So many new wedding planners think they have to charge a lot less than their competitors are charging in order to stand out and get booked.
You do market research to determine what your competition is charging then you set your pricing at 20-50% less because you are determined to do whatever it takes to build your portfolio and book as many clients as you can get.
The problem with this is you have no clue if they are making a profit, if they are doing this as an actual business or just as a hobby or if they are even working with their ideal clients.
Successful wedding planners determine what they will charge based on their needs and not based on what everyone else is charging. They are confident in what they have to offer.
If every new wedding planner was pricing their services low in the beginning of their planning career wouldn’t they all be booked solid with their IDEAL clients?
…No, and you could actually LOSE CLIENTS if you are not charging what your services are valued at.
When you are pricing your services too low you are going to get lower budget clients that simply hire you because you are cheap. So when you feel like it’s time to raise your prices to what you think your services are valued at guess what?
You are not going to stand out anymore because of your lower pricing which will make it harder to book your ideal clients at a higher price point.
Do you want to just do what every other new wedding planner is doing and determine their pricing based on their competition
Do you want to charge what you need to charge in order to have an actual long-term business?
If you want to actually make money in your planning business and not just have an expensive hobby then check out the video below.