When to Put Up Your Prices as a Wedding Stationer
Let’s talk about a topic that makes many of us squirm: raising your prices. Whether you’re just starting out or have been running your business for years, there comes a point when you realise your prices need to go up. But how do you know when the time is right? And, just as importantly, how do you go about doing it without losing clients or your nerve?
Here’s your guide to recognising when it’s time to adjust your pricing—and how to do it confidently.
1. You’re Fully Booked Months in Advance
If your diary is packed and you’re turning away enquiries, it’s a strong indicator that your prices don’t reflect your value. Being fully booked might seem like the dream, but if you’re not being fairly compensated for your time and skills, you could be heading for burnout.
What to do:
Raise your prices gradually. For example, you might increase them by 10-20% and monitor the impact on enquiries and bookings.
2. You’ve Gained Experience and Improved Your Skills
If your work is leaps and bounds ahead of where it was when you started, your pricing should reflect that growth. Clients are paying not just for your materials, but for your expertise—and expertise takes time, practice, and investment to build.
Ask yourself:
Have I mastered new techniques?
Am I sourcing higher-quality materials or offering more bespoke designs?
Has my process become more efficient, leading to a better client experience?
If the answer to any of these is yes, it’s time to re-evaluate your pricing.
3. Your Costs Have Increased
Let’s not sugar-coat it: the cost of running a stationery business is going up. From paper to postage, it all adds up. If your profit margins are shrinking because you’re absorbing those costs, you’re doing your business a disservice.
Tip:
Keep track of your expenses regularly. If your costs have increased by, say, 15%, your prices need to rise by at least that much to maintain your profitability.
4. You’re Spending More Time Per Client
When you first started, you might have been happy to churn out semi-custom designs at a lower price. But as your business grows, so too does the time you spend refining your designs, communicating with clients, and delivering a premium experience.
If you’re giving clients more than you initially planned—whether through design revisions, consultations, or added extras—it’s time to ensure your prices reflect that level of service.
5. You’re No Longer Attracting Your Ideal Clients
Pricing plays a huge role in the type of clients you attract. If you’ve outgrown certain types of projects but find yourself still booking them, it might be because your pricing doesn’t align with your desired market.
Remember:
Higher prices can position you as a luxury service provider, attracting clients who value your expertise and are happy to pay for it.
How to Raise Your Prices Without Fear
1. Communicate Clearly:
If you’re working with returning clients or have enquiries in progress, let them know about your upcoming price increase. A simple email saying, “Just a heads-up—my prices will be going up from [date]. If you’d like to book at my current rates, I’d be happy to get you on the calendar before then,” can go a long way.
2. Don’t Apologise:
You don’t need to justify or apologise for raising your prices. Your work is worth it. End of.
3. Focus on the Value You Bring:
When communicating with clients, emphasise what they’re getting for their investment: unique designs, meticulous craftsmanship, and a stress-free experience.
4. Test and Adjust:
If you’re worried about losing bookings, start by raising prices for specific services or products. See how the market responds, and adjust as needed.
Raising your prices is not just about covering your costs—it’s about valuing your time, skills, and expertise. It’s a sign that your business is growing and evolving.
Yes, it can feel uncomfortable, especially if you worry about losing clients. But the right clients—the ones who appreciate your work—will understand. And for every client who walks away, there will be another ready to invest in what you offer.
So take a deep breath, review your numbers, and make the leap. Your business will thank you for it.
Ready to take the leap and grow your stationery business? The Stationer’s Apprentice opens again in March - covering everything from pricing strategies to finding your niche. Sign up to the waitlist here and be the first to know when doors open!