your worth
While it is a good idea to check out your local "competition" to see what they're offering and charging, at the end of the day you and your business are totally unique.
Nobody else out there is quite like you, which means no other business out there will be quite like yours!
There is value in that, so leverage it. Figure out what sets you apart from the rest. Figure out what you want to be known for. And figure out what you want to focus on and specialize in.
All of these things, along with knowing your numbers, will help you determine the worth of your time, talents and services, therefore helping you price things accordingly.
3. Know your clients
The last key component to ensuring you're pricing for profit is to have a deep and clear understanding of who exactly your ideal client is.
Knowing who they are, what they want, what matters to them, and how much they're willing to pay for what they want will really help you determine what you can (and should!) charge for your services.
It will likely take some time to fine-tune your pricing as you solidify your business offerings, hone in on your ideal client and learn what you need to make in order to cover expenses and pay yourself what you feel you're worth.
Be consistent in crunching your numbers every. single. month. And never be afraid to raise rates the further into your business you get.
I know you're not all about the money and you do this work because you absolutely love it, BUT....you gotta make a living girl, and your time, talent and passion is worth a heck of a lot!
I am SO excited that I am launching my course, Wedding Business Basics this month! One of the lessons will be totally focused on pricing! Click here to join the waiting list!
If you still have questions about pricing for profit, drop them in the comments below and I'll be happy to answer them.