Earn More (even in a difficult economy)
by: Kari Kochar



Looking around, we see signs of a soft economy- high gas and food prices and a rocky real estate market. In wedding and portrait photography, we have to deal with the weak economy, as well as an increasing amount of competition. We could throw our hands up, or we could make a decision to work harder and smarter. A sign at my local office supply store reads, "We here refuse to participate in the recession. Please shop accordingly." I loved their attitude!

Here are my recommendations for growing your business, despite the tough economic climate:

1. Accept credit cards
Studies have shown that small businesses who accept credit cards increase sales by as much as 35% when they offer clients the option of paying by credit card. When I started accepting credit cards, I experienced both a higher booking rate and noticed that clients who did book also went with higher packages.

2. Stay in regular contact with clients
Staying connected to clients is easier than ever - blogs, newsletters and e-mail are all wonderful resources for connecting to your clients and staying connected. Don't assume that your clients will remember you just because you did a great job with their wedding or portrait session. Remind them that you're there and give them a reason to come back to you.

3. Watch expenses
We are constantly bombarded with opportunities to spend our money (workshops, advertising, new equipment) but it can all quickly add up and have a negative impact your bottom line. Put a little post-it on your checkbook that says: "Is this purchase necessary?"

4. Track and expense your driving
Many photographers don’t keep track of the mileage they put on their automobile for work-related driving. Doing so and expensing your miles will make a big difference financially - all those small trips add up! Just a little work can save you thousands.

5. Hire a regular bookkeeper
Bookkeepers might seem like an unnecessary expense but having an up-to-date and accurate assessment of your finances will aid you in cutting back on unnecessary expenditures.

6. Get the best rate from your vendors
Ask vendors (labs, banks, service providers) and advertisers if they're giving you their best rate. Many businesses are willing to give you a discount and it adds up in the end. They may turn you down but it never hurts to ask.Rates often vary from company to company. Different companies can offer you different rates on the same products and services based on their own overhead. It often pays to shop around!

7. Analyze what's working
Analyze your business on a continual basis to find out what is and what isn't working. How have your inquiries changed this past year? Where do you get the inquiries who booked with you? Has your booking rate changed? Does your website need updating? What new advertising/marketing have you tried? Have you seen an increase or decrease from those efforts? What's the most cost-effective marketing you've done this past year? What has been the least labor-intensive? I'm a strong believer in Pareto’s 80/20 principle- I believe that 80% of your work can come from 20% of your efforts. The difficult part is identifying the 20% and focusing on that.

8. Be open to new marketing
Talk to people about their marketing strategy. Be open to new ideas; there are as many great ideas out there as there are people. When you have the opportunity to meet other vendors, ask questions and listen.

9. Do what others aren't
Just because other photographers are doing it doesn't mean you should too. You'll stand out if you're doing something innovative instead of doing what everyone else is doing.

10. Pick a strategy and get moving
It can be difficult to execute some of your ideas. They may force you outside your comfort zone or you may just not have enough time. But in these times, you may not be able to afford not focusing on your business.

DISCLAIMER : The views expressed in this article are the author's and do not necessarily represent the views of photographik or any member of the photographik organization.