Charging What You Are Worth as a Wedding PlannerTuesday, June 17, 2008
During the wrap-up happy hour at Engage!08 a few weeks ago, I asked celebrity wedding planner Marcy Blum at what point in her career did she stop charging what everyone else said she should be charging, and start charging a fee that made sense and was profitable for her. She told me that the switch for her came at a point in her life, and a few years into her career as a planner, when she could only depend on her own income and not anyone else's.
The reason I asked was because I often hear variations of these arguments offered by wedding consultants on why their prices are set the way they are:
*My company is new, so I can't charge that much yet. (In another post we will tackle the distinction between being a new company and being a new planner.)
*So-and-so has been in business longer, so I can't charge as much as him or her by virtue of a timetable.
*No one in my area charges above $x amount, so I can't raise my prices higher than theirs.
And so on and so forth.
Most of these arguments, however, are based on fear and are not valid reasons for not charging what you are worth.
So my rhetorical question for you is this: are you charging enough to be profitable even if you didn't have another source of supplemental income? If not, why not?