Raising Prices

Q:

I’m raising my prices for the upcoming year. Should the increase be the same for all clients, so everyone pays the same? Or should the old client’s loyalty be taken into consideration? What about clients who just became clients this year?

A:

Sustaining an ongoing business depends on constant reevaluation matching our financial intake to the reality of the cost of living. Times change, so we business owners have to change with it. Mostly, we need to stay aware of the cost of living and the current rates for our expenses. Mileage rates, meals, and electricity bills all affect our business costs. What are rental studios charging for equipment? What are assistant rates and Digi Tech’s capture package costs now? Old or new client budgets may affect bidding situations, but overall we should be charging what we need to run a solid long-term business.