1. You Don’t Need to Justify Your Decision
Let’s start with the most important point: you don’t need a reason to raise your prices. If you feel it’s time to earn more from your creative work, then it’s time. Plain and simple.
There’s no need to explain yourself to anyone. You’re worth it! And yes, that includes the hard-earned prices for your craft. Your value is your own to define, and if you’ve been undervaluing your expertise, it’s time to make a change. Let your clients know in advance and consider this your chance to reconnect with them—it might even lead to more sales!
2. You Deserve to Earn More and Create Profit
If your goal is to make a more profitable business, raising your prices is the fastest path to doing so. It’s often a game-changer for your bottom line without drastically affecting sales. A modest price increase—say 10-20%—usually won’t scare customers away. Do the math: you might be surprised at the difference even small adjustments can make.
3. Your Costs Have Gone Up
Inflation is real, and your overheads—whether it’s materials, rent, or studio costs—are rising, too. If you’re not adjusting your prices accordingly, you’re likely losing out. Don’t let your profits shrink because you haven’t adjusted for the increases in your costs of living and business expenses. As costs rise, so should your prices. Many businesses do this regularly, especially at the start of the year, to keep up with economic changes.
4. Position Yourself for Success
Where do you want to be in the market? Are you looking to be seen as an affordable, entry-level option, or do you want to establish yourself as a premium brand? Pricing is a powerful tool for shifting perceptions. A price change allows you to reposition your business—whether that’s moving upmarket with more exclusive offerings or aligning your prices with your growing reputation.
Remember, your price tells a story about the value you offer. Get it right, and you’ll attract the customers who value your work.
5. You Want to Work Fewer Hours, But Still Earn Well
We all know the hustle—long hours, tons of work, and little time for yourself. But what if you could work less and still earn the same (or even more)? It’s time to evaluate your most profitable products or services, and if they’re not working for you, adjust accordingly.
You might also want to explore other income streams, like royalties or licensing, which can generate revenue without requiring you to pour more hours into the work. Work smarter, not harder, by finding ways to make your business more efficient.
6. Your Reputation Is Growing
As your profile grows, so should your prices. If you’ve been featured in the press, spoken at events, or built a solid client base, it’s natural for your value to increase. More recognition and experience means you can charge more. Your credibility and visibility are directly tied to your pricing power. So, if you’ve been getting more attention, now’s the perfect time to adjust your fees to match your growing profile.
7. You’re Thinking of Selling to Retailers
Retailers typically mark up products by 200-300% to cover their costs, which means you’ll need to adjust your prices to meet their expectations. If you’re planning to sell to shops or galleries, a price increase will likely be necessary to remain competitive and ensure you can still make a profit when your products are sold at retail prices.
Consider this step carefully, as it often requires a solid understanding of your pricing structure. It’s common advice for creatives to wait until they’ve been in business for a couple of years before making the leap to wholesale, giving you time to perfect your pricing and streamline your processes.
8. Plan for the Future
Are there any big changes on the horizon? Maybe you’re planning to move into a studio space, increase your production, or add VAT charges to your goods or services. Whatever the reason, now is the time to anticipate future costs and adjust your prices accordingly. Planning ahead is crucial for a sustainable business model, and pricing changes are a key part of that.