Tips For Running a Successful Photography Business During an Economic Downturn

The photography industry is an extremely competitive industry. The only barrier to entry is the purchase price of a new camera. Many people who are experiencing hard economic times decide that a photography business is the ticket to their financial woes. As a result, during difficult economic times the photography industry becomes ultra competitive. Thins article addresses some actions that a photographer can do to survive and even thrive during an economic downturn.

1. Lower Expenses. Lower print, advertising, and labor expenses will go a long way to increasing a photographers bottom line. In recent years a number of online print companies have been created across the company. If you are still using the same print company you used five years ago, consider doing some research on newer companies that have lower prices. As many of these companies have outsourced to lower cost labor regions of the globe, they have lowered their prices as well without giving up quality. It is possible you find a print lab that can save you 20-30% on your current prints.

Print advertising is expensive. Try using more free online advertising. Email marketing, social network marketing and SEO work are all ways to increase your client base without spending any money.

As unemployment has risen, so have the number of photographers, editors and designers who are looking for work. Many of these professionals will work for far less then they were willing to work for only a few months ago. Look for some contract professionals who are will work for less than you are currently paying.

2. Form strong relationships with your current clients. Spend some time contacting clients who have purchased large orders in the past. You already have a relationship with these people. That relationship gives you an edge over the competition. If these people were willing to spend large amounts in the past, they are unlikely to completely forgo family portraits because of an economic downturn. Many may scale back but are still willing to purchase. Make sure that these people are well aware that you know how valuable they are to you and how much you appreciate their patronage of your business.

During difficult economic times, a photographer must adapt in order to survive.