However, with the way the economy is going and with the ever increasing number of people who keeps on jumping into the photography business bandwagon, just keeping the business afloat can be quite a tough job indeed. Is there anything anyone can do about it?
Of course, there are. But first, you may need to understand that not all photographers, no matter how gifted they may be, have the ability to run a successful photography business.
No matter how blunt it may sound, not all photographers have the common business sense to pull this through.
Moreover, some photographers turned photography business owners repeatedly commit some glaring mistakes along the way without even knowing it. And this complicates matters even more.
To turn things around, you may need to learn how to identify the bad business decisions you make and vow never to do them again. Are you ready to take a step toward making your business click? If so, then let’s start turning things around, shall we?
The Photography Business Owner’s 5 Deadly Sins
- Starting a photography business without a plan. Very rarely do people, photographers included, start with an end in mind. Most just jump right on in and start a business without having a plan to guide them on their journey. And you know how the saying goes, right? Failing to plan means planning to fail. Very true indeed. So, do you have a plan? If you don’t, then just be prepared to fail.
- Asking for too little. Just because you are new in the business doesn’t mean you should undercharge for your services. Things shouldn’t work that way. You are a professional in your own right, are you not? And you have your business to take care of, too, so just charge accordingly and you’ll do just fine.
- Having a less than professional attitude. Some photographers have the nasty habit of coming unprepared to a shoot. This can spell disaster and put an end to your career. Are you willing to risk it?
- Getting caught up in the paid advertising game. Just because your competitors are listed in the Yellow Pages doesn’t mean you should follow suit, do you? And just because everyone else is listed in all the internet directories you can ever think of doesn’t mean that doing the same will be beneficial to your photography business. When you are just starting out and have very limited funds to play around with, paid advertising should be the least of your concerns. Put your money where there are gains to be made.
- Not having an insurance. Having a personal and business insurance are just some of the things you shouldn’t do without. It’s best to be prepared for any eventualities.
Now that you have gained a basic understanding of the things that can jeopardize your business, it’s time for you to learn some things that can basically give your business another shot at success:
- Know how much to charge. You already know that undercharging your services can kill your business, right? So, take a pen and a piece of paper and compute for the cost of keeping your business open and the actual cost of goods sold (COGS) plus a fair amount for your time. This can help you come up with a reasonable rate to keep your business going.
- Keep an eye on your spending. Get into the habit of asking yourself whether you need something before buying it to keep unnecessary purchases at a minimum.
- Secure the best rate from your vendors. Chances are, your vendors will give you an additional discount if you ask them to, if they aren’t already. There’s really no harm in trying, right?
- Track work-related expenses. Consider passing your mileage as well as the cost of shipping to your clients. Do this and you’ll see how little things add up in time.
- Keep in touch. It’s always easier to maintain previous clients than to meet new ones so make a personal commitment to stay in contact with your clients. Feel free to use modern technology to make this task easier.
So, have you learned something useful today? I bet you did! You will definitely start seeing the profits roll in by simply following these suggestions so why don’t you give it a try?
Here’s to better profits ahead,