When should I raise my prices for my services? This is a question that comes up over and over in the wedding planning industry. Many planners get nervous about increasing their fees because they think it will turn business away. In reality, there are some very good reasons to raise prices so that you are earning a living that matches your experience and the business you want to create. Read on to learn our top four reasons why it might be time to raise your prices. 

You Are In High Demand

Are wedding inquiries coming in faster than you can handle? Is your calendar filled easily? If you are in high demand, this is a perfect reason to raise prices. Wedding planners have a finite amount of weddings they can take on each year, so you need to make sure that you are charging appropriately based on how much demand there is for your services. 

You Have Reached Capacity

As mentioned above, there are only so many weddings that a planner can take on in a year. If you are booking every available day on your calendar your revenue will stall over time. You either need to increase capacity (add associate planners) or raise your prices. If you have a team and you are still booked solid, you should increase prices for every planner in the company. 

Expenses Have Increased

If the cost of running your business has increased, those costs should not be absorbed by your profit, additional costs should be a sign to raise your pricing. Whether it is inflation, rising labor costs or any other expense that has increased your costs, you should evaluate your pricing at least once per year. SInce the wedding industry is so seasonal, it is a good idea to look at  your revenue and expenses after your season and make adjustments before you start booking for the following season. 

Your Prices Do Not Reflect Your Qualifications

Every single wedding season you gain experience. You learn more about the industry, refine your craft and create more connections that will benefit future clients. Pair that gained experience with conferences you attend and continuing education and that is a lot of professional progress each year. Your pricing should reflect your experience. When you are evaluating your expenses, also take a look at what professional gains you have made in the past year and adjust your prices accordingly. 

It can be stressful to raise prices, but remember that you bring all of your experience, talent and personality to each of your clients. If they are price shoppers they may not be a good fit anyway. The longer you are in business the more you bring to their wedding day! Charge accordingly!

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Timeline templates, consultation forms, questions to ask vendors, planning checklist, and much more!

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