4 Photography Business Tips For Surviving a Recession

The photography industry is competitive and in hard times many people see photography as a discretionary item in which can be put off for another year. There are a number of photography businesses that are closing up shop due to the recent recession. This article addresses some ways in which a photography business cannot only survive but thrive and be prepared for a market rebound.

1. A photographer should focus on building value. A recession is the time where businesses that offered fluff and not a lot of substance are weeded out. Wal-Mart is an example of a business that focused on value. They offered decent merchandise at low prices. During the economic boom they grew. During the recession they grew even faster. During the recession people wanted the best possible value from their dollar and rewarded businesses that provided that. This does not mean you need to be a low end photographer; but simply where ever you fit into the industry, focus on adding value to your offering and you fare better in a downturn.

2. Build your prices on the idea that your costs will go down. There is not only pressure for you to lower your prices but pressure for your suppliers to do the same.

3. Be careful in your hiring. During a boom many are so focused on market share and revenue growth they forget the concept that to keep people hired they eventually have to turn profitable. During a recession, only hire for opportunities in which you can see a clear path to quick profitability. Don't hire simply for expanded revenue from which you hope to turn a profit in the distant future.

4. On a daily basis work on implement efficiencies into your operations. This can be done by performing tasks such as streamlining your post production process, writing macros, and creating a schedule for your marketing initiatives. Adding these efficiencies needs to be an ongoing effort. This is not something that can be done overnight.

The photography industry is extremely competitive. During a downturn this competition becomes even more intense. The four above tips will help a photographer succeed in this environment.