Today on AME, I’m talking all about money…specifically how it applies to art teachers who run classes or workshops or have a product to sell. I’m revealing my strategies for determining how to set the right price for your product service.
After 10 years of running an online business, I’ve learned a thing or two about what price to charge for products. And although I didn’t always get it right, I did learn that business – any business – has 3 main components:
1. Business strategies are the easiest to implement as they are things you can learn: management systems, email list, software, websites, marketing, social media, etc.
2. Personality is what frames your offer. This is the what and who you are. This is the energy and style you bring to whatever you are selling.
3. Limiting beliefs are literally what holds you back. It’s the stories you tell yourself that have a DEEP impact on any type of business you run: big or small. Identifying your limiting beliefs will help you answer your money questions.
WHAT YOU’LL LEARN:
– Why people expect your products to be available for free
– The three main facets of running a business
– What’s a beta project and how it can help you when you are first starting your business
– What charging low prices might look like to your potential customers and why premium pricing is beneficial
– How to look at competition and build a spark for your customers
LISTEN TO THE SHOW
LINKS & RESOURCES
James Wedmore’s Mind Your Business Podcast
How to Know When It’s Time to Open Your Art Studio: AME 086
Best Practices for Acrylic Paints: AME 091
You can visit Patty through Deep Space Sparkle on Facebook and Instagram
support@deepspacesparkle.com
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Thank you Patty!!!!!!!!!
I was thinking exactly like you !!!
Thank you for helping me get rid of my guilt !!! You are absolutely right, we must not underestimate ourselves and our work. In Autumn, my prices will change …..
Love you and your Super Group!!!!!
Yes! Guilt be gone! You can raise your prices and your business will get better 🙂
Hello Patty,
I loved the Charge What You’re Worth podcast. Thank you so much for your collaborative and sharing spirit! I have been watching you and have loved what you do for the last 10 years since I started as a volunteer art docent at my children’s school. I have done many of your fantastic projects over the years in addition to my own and always recommended you to new art docents. I have been talking for a few years about getting my own business going and getting the courage up to get started (also the time as my children are getting older) and your podcasts and blog have been so encouraging to me. I love your philosophy that “there is enough” out there for everyone. Thank you for being such a fantastic art teacher, cheerleader for others and business builder! You are SUCH an inspiration.
Also, now listening to your process vs. product art podcast and I totally agree with this art teacher! I have high expectations for my students too! I want the students to learn something and have a good product.
Thanks so much Jennifer! Now that you are starting to see the light at the end of the child-rearing tunnel, start making plans to teach. You ca do it!
Thank you so much for sharing your thought process. I started a tutoring a couple children this year and have been wanting to offer math and art combo classes for girls. I really needed to hear your words as I completely undervalued what I was offering despite getting feedback from parents about how much they would want their child to take classes with me. I love the idea of beta-testing. You have given me confidence and the language to state that there is value in what I want to do.
I can’t tell you how awesome that is to hear! Can’t wait to hear how your beta-testing goes.
Hi Patty
Thanks for this podcast, I think in many ways it was talking to me.
Absolutely, Lesly…keep moving forward with your business, taking chances, moving outside your comfort zone and teaching what you love to your sweet kids.
Dear Patti,
I want you too know how you not only saved my job but saved our family through deep space sparkle. I am so indebted to you for your wonderful outstanding website that it brings me to tears. I truly thank god for you and your team and for helping me so wonderfully this past year. Please know we love you all dearly. thank you! Vicky
Thank you Vicki! That means a lot but it’s really the work that YOU do that makes me proud. Keep it up.
Great episode! When I first got laid off I started teaching private art lessons and called a mom to offer 1 hour for $10. She said I should never charge less than $25/hr, so I did. But what I found out was that was not enough to keep me going back. When something better came up or I just didn’t feel like it, I canceled. I think the parents would have paid $50 for the service I was providing and that would have made a big difference in my outlook on it.
Thank you, Patty. You are an inspiration!
Hi Patty,
Thanks so much for this conversation! I am opening my studio to students this summer and am nervous/excited about it. I’ve been gauging my pricing off of what my kids pay for private music lessons and various other activities. For transparency, in the Washington DC area, it seems that a half hour of music is 40$. I don’t know I can ask 80$ for an hour, but think that the 40$ might fly. Thanks for giving me a bit more confidence in feeling like I can charge what I am worth.
I listened to episode 93. I wanted to hear exact amounts but then saw that I could leave a comment/question. I taught art for 46 years but am thinking about teaching 1/day per week, (6 class sessions) in my house. I have a small bedroom that has been turned into a studio. The classes, at this point, would be (1 hour each), using a variety of (media and techniques), and a small (snack) sometime during each session. Student limit – (3 per each session).
I would appreciate any (suggestions and prices) that you feel would help me get started.
What do you need to make in order for you to have a successful business? How many students can you teach at one time? How many classes can you teach in a week? Answering these questions will help you determine a fee. My advice is to test out your classes. The group size will be small so see if it works for you. I would suspect that you could charge a premium amount given the semi-private nature of your classes.
Excellent episode, thank you so much!!! So many things that I have been thinking, I found myself nodding and ‘mm-hmm’-ing along with so many of your points! I love the last part where you mention allowing yourself to increase the price when you need to – this is something I have been holding back on, worried that I might lose customers, but I am going to go for it. Thank you for this!!