At the risk of sounding cliche, The Struggle Is Real.
If you are a creative entrepreneur then you have definitely struggled with this at some point since starting your business. And to be honest, maybe you still struggle with this even after being in business for years.
So, why do creatives have such a hard time charging their rates? The short answer is: Lack of confidence.
I don’t necessarily mean a lack of confidence in their work, although that can certainly play a roll in it. When I say that lack of confidence is the problem, I mean that creative entrepreneurs often lack the confidence in HOW they chose their rates. The don’t truly understand that pricing is a systematic formula and not a stab in the dark.
When you are coming up with your prices, I am sure you have calculated the cost of your supplies. It is obvious to think of the things we physically use to create. Whether it is your camera, paint, ingredients, beads or anything else, the physical supplies needed for our craft are fairly obvious.
But have you considered the things you only purchase once or maybe twice? Your computer. Your website. The mentor you hired. The workshop you attended? All of those things should be factored into your pricing too.
And don’t forget the monthly cost of doing business. These things include studio rent, internet services, electricity, equipment rental and gas for traveling.
Even when you have remembered to include all of those things in your rates, you are likely forgetting your salary. This is your paycheck. This shouldn’t just be considered what is “left” after expenses have been paid. You should be PLANNING for this and building it into your rates.
As a creative entrepreneur, when you stop and consider your salary, THIS is where the lack of confidence comes into play. THIS is the number where we all stop and think, “Am I worth this amount?”
Friends, you are an entrepreneur. You wear all the hats. You create, and sell, and support and troubleshoot. You run the errands, you make the calls, you setup the show booths, you run the register. You do it all. And ANY creative entrepreneur will confirm that we work WAY more than 40 hours per week.
So, with that mindset, ask yourself again, “Am I worth making $X per month or per year?”
The answer should be a resounding YES! You literally pour blood, sweat and tears into your business and you 100% deserve to be financially rewarded for that work. Don’t worry about people paying the price because once you find your people, they will. And they won’t even complain about it.
Being a creative entrepreneur is challenging. Having confidence in your rates should not be.
What do you think? Did this post speak to you? I would love to hear from you in the comments or you can always send me a personal email. I would love to chat.
If you are a female creative entrepreneur, I have a free Facebook group that you might enjoy. Pop on over and click “request to join”. I go live in the group every week to answer questions and give business tips. It is a safe space for like-minded women to create community and I would love to have you.
If you are starting your photography business and would like some additional support, you can grab my FREE Photography Business Blueprint in the box below.