Sarah and my accounting software of choice – Xero – just emailed us that our Xero plan (the standard) is increasing in price by $5 a month to $59. Fuel costs a lot more. Lettuce costs a lot more. Housing, rent, and mortgages are costing more than they did one and even two years ago. The value of my home has almost doubled since we bought it four years ago.
This is the inflationary nature of the economy of the society we choose to live in. Things generally increase in price every year, and you should too.
In 2018 we saw the milestone of 70 years of inflation tracking – the consumer price index – being tracked the Australian Bureaus of Statistics. Every year, with the exception of a very small handful, saw the consumer price index (CPI) increase every year. The last few years have been not as aggressive, but this year we’re looking at more than 5% of change in the CPI.
So accounting for nothing else, if you were charging $100 for something a year ago and you’re still charging $100 for it today, you’re actually earning less. Not the same. Not more. Less.
If you wanted to earn the same you’d be charging $105.
I’m guessing that no $100 celebrants are reading this blog though, so to do your own math, get a calculator and type in your fee, then the multiply button (x) and 1.05 to find out what your fee would be to remain at a barely similar rate of price.
On top of the boring inflation talk you’ve also just survived a pandemic, so many reschedules, cancellations, refunds, and you’re still standing. Even just this month I’ve talked to five celebrants who have retired this month, let alone the celebrants that have retired from celebrancy in the last two years.
The fact you are still standing and still going strong means you hold value in the marketplace. You provide a valuable and meaningful service. You are worth more.
I’m guessing you’ve spent time on professional development in the last two years as well? You’ve gotten better at your craft, you’ve improved. You’re smarter, more productive, more efficient. You’re bringing more value to weddings and more value to your clients. And if you haven’t improved, then get on it – it’s a market of excellence and you can only improve yourself, a good place to start is our professional development courses.
Your fee is a monetary representation of that value. You deserve more, and you should charge more, and if you aren’t then you’re ripping yourself off – not your clients.
It’s time to charge more, at least 5% more, if not a lot more, because I’m guessing you haven’t raised it for a few years? The rising tide lifts all boats, so pull up anchor and let’s set sail to sustainable business town and buy some vegetables!
