7 Ways to Recession Proof Your Photography Business
There's a dirty, little 9 letter word going around that has the potential to wreak havoc on your photography business.
Recession.
Over the past few weeks, I've heard from many photographers how anxious they are over the rising costs of, well, everything and there seems to be no end in sight.
Inflation and a recession will have an impact on your business, but it doesn't need to be a negative one.
You can rise above the fear and uncertainty and actually recession proof your business.
Not sure how? Here are 7 was to sustain and even thrive as a photographer, even in the midst of a looming recession.
1. Work on Your Mindset:
This may not be the sexiest, most fun thing, but if you do not work on your mindset, not a single one of the other tips I'll share with you will work. In order to have a successful business, you must have a successful mindset. The fact is that starting and growing a business is hard. Doing it during a recession can be even harder, but not impossible. If you choose to have a growth and service based mindset, a recession can actually be an opportunity to thrive.
2. Diversify Your Income:
There are limitless ways to do this, but the gist is to think about serving your ideal client in a different capacity. For example, if you're a family photographer who is experiencing fewer bookings because of rising prices, why not offer your mom clients an in person or online course teaching them how to use their phones or cameras to take pictures of their family. Just because they may not be able to afford a full session with you does not mean they will not want their family moments documented.
Let's also not forget about all the skills you've acquired as a photographer. You've likely spent hours learning the ins and outs of your website platform, editing, blogging or social media, or design. Why not offer a new done for your service or teach those skill sets to others who need them?
3. Don't Slash Your Prices. Instead, Think of Ways to Add Value:
I'm not saying to not ever offer strategic promotions and deals (ones that still allow you to remain in profit). But instead of feeling like you must lower your prices in order to get more bookings, think of ways to add value to your clients.
Real life example: After about a year of photographing my brand clients, I began to notice that many of my brand clients were not using their images online. This confused me because they literally spent thousands on my service and said they loved the photos, but they were not sharing them. Instead of wondering why, I asked my clients what was preventing them from posting the images we took. Come to find out that many of my clients felt like they didn't know what to say for their captions, therefore they were not posting.
This was a pain point my clients were experiencing and instead of leaving them in their pain, I decided to create a simple training that gave them tips, strategies, and even templates for social media captions. This training is now a part of my brand collection (aka: I added value). Since then, I've been able to book numerous brand clients, even though my local competition is charging a fraction of what I charge. Often times my clients say that they chose me because I not only take great photos, but I also show them how to use the photos.
4. Start (or Grow) Your Rainy Day Fund:
Having a business savings account is so important. No need to feel guilty or ashamed if you don't have one yet. Start one today.
Personally, every week I take a percentage of what my business made in the last 7 days and move it into my business savings account. Even if at the moment you can only afford to move over a $5, do it! Get in the habit of routinely setting aside of a portion of your income for savings.
5. Pay Off Debt and/or Eliminate Unnecessary Expenses
Know where your money is going! Log into your bank and check out how you've been spending the last 30, 60, or 90 days. Are you buying too many props when you already have a closet full of them? Do you keep purchasing presets that you never end up using? Do you really need that brand new lens or can you still get the job done well with your current equipment?
Along those same lines, pay off debt where you can! Try to pay off your credit card. Or perhaps you are on a payment plan for a program you committed to, see if you can pay it off early. Many times, paying off an investment early can come with added savings!
The point here is to lower your reoccurring monthly expenses, especially the ones that have interest rates.
Special note: I'm not saying to not invest in your business. But invest wisely! Make sure wherever your money is going, you are seeing a return on that investment.
6. Maintain Your Client Relationships
When is the last time you checked in on your past clients and leads? Why not take some time and send them handwritten cards or a sweet text? You can even focus on growing your email list and prioritize weekly emails that add value to their life. Nurturing your warm leads will pay off. After all, it's way easier to book someone who has already hired you than someone who is brand new.
7. Use Your Time Wisely
With a looming recession, you may see a lull in your bookings and have more downtime. Do not waste this - Time is a gift! Here are some ways to spend your downtime wisely:
Increase your skillset or learn something new - Perhaps it's learning off camera flash, copywriting or facebook ads.
Revamp your website if needed
Pre-write weeks and even months worth of blog posts, social media posts and emails.
Read business books
Pursue other creative hobbies that give you joy. This might sound counterintuitive, but when you can take a bit of time every day and pursue things you find to be FUN, it changes your perspective and can give you mental clarity. Personally, I have loved learning how to play the guitar. Being creative in that capacity has allowed me to destress and have an overall more balanced perspective of business and life.
The bottom line, my friend, is that a recession doesn't have to knock you down or out!
Decide now that you will use this next season to grow even in frustration, to serve your clients well and to find joy no matter what life brings.
You got this!
Heather
P.S. Would you like to learn a how to book at least 4+ clients a month and create a minimum of $1000 per portrait client? For a limited time, you can get instant access to the newly released FULLY BOOKED CRASH COURSE for Photographers! All the details are here!