Wondering how to scale your business? D’Arcy Benincosa shares her mindset tips to reach luxury wedding pricing for photographers.
With the knowledgeable D’Arcy Benincosa, we’ll be delving into the fascinating topic of shifting your mindset to charge premium luxury prices and attract luxury weddings. Darcy is an expert in this field, so get ready to read valuable insights. We will explore how adopting a wealth mindset can lead to attracting more luxury wedding clients and increasing prices.
D’Arcy has incorporated various wealth practices into her daily life and business. These practices have been instrumental in her success, and now she is generously willing to share them. By implementing these practices, you too can enhance your financial well-being and adopt a mindset that aligns with wealth creation.
So, whether you’re looking to improve your financial situation or simply want to develop a prosperous mindset, this post will provide you with valuable insights and actionable steps. Discover the secrets to rewiring your brain for wealth and creating a prosperous future for yourself.
The Concept of Wealth
The concept of wealth is a captivating subject that attracts widespread interest. Nowadays, it seems that everywhere, people are sharing their tips and strategies for amassing a fortune or achieving the coveted million-dollar milestone. However, you have to recognize that wealth is a deeply personal concept, and its definition varies from person to person.
Each individual harbors their unique aspirations and desires when it comes to wealth. For some, it may entail building a million-dollar business, while others may prioritize earning $250,000 annually and enjoying a leisurely schedule of working only four hours a day, two days a week, to spend more quality time with their children. It is important to establish a clear understanding of what wealth means to you, without falling to the allure of someone else’s dream.
Remain discerning and not be swayed by grandiose claims. True wealth is something that resonates deeply with your values and aspirations. By gaining clarity on your personal vision of wealth and understanding the strategies that align with your goals, you’ll be better equipped to navigate the path toward financial success and fulfillment.
Different people have varying perspectives on wealth. For instance, some might emphasize the allure of material possessions like cars, implying that they were essential markers of wealth. However, for D’Arcy such things held no value for her. She believes that solely focusing on superficial symbols of wealth caters only to the ego and does not align with her dreams and aspirations.
Understanding wealth requires recognizing its deeply personal nature. It intertwines with our individual growth and expansion. To illustrate this, D’Arcy wanted to share her journey! For 14 years, she worked as a school teacher, earning a modest salary of $50,000 annually. However, when she transitioned into photography, her income skyrocketed.
In her first year as a photographer, she earned $120,000, more than doubling her previous earnings. This transformation occurred because she had been actively working on her mindset. It is necessary to establish this foundation to understand the importance of mindset in wealth creation.
As a teacher, she pondered how she could increase her income within the confines of her government job, which followed a rigid pay scale. However, through her mindset work, she realized that she needed to let go of her teaching career to invite more wealth into her life.
This realization was a turning point. It became evident that wealth has the power to stretch your boundaries, calling you to undertake new ventures. If you allow fear to hold you back, you’ll remain stagnant and miss out on the wealth you desire. Mindset work enabled D’Arcy to build a seven-figure business, highlighting the profound impact it has had on her life.
Language plays a significant role in our journey toward wealth. There are certain phrases you consciously avoid using as they do not align with your beliefs and aspirations. By mindfully choosing the words you use, you shape your mindset and attract wealth into your lives.
Phrases related to money
If you find yourself using certain phrases related to money, replace them with more empowering alternatives. One commonly heard phrase is “I can’t afford it.” Do not let those words reside within you.
Be conscientious about financial decisions and prioritize what holds value for you. Replace the phrase “I can’t afford it” with a mindset that if you truly desire something, you can obtain it. This mindset shift allows you to recognize that certain things are meant for you. Also, become adept at leveraging points and rewards to optimize your experiences. By reframing language, you remove the mental block that limits your ability to dream and explore your potential.
Another essential aspect of wealth is being familiar with your numbers. Make it a practice of being well-informed about where your money is going and how it is flowing. Money thrives when it is in circulation. Individuals who hoard their money often struggle with financial growth. Even those who possess significant wealth can live in a state of poverty if they have a scarcity mindset and refuse to spend.
They deny themselves simple pleasures, like enjoying a drink at dinner, due to an excessive grip on their finances. It’s necessary to examine whether money is controlling you and hindering your ability to live a fulfilling life. Understanding the impact of your words and thoughts on your financial well-being, along with actively managing your finances and breaking free from money’s control, are key steps towards cultivating a prosperous mindset and embracing the abundance that awaits you.
Having money not control you
Here’s how you can practice having money not control you. Purchase an item, such as a cup of coffee, or something that costs around $10, and leave a $50 tip. This act of generosity demonstrates using the money for empowerment rather than allowing money to control you. Being abundant in this way, putting money out with a generous heart, fosters a sense of power over money.
Trust your intuition in choosing the right moments to give a $50 tip. Many people share stories of how these gestures have impacted others, offering support at the perfect time or leaving a lasting impression. These experiences reinforce the idea that the more free money flows out, the more it returns. Money thrives on circulation and clarity, and it responds to direction. You can map out the allocation of funds, ensuring clarity on where your money goes.
Engage in money games, set clear intentions, and attract the necessary funds for specific purposes. For instance, if you plan a trip to Switzerland costing $7,000, focus on attracting a job worth the same amount to cover the expenses. Money becomes a playful energy, and any negative feelings or resistance towards it dissipate. This understanding and alignment with money’s energy brings about positive outcomes and fosters a healthy relationship with financial resources.
The wrong mindset surrounding money
Our culture fosters a victim mentality, but it’s important to recognize that default phrases like “I can’t afford it” or “I don’t have enough time” are not inherent to who you are. These phrases have been programmed into your mindset and can hold you back from pursuing your desires. While you may genuinely choose not to purchase something or allocate time to it, it’s important to understand that you can rearrange your life and make it possible if it aligns with your values.
Historically, women have faced systemic barriers to financial independence. In the past, women were denied the opportunity to have their checking accounts or own property. Even today, it’s not uncommon to find neighborhoods where women are significantly underrepresented as homeowners. However, the present time brings positive changes, as women are increasingly becoming financially autonomous and knowledgeable. By learning from mentors and gaining financial literacy, women are taking control of their finances and creating new realities for themselves.
As an artist, initially, understanding financial matters and managing multiple bank accounts for businesses can feel overwhelming. You might say you’re not a numbers person and taxes are challenging. However, know that’s just your language and beliefs shaping your reality. D’Arcy decided to change her story and embrace the fact that she is capable of handling finances. Through education and practice, she now confidently navigates different bank accounts, allocating money strategically.
It’s important to recognize that your language reflects your thoughts, and by shifting your beliefs and adopting empowering narratives, you can transform your relationship with money and embrace financial competence.
New belief system
Create a new belief system for yourself. Ask yourself, who do you want to become when it comes to money? Nobody consciously desires to be bad with money, however, certain influences from our parents, society, and education may have shaped our mindset in subtle ways. As someone who is 45 years old, D’Arcy noticed how women were rarely portrayed as mathematicians or scientific leaders while growing up.
It was always “Bill Nye the Science Guy,” never “Mary Nye the Science Woman.” In many aspects, money was often portrayed as a male-dominated realm. These messages can subconsciously influence our perception that money is a game reserved for men.
To break free from these limiting beliefs, the first step is to decide who you want to be when it comes to money. Do you want to be financially responsible and in control? What do you envision your savings account looking like?
Once you have a clear vision of who you want to be and what value you bring to the table, you can harness your artistic talents and create extraordinary ideas. As an example, I offer luxury wedding packages and coaching packages that are priced at an average of $30,000.
Understanding the value of luxury wedding pricing
When you truly understand the value you provide for that price, you can manifest a wealthy life for yourself. Perhaps you’re currently shooting weddings worth $2,000 and you aspire to increase it to $5,000 or $7,000. It’s important to approach this without entitlement. Entitlement won’t get you far. Instead, focus on creating a value-for-value exchange. Aim to give more than you receive.
When you’re a business owner providing services to customers, it’s important to approach price increases strategically. Simply slapping a higher price tag on your existing package won’t work energetically or effectively. Instead, you need to rework your packages and carefully consider the added value you’re bringing to the table.
Ask yourself, what am I offering now that justifies a price increase of $2,000 or $4,000 compared to my previous price of $3,000? There are several factors to consider when determining the value you provide. Are you continuously honing your skills and mastering your craft? Have you streamlined your processes and made them effortless for clients? Are you helping them get published or leveraging your reputation to benefit their projects? These are just a few examples of the elements that contribute to luxury pricing and justify higher rates.
Going from low-budget weddings to luxury-priced weddings
When it comes to achieving success in your business, it’s important to understand that it won’t happen overnight. The online world often sells the idea of instant success, but the reality is that progress is made through small leaps forward.
For example, D’Arcy went from shooting $4,500 weddings to $7,500 weddings within just 30 days. This significant up-leveling required deliberate efforts. She revamped her portfolio, invested in workshops, expanded her knowledge, hired coaches, and focused on creating an exceptional client experience.
It all started with setting the intention of reaching a specific goal, in her case, $7,500. She had her vision of paying off her credit card debts and considered them as investments rather than debts. As opportunities presented themselves, she seized them. She had educated herself by reading books and seeking guidance from mentors who spoke a different language—one of success and abundance.
Not approaching with entitlement
How you speak about money, how you talk to yourself, and how you communicate with your clients all matter. If you approach lower-priced jobs with a sense of entitlement, feeling that you deserve more, you’re limiting your growth. Instead, treat every job as if you were being paid $10,000, regardless of the actual payment. Show up as the professional you aspire to be, even in the early stages. Learn from your mistakes, develop your skills, and gain confidence.
Invest in your development by hiring skilled second shooters or professionals who can guide you. Surrounding yourself with experts in the field will help you improve and gain valuable knowledge. As you grow, it’s crucial to shift your mindset from scarcity to abundance. Believe in your worth and approach each opportunity with confidence and curiosity.
Additionally, treating yourself to luxury experiences can be beneficial. D’Arcy rewards herself with a facial at the Ritz after hosting her annual retreat in Paris. These experiences not only provide a well-deserved indulgence but also reinforce a mindset of abundance and success.
In the world of business, many individuals often attribute their lack of success to money. They believe that clients didn’t hire them or take certain actions due to financial reasons. However, the truth is, it’s not solely about money. It’s about your reputation, how you communicate, and the level of professionalism you bring to the table. Clients hire you for more than just your photography skills. It’s about the relationships you’ve built with editors, magazines, and publications over the years.
These relationships contribute to your value and allow you to charge higher prices. Young professionals seeking to establish connections with renowned planners should understand that it takes time and effort to stand out. It’s a nuanced situation that requires building something unique and catching their attention through your work. The importance of relationships in the industry cannot be understated. And the value you bring to your clients in certain situations.
You can’t fake expertise. If you’re unsure about how to master window lighting or make it look good, it’s important not to charge high-end prices until you have that confidence. People can recognize authenticity, stand in your power and claim your expertise. However, also acknowledge any knowledge gaps.
For example, as a film photographer, D’Arcy struggled with using flash. Recognizing this gap, she sought out the best person to teach her about flash photography. She hired her for a one-on-one session, investing around $800 for a couple of hours. The knowledge and system she shared with her were invaluable. It transformed her skills, and now she can confidently use off-camera flash in her work. This tiny piece of equipment has made traveling easier, and every photo she captures with it turns out beautifully.
To overcome obstacles and charge higher rates, take a closer look at what holds you back. Dedicate time to practice and refine your skills in that area. Through consistent practice, you become confident allowing you a chance to claim your expertise and charge more for what you know.
Best practices to get out of scarcity
To overcome scarcity and develop a more abundant mindset, cultivate self-awareness, and be mindful of the stories you tell yourself. Our beliefs about the world shape our experiences, so if you perceive the world as cheap or the market as saturated, you are essentially adopting a scarcity mindset. This is a common excuse among creative artists and is detrimental to their growth.
To challenge the scarcity mindset, it’s important to acknowledge that the market is not filled with true talent and abundance, but rather mediocrity and individuals driven by scarcity mindsets and competition. It’s essential to recognize that someone else’s abundance doesn’t diminish your potential for abundance, as there are infinite opportunities.
Practicing gratitude daily can help shift from scarcity to abundance, as gratitude and scarcity are opposing energies. Focusing on aspects of life that make you wealthy beyond monetary measures, such as nature, meaningful relationships, and personal experiences, can diminish the hold of scarcity within you.
Final thoughts: Luxury Wedding Pricing for Photographers
Scarcity is linked to fear, worry, and anxiety, which are concerns about the future. Trust and surrender to the flow of life are antidotes to anxiety and fear. Feminine energy represents the receptive and nurturing aspect of all, while masculine energy is about giving and taking action. Our culture often promotes the pursuit of success and material gains, leading to burnout. Balancing these energies is crucial, as constantly fueling ambition without replenishing can result in exhaustion.
Water symbolizes feminine energy, which symbolizes flow, care, and receiving. To escape the scarcity mindset, assess what you are feeding yourself mentally and emotionally. Focus on gratitude and trusting that you are supported to expand your mindset and open yourself up to new possibilities. This expansion leads to ideas on wealth generation, confidence boost, and luxury embracing.