Stop Buying the Pricing Philosophy "Charge What You're Worth"
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Charging What You’re Worth is a Big Lie. Stop Using This Philosophy to Price Your Services, and do THIS Instead

January 10, 2020

charging your worth and pricing for wedding pros

Charge what you're worth. Is that really a legit pricing strategy for wedding pros (or ANY creative entrepreneur)?

Nope.

Got your attention, didn’t I? 🙂

In our industry, all you ever hear is “charge what you’re worth.”

Honestly, how many times has someone said that to you?

Their intentions were good, and a few years ago that philosophy had a purpose. This catch-phrase got popular at a time when the wedding industry was growing rapidly, with a lot of new wedding pros entering the market.

The problem at the time? These businesses were selling their products and services for less than my Starbucks coffee.

For real.

And so the industry sent out this catch-phrase in a wave of solidarity, encouraging newcomers to increase their price to a reasonable fee.

And it worked. Kinda.

But things are much different today, and “charging what you’re worth” doesn’t necessarily ring true anymore. Especially for wedding pros and creative entrepreneurs.

Charging your worth - pricing for wedding pros

Here’s the tea: the pricing for your services and products is calculated from a variety of factors. And worth doesn’t make the list.

Here’s what does:

  • Experience level
  • Geographical area
  • Your ideal customer avatars
  • And most importantly, the kind of profit you want to make in your business

Your worth doesn’t really come into play here and give me a chance to show you why. You could be worth a million bucks, but if your:

  • experience level says otherwise, no one is going to pay that
  • don’t live in a geographical area where there are tons of millionaires getting married, then you’re going to end up being a broke millionaire because no one has the coin to hire you
  • ideal customers won’t pay that kind of fee, then you’re not going to have customers
  • business expenses are $999,999.98 a year, well my friend, you just made two cents

Yes, you are worth something AND you are very worthy of making the kind of money YOU want to make. However, the pricing for your product or service doesn’t hinge on your worth. It hinges on what YOUR ideal customer is willing to pay and what YOU want to make as a profit.

Not charging what you're worth.

A pricing formula in the wedding industry looks different for EVERY business. I don't believe there is a one-size-fits-all formula for every business owner. Setting prices has always been, and will always be, more of art than science.

So stop charging your worth – and instead, price yourself for profit.

If you're looking for help building a business that you love–and one that can flourish–even in uncertain times, check out my latest course for wedding pros: The Business Plan Blueprint.


RESOURCES MENTIONED IN THIS EPISODE


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If this blog post got you thinking, and you're looking for more resources, check out these other blog posts & podcast episodes:

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  1. This is so true. I have been hearing this a lot of times but of course, there are a lot of considerations before you price your services and it is always hard for first timers to determine their worth.

    • It’s so true! I know it’s tough, but at least you know what not to do. Thanks for reading and commenting. I hope it was helpful for you to figure out your next move! <3

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Before selling my company in 2019, my team and I worked with hundreds of clients all over the world, from New York City to Fiji, Vermont to Costa Rica, celebrating moments that mattered in our clients' lives. 

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I built my wedding planning and design business, Jubilee Events, from zero to six-figures in the first 2 years.

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