Question,

If you decide to raise your fee what time of year do you do it. And why then? Do you change it to start the year, do you change it just prior to a rush of shows? Interested in the why behind the timing...

To me there is no time limit. My fees have been raised anytime throughout the years. I have been doing it every few years, (3-5). Last time I raised it $15. I also let my prospects be the judge. If I get little gigs because I raised my fees, I might lower them. It never happened yet. Because I am getting more gigs in wealthy areas outside of Detroit because of my website, I might raise my fees latter for this year.

I guess it would depend on how much your raising your fee. If it's a significant raise then maybe now would be a good time. For me, it get's busy around Easter so I'd be able to see if it affects business.
If it's a small amount then I don't think it matters.

Ken Kelly had some interesting podcasts on the subject -

http://www.magicianbusiness.com/mb-001-m......w-smith/

http://www.magicianbusiness.com/jason-and-stacy-alan/

Good luck.

I usally do it at the start of a new year.
Todd

A few questions I ask myself before adjusting my prices:

Did the value I bring the client change?
How well do I know this market relative to pricing?
Are there other ways to increase my profitability without/in addition to adjusting pricing?
In total what is the annual benefit/risk of the adjustment I am considering.

In terms of timing, I could consider it at different times throughout the year, depending on the market, but I tend to look at these things most closely at year end/beginning.

Well said, Charlie.

I usually do it at the start of the year so I can keep it straight in my head. I just rolled out a new BDay pricing schedule. I tested it a few times last year to see if it worked out ok for the clients and myself. My canned response has been updated which means its official. It was not a huge raise this year as more of restructuring the three packages and what they included. It is now easier to explain on the phone and quicker.

Some good thoughts. Thanks!

Start of the new year.

A wise man once told me - "If your diary is full, and you're turning work away, you're working too cheaply" I increased my fees by an average of £25 (approx $40) at the beginning of 2014, and I'm happy with the level it's at. If 2015 pans out the same as last year, I may have a similar increase at the start of 2016.

It's weird, but I moved here in late August and I increased my rates significantly after about 2 weeks and it was working well till the end of December. I had more work and at higher rates than when I was in Oregon. it's just a much better market here despite all the competition. January and Febuary have always been the slowest months for me, but this month I'm getting an unusal amount of people not hiring me cause they don't want to spend "that much". Since I'm new here I can't rely too much on repeat and referal (I get some, but not like I will in a year or two). So I'm wondering why people are being cheaper than usual this month. Is that just my experience, or have you guys noticed that also? Maybe people are tapped out from holiday spending, or they are just not pumped up for a party this time of year, maybe it's just coincidence, I don't know. I know I'm not going to raise my rates right now, but I'm not lowering them either, I won't play that game.

Hey Dan, you're a terrific entertainer, bro. I'm sure you'll be flying in no time. Maybe, it depends a lot where you are. I, for instance, ended with 31 shows in December, which I always do in about December. Talking to some English mates, that's considered a low month, because lots of them do school holiday parties, and end up doing around 50 shows in that month.
Holiday parties in schools aren't really big here, in December, so most of mine were bday parties and public shows. June, I'm doing 50 shows, because graduation parties in schools are huge here.
January and February are always busy for me, are always great, and I will be doing about 35-45 shows each month. As far as raising my fees, nope haven't done it in years. I always have full schedule, and can only take about 6 or 7 shows a weekend. I turn down tons of people a month, however, I just feel comfortable with my fee.
I don't give away a thing at parties, so I'm not spending money there, and don't have a college education, so for me to make 350 for 45 min at a bday party or 450 at a public show, is amazing to me, and I never wanted to get obnoxious about it. I like my fee, and I'm sticking with it.

Thanks GZ. With you, since you are well established, they are wanting you as opposed to any ol' entertainer, and lots of people are well off in your area, so money isn't much an issue. Lots of money here too, and that's really nice, though plenty of clients are middle income also. In my situation, since I don't get a lot of referal yet (though that's been happening quicker than I thought) I depend on my website and video demo and testimonials to sell me. I've really been doing well here on weekends, up till January that is - people seem cheaper than usual. So I'm just wondering why that is. But after I posted my previous comment today I booked 2 parties, so....
I do need to work on getting weekday gigs though, I don't do much of that yet.

Yea, Dan, but keep in mind, my friend, that every area I believe has all kinds of income flow. For instance, I do live in the top 5 areas in the country for income, however, we have our middle class, and lower class areas as well. We have mansions the size of city blocks, and 2 bedroom houses also. It's a numbers game. Once you become established, and you will. You're too good, not too, then word of mouth will flow, and they will be asking for you specifically. It won't matter how close after the holidays people are, because the kids, themselves will be asking for you.
I think you know the answer, buddy. You just need to be in your area longer, since you're getting established in a new place, and word will spread.

Thanks for the encouragement Eric. Yeah, I'm not too worried about it, I was actually suprised how fast things kicked in here. I'm just used to booking a high percentage of inquiries, but in January I've been booking a low percentage of inquiries, and I think my fee is the reason - people just being cheaper than usual for some reason combined with me not being known well. I'm in the wealthiest county in PA, which is a nice change of pace from Eugene Oregon. It's interesting how each area has it's own "deal". The other nice thing here is I haven't needed to drive as far for gigs. I mostly do gigs within a 35 minute drive and turn most of the rest down. Why take a gig where I have to drive for 45 minutes or an hour when I'll most likely get a gig closer. If I have a slow weekend my wife likes it anyway so she isn't with the kids alone.
I just had a gig request for a balloon twister for 2hrs at a wholesale club. She said on her voicemail that she found someone for $100hr and she wanted to know my rate. when I called her I said I was more expensive but the difference is that I get the kids laughing and I entertain them and mix in magic if she wants. She said she was waiting on another quote. I really don't expect to get the gig, she is a price shopper and seems to not care who will be the most entertaining. I really don't care if I get the gig and I won't lower my rate, but I thought I'd mention it just for conversation.

That's where we will disagree. Right now, since you haven't been there long, you're competing against the 'cold search', of people looking on the internet, etc, and finding someone cheaper. This is because, although you were established in your old area, you still need word to spread, where you are now. You've only been there since August. Price won't matter, once all the kids are requesting you specifically. it's not the price. You just need to be patient, man. If I moved to another area of the country now, I wouldn't have 37 shows booked. I'd have to start word of mouth all over and that's what you're doing.

I'm not sure we disagree, I agree with what you just said. There are price shoppers (cause they don't care about quality or think we are all the same more or less or simply don't have much money) and there are quality shoppers and value shoppers, and then there are people who want a specific entertainer and they (and quality shoppers) tend to be willing to pay more. Some people won't hire the lower price entertainer as a matter of pride or status or because they figure the lower priced guys aren't the best. My wife is kind of like that with some products she buys. I buy the cheap vodka cause I can't tell the difference anyway and she hates that because it makes her look cheap, you know what I mean, so she buys stuff in nice bottles. We don't drink that much by the way, I made us sound like heavy drinkers!

Absolutely, buddy. We do agree

There are a million factors that play into this decision, but in the end, it's a simple answer that has nothing to do with time of year...

The time to seriously consider increasing your fees is when you can confidently justify the added value, and when your target market is willing to pay what you feel you're worth.

- Gary

To me, this is worth a reading again. Zucchini leads the way when it comes to how to win by breaking the rules. Fully booked, no price increase? A who does that. Perhaps someone who is intuitive and wise. Something to remember.