2: Profitable by the Numbers: Unveiling the Business Metrics You Can’t Afford to Ignore with John Mansfield
In this episode, Nata Salvatori and John Mansfield discuss the importance of knowing your numbers and understanding the cost of doing business to grow your photography business. They emphasize the need to calculate the cost of doing business and consider both fixed and variable costs. They also highlight the importance of setting prices based on value and not personal preferences. Additionally, they discuss the use of data to drive business decisions and the right time to increase prices based on experience, education, and client demand. In this conversation, Nata Salvatori and John discuss the importance of pricing in the photography industry. They emphasize the need for photographers to experiment with their pricing and not be afraid to increase their prices. They also discuss how to handle price inquiries from clients and the importance of not assuming clients’ budgets. Additionally, they share their love for cooking and baking.
The Accidental CEO Podcast is more than just a podcast; it’s a community of creative minds eager to transform their accidental titles into intentional successes. So, if you’re passionate about what you do but unsure how to fall in love with the business side of things, let Nata guide you. Subscribe to the Accidental CEO Podcast and join a vibrant community of creative entrepreneurs ready to make their mark on the business world. Together, let’s turn your passion project into your success story.
Takeaways
- Understanding the cost of doing business is crucial for growing your photography business.
- Setting prices based on value and not personal preferences is important to ensure profitability.
- Using data to track leads, conversions, and client feedback can help make informed business decisions.
- Increasing prices incrementally based on experience, education, and client demand is a strategic approach. Experiment with your pricing to find the right balance between working less and making more money.
- Don’t be afraid to increase your prices and see how clients respond.
- When handling price inquiries, be confident in your value and don’t assume clients’ budgets.
- Cooking and baking can be a fun and creative outlet outside of photography.
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Important Moment in this Episode
00:00 – Introduction and Background
03:03 – The Importance of Knowing Your Numbers
08:34 – Understanding the Cost of Doing Business
11:57 – Setting Prices Based on Value, Not Personal Preferences
19:04 – The Real Hours and Costs of Photography
25:00 – Using Data to Drive Business Decisions
32:15 – When to Increase Prices
39:38 – Experimenting with Pricing
41:02 – Handling Price Inquiries
42:47 – Don’t Assume Clients’ Budgets
44:10 – Cooking and Baking
45:11 – Closing Remarks and Where to Find John
Mentioned in this Episode
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