Recession Proof Your Photo Business
I’m going to teach photographers how to thrive in a recession and how to recession-proof your photo business. Get ready the economy is going down and there are some things you can do to make a lot of money. I will teach 5 ways to make a lot of money during the recession.
Make Payment Plans To Help Them With Money
People are panicked right? How will the market drop? Will they lose their jobs? Knowing that bit of knowledge, let’s help them feel good about hiring you. If they are concerned about money, we can reassure them that payments are available.
How to Structure Photography Payments to recession proof your photo business:
50% down, 25% on day of shoot and 25% on delivery. People still want family photos or need things for their business. If you make it easier for them to buy, they will support your business. By the way, my business structure is the one that I listed above (50/25/25) and it seems to work just fine!
Photography Clients Want Solutions in a Recession
A simple secret to recession-proof your photo business during a recession? Help others and provide solutions.
Those who serve when times are rough will be rewarded. They’ll remember who built up with them during the hard times and like history states, all bear markets turn into bull markets. I want you to reap the rewards of both seasons. Here’s how I offered a solution for Usher during the last recession.
It was 2009 and social media was blowing up but many record labels did not have a plan in place. They needed help getting on social media with great videos and photography. I saw the need and suggested to Usher that we do a Youtube channel that shows the BTS of his life on tour. It hadn’t been done on a platform like Youtube before, certainly not for an artist of his size on social media. We called them webisodes at the time, I think before the vlog term was even coined.
We built a base that would sell the record, tour, etc.. If label budgets are lower, let’s play in the marketplace and seek new solutions. I suggested when people needed solutions and the label listened. Usher listened. Management listened.
What can you suggest for each business in your network? Don’t think of it as giving a free game away. Think of it as investing WITH your clients.
Look For Reinventing Business Looking For Rebranding To Recession-Proof Your Photo Business
If you’re a commercial photographer, businesses are reinventing themselves with new ideas being born, and old businesses dying. They need an ally for this reinvention. You can help them like the mini sessions, and do a corporate mini session day. Get everyone on the same page. Help tell their stories. The people writing the checks aren’t creative. They’re numbers of people. You’re a creative person. Suggest to them the opportunity to have a brand that works cohesively because companies will hire new talent, lay off old talent, develop new departments, and bring on so much change.
As the business recovers, your budget will increase. That’s how it works and if you invest in my Secret to Easy Photography Pricing (STEP) course, you’re going to do just fine with your income if you recession-proof your photo business and beyond.
Your Audience is Gold, Use The To Grow
Utilize their network and their energy to build your business. They win. You win. Here’s how: It doesn’t matter what type of photographer you are. Your clients have friends and associates that are similar. Vegan moms hang out with Vegan moms. Republicans let their republican babies play with other republican babies on their republican playgrounds. Super liberal eco-friendly moms hike with super liberal eco-friendly moms. See what I’m saying? Once you find one ideal client, you found the rest. You could start over after each client OR you can utilize your network. Here’s how you can do this:
- Offer them huge benefits if they suggest a friend, like extra prints! Don’t discount the price as the first option though. So if you bring a friend who also signs on, you get 5 extra prints which is worth $125. Watch them start talking to their networks!
- Make it an experience if you want to recession proof your photo business. People don’t care about your camera. They want the experience. You’re a luxury item, you’re an experience. So how can you do that? Can you invest in a nice Bluetooth speaker that plays good music? Can you also add another $7 and bring ice cold waters? Wanna make it even better? Bring kits for men and for women for their makeup, hair, and small sewing things. Wedding halls do this!
- Make the process an experience. How I used to make my contracts with them. Here’s an example on screen. Make it super friendly and relatable. People are stressed. Don’t be a cause of stress.
Revisit Old Photoshoots
Some will do terribly during this recession and it’ll be tough. But people are people and we have needs. Help them feel safe and help them remember easier times. How? Here’s how…
If you have recurring clients, revisit old shoots. Make it a habit to open the archives and send them images of good times. Literally send 1 photograph that you printed with a thoughtful card. You can order the image online and have it sent to your home. Here’s why this is magic:
You’re going to remind someone of the past, and they may purchase additional prints from you. That’s how you recession proof your photo business! Maybe they cannot afford a new family photoshoot but they may want to spend a little on reinventing old images that are new again. Give it a new color treatment. Suggested metallic or wooden portraits. That is a great way to earn additional income with very minimal effort or they may not order anything at all and that’s perfectly OK! You will bring a smile to someone’s face and it’s good energy. What you send out will come back to you.
Stack Model Shoots Or Mini-Sessions For Recession Profit!
I did something similar with models when I started. We stacked models back to back, had one team of glam all day and we killed it. We had the best time with so many benefits!
One would be in makeup, another with hair, another with me getting their photos taken. People networked, we played music, laughed, and made things work. These models (I have a really good success rate with this) got signed back to back to back. We were simply providing solutions for the marketplace.
Here is where you come in. Stack clients together. If you do personal photoshoots, do mini sessions and blow up that part of your business. Maybe they cannot afford $400 for 2 hour family portrait. But they’d be open to a 30 minute session for $125. Mini-sessions do very well in recessions and you win in so many ways.
It’s a portfolio boost. It’s a social media boost. More people are marketing you and it’s a beautiful way to recession proof your photo business! You become a better photographer because you get more practice. And you make more money. Here’s how… One family photoshoot may bring in $400 for a couple of hours. 4 families opting in for mini-sessions can bring in $500, more marketing, and more images for your portfolio. Now if you’re there for 2 hours, why not 4? Now you’re at $1000 for a half day vs. focusing on one family for $400.