I like the limited edition suggestions, although I would suggest shortening the run to 25-50 for the first ones offered. It makes it more exclusive and you have a greater chance of selling that many. What happens to the value of a limited edition if it's set at 100 and you only sell 30 or 40 of them?
Those who've made inquiries may not be ready for professional prices. They may be thinking, or hoping, for something much lower. Consider making up a few high quality Christmas cards to give to these people, with personally signed good wishes from you. Make an insert with the pricing and thank them for their inquiry. If they aren't able/interested in paying for a print, they will at least have a smaller version in the card at no cost but with your good wishes. If they are interested in buying, it's still great marketing and won't lose any sales.
Are your photos ready for limited edition or could they use a bit of fine-tuning? Ask for a critique on the forums if in doubt.
Chip, in another topic you mentioned that you're doing portraits.
I do wall portraits. My minimum product is a framed 16x20 that comes with a set of smaller gift prints, but like a portrait painter, my primary product is a wall portrait. I will provide additional prints ala carte, but only after the 16x20 or larger wall portrait. My "thing" is creating portraits. I painted them before I picked up the camera--I'm a portrait artist, not really a "photographer" per se because I'm not particularly interested in taking picures except of people, nor am I particularly interested in looking at pictures except of people.
I find that limiting client choices actually works better than offering a myriad of choices (notice how an exclusive restaurant will have a much shorter menu than a fast-food restaurant).
I have only two surface choices: Stretched canvas (inkjet) or Kodak Endura "Embassy" finish. They will be framed to conservation standards.
I have a small set of frame options--gilded, silver, black, walnut, and golden oak.
I provide a full satisfaction guarantee. If they're not totally satisfied, they get another session. If I can't satisfy them at all, they pay nothing (of course, they get no product, either). I also provide a product warranty--I will replace a portrait free of charge for any kind of damage, whether cause by me, by them, or by an act of nature. I will also exchange a portrait for a different size for no more than the difference in cost (and will refund if they decide they want something smaller). To date, I've never had to "make good" on my guarantees, but I always make a point of mentioning them.
I do initial consultations in the clients' homes. While there, I'll take on the role of interior decoration consultant (we'll look at various areas of the home and discuss locations and sizes) and wardrobe consultant (I'll actually have them show me what they'd wear and we'll agree on it). We'll discuss the shooting location, and if necessary, I'll scout it ahead of time on the day and time of day the session will take place.
I show a small number of previews (projected at the clients' homes in the location where the portrait will hang). I usually show only 10-12 previews (the best couple from each major pose), and they will all be fully retouched. I use ProSelect as my projection software, because it enables me to project the images at the size of the prints (and switch quickly between sizes).
The actual prices I set take all this effort into consideration--I've estimated how much time I spend on a job and figured the labor in hours for that basic 16x20 minimum package. The minimum package is based on total cost of sale (materials and labor--mine and any others-- for that job plus the appropriate fraction of annual overhead) plus a company profit.
Larger prints rise significantly in price because I've already demonstrated during that home consultation that they're higher in value. My prices generally go up by 50% from one standard size to the next (although I don't necessarly stick to standard sizes--I customize according to the nature of the image).
