Hello everyone! Back when I was Hotel General Manager, it was my job to keep informed of my hotel's competitive set‘s (my hotels competition). This was done to ensure I was charging a competitive rate when compared to similar hotels to mine (Yawn…right?). Anywho, Recently I decided to check my Event Caricature rates, vs. other caricature artists. Well, well, well, apparently I had the lowest rate compared to my competition. That’s good if you're an event coordinator looking for a cheap Caricaturist to hire for your event, however its was no good for me as I was basically “leaving money on the table”
“Leaving money on the table" is an idiom that means missing out on an opportunity to maximize profit, save money, or capture full value. It happens when you negotiate a deal poorly, underprice your services, or fail to claim available financial benefits.”
I guess it wouldn’t be a horrible thing to have the lowest rate if I was a rookie Caricaturist or if I wasn't very good, however I have over 40 years of experience and I think I’m a pretty damn good Caricaturist. As such, my rate of $150 per hour was too low. That being said, I decided to raise my hourly rate from $150 an hour to $200 per hour. I hear the “gasping” in your voices now, "$200 per hour!?!?!"
Let’s look at the rates. Caricature artists in Reno, Nevada typically charge an average hourly rate between $150 and $300 per hour. YIKES!!! I guess I could have raised my rate to $300 per hour, however, I think $300 per hour for a Carcicaturist is a bit much. However, as I stated before, my rate was too low. As such, I don’t think that a 33.33% percent increase is that bad. Besides, the cost of doing business has increased as well (i.e., art supplies, fuel costs…etc.)
So, my new rate for Event Caricatures is now $200 per hour (two hour minimum). A travel/lodging fee may apply depending how far I need to travel. There may be an increased rate for holidays or special events.
There ya go. Not a fun happy blog today, just a rate increase blog.
See you soon!
Michael
