Episode 11. Beyond Numbers: Advanced Pricing Strategies for Calligraphers
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In this week's episode of Calligraphy Biz Corner, we dive deep into advanced pricing strategies for calligraphers! These are strategies that aren't talked about enough, so we're bringing them to light because they play an important role in increasing your revenue and profitability.
We cover the importance of investment minimums, the added value of design and project management fees, and discuss when and how to do work for free. Learn how to confidently set your prices, boost your business profitability, and avoid common pricing mistakes!
🔗 Links to resources mentioned in this episode:
Turn what you learn into action! For a comprehensive, actionable guide plus worksheets and calculators that walk you step by step through setting (and increasing) your prices, check out our Pricing Toolkit
Hey friend! We're Shaochen and Alane, full-time wedding calligraphers and business mentors who built our dream businesses from scratch. On the Calligraphy Biz Corner podcast, we spill the ink on how you can too! Together, we'll uncover the business that compliments the life YOU desire, and we'll leave the overwhelm and imposter syndrome behind. Whether you're a wedding calligrapher, a live event artist or a creative entrepreneur, there's something here for you! Join us for biweekly business chats, where we guide you through the maze of running a creative business, complete with real-life strategy and mindset magic.
Setting the Foundation: A Basic Pricing Formula for Calligraphers
Central to the conversation is the introduction of a pricing framework designed for calligraphers. Shaochen and Alane stress that while there are industry standards, pricing must remain a personal decision, reflecting individual circumstances like location, financial goals, and business aspirations. Their formula involves calculating an hourly rate multiplied by the time taken to create a product, plus material costs. This foundational approach ensures calligraphers have a solid baseline for their pricing, enabling them to confidently justify their rates.
Pricing Strategy #1: Doing Work for Free
The hosts delve into a sometimes controversial strategy - doing working for free. They explain how engaging in pro bono projects—especially in the early stages of a calligraphy business—can lead to long-term benefits. This includes expanding portfolios through styled shoots and creating work for charitable events. By weighing the non-monetary returns, such as networking and the opportunity to expand their skillset, calligraphers can strategically decide when and how to offer their services without charge.
Pricing Strategy #2: Setting Investment Minimums
Another critical strategy discussed is the implementation of investment minimums. Shaochen and Alane advocate for setting a minimum investment for services to ensure each project is contributing to the bottom line without burning you out. They explain how this practice helps prevent the undervaluation of time and resources, especially for small-scale projects. By analyzing average order sizes and market demand, calligraphers can refine their minimums to align with their business objectives.
Pricing Strategy #3: Incorporating Design and Management Fees
The duo also explores the inclusion of design and management fees as a method to cover time spent on overhead and administrative costs. They note that these fees should reflect the behind-the-scenes work that is not immediately visible to clients but is crucial to project success, such as client communication, materials sourcing, quality checks and more. This strategy underscores the importance of total client management and elevates the overall service value, ensuring calligraphers are rewarded for their comprehensive service offerings.
Personalizing Pricing Strategies
Throughout the episode, calligraphy business owners are encouraged to keep their strategies flexible and aligned with personal and professional values. Shaohen and Alane discuss how adhering to one’s own standards while being adaptable allows for responsive pricing mechanisms that can change based on service-level adjustments or market conditions.
Empowering Calligraphers to Create Profitable Businesses
This episode of Calligraphy Biz Corner equips calligraphers with the necessary tools to refine their pricing strategies. By integrating foundational pricing frameworks with nuanced strategies—such as pro bono work, investment minimums, and design fees—calligraphers can confidently navigate the complexities of pricing. This episode provides essential knowledge for enhancing the profitability and sustainability of calligraphy businesses.
Listen to the full episode on Calligraphy Biz Corner to learn more about each of these pricing strategies!
Ready to take action?
For a comprehensive, actionable guide plus worksheets and calculators that walk you step by step through setting (and increasing) your prices, check out our Pricing Toolkit!
