Pricing Your Services

Transcript

Transcript of the recorded lesson. Recorded 2023, reviewed 2026.

In this video we're going to go over how to price your products and services. As I've previously mentioned in other videos, we recommend shopping popular photographers and media companies in your area. The prices you set for your particular products will depend on what area of the world you live in. We don't recommend being the low-cost provider or trying to undercut every media company's prices. That can start attracting the wrong customers. ListerPros has always been in the middle. We don't have super high maintenance customers, but we also don't have cheap customers that always want discounts. Many of the problems you may encounter as a business owner stem from how you price

your products and services. Spend time looking up companies in your area and reach out to real estate agents to see who the market leaders are and how they price their services. Then you can focus on delivering a better product and service with appropriate pricing to be able to acquire customers that may not be completely satisfied with their current provider. Keep in mind when it comes to pricing your services, you'll want to consider all your expenses, especially when you first start your business. There are a lot of costs associated with it, and it gets exponentially more expensive as you grow and bring on additional people. Now, if this is the route you plan on going, I suggest keeping your prices

higher so you can survive during growth periods of your business without having to borrow a bunch of money. From my experience, your margins thin as you grow with more people, especially if you provide a lot to your team. If they use their own gear and vehicles, it won't cost so much, but if you provide the gear, phones, computers, and vehicles like we do, it will be more expensive. You will need to sit down and figure out what your business structure will look like because depending on what route you take, it can be less or more expensive. If you provide less to your people, it will cost you less,

but you will likely need to pay them more for using their own gear. The contractor model is also something many companies consider because it takes far less capital to scale. That being said, there are also downsides to that particular model. For the first several years, I didn't really make much profit. I was so focused on growing the business, buying equipment, company cars, and other things. Investing in your business costs a lot of money. This is why it's important to establish your long term goals, including if you plan on operating solo or bringing on additional people. Also, don't be shy if you feel you need to change your prices down the road.

Ideally, you shouldn't change your prices too drastically as customers get used to what you're charging, but do it incrementally if needed. We've tried different pricing structures ourselves and it hasn't had much of an impact on business demand. Make sure to spend time setting appropriate pricing based on your specific business and it will pay off in the long run. The last thing you want to do is rush and not price your services appropriately. Well, that's it for this video. If you guys have any additional questions, reach out. We'll see you guys on the next one.