How to Keep Your Photography Business Strong – Even in a Recession!
How to Keep Your Photography Business Strong – Even in a Recession!
Top tips for recession-proofing your photography business
Recession!? Oh no!
If you listen to the radio or follow any economic news, you will already know that everyone is predicting a recession economy in the US. (Recessions are periods of negative gross domestic product reported by a country and usually followed by a spike in unemployment where people tend to spend less money on extras).
If you want to find out how to make sure that your photography business stays strong even in a recession economy, read these tips!
Follow these 3 simple tips for creating a photography business that lasts!
You would probably recall the impact that the pandemic had on small businesses – and freelancers were not immune! As the economy shifts again and there are some scary predictions coming your way through the news, follow these tips to help recession-proof your business.
Helpful Business tip #1: If you lose clients because of the economy, pivot your niche to what is selling NOW
You might find that certain niche’s don’t sell anymore if the people in that market no longer have as much disposable income. This is what happened to most wedding, portrait, and commercial photographers during the pandemic.
For example, if you are a portrait photographer and people are not booking sessions because they are trying to save money due to losing their jobs, you will have to think of other pitches or angles to book sessions.
Perhaps you can take headshots to help people in their job searches.
Or you could choose to change your niche altogether for a season, such as product photography for businesses that are thriving right now.
Find out who or what is doing well in the current economic conditions, and do your best to capitalise on that. It may not be what you are passionate about photographing, but it will keep your business afloat.
And hey, you might also love what you end up pivoting to and finding a new or additional niche.
Be creative to be able to see opportunities even when your regular clientele aren’t booking.
Strong Business Tip #2: Accept that things will be tough, and adjust your realistic pricing
It’s tough to know how to price your work in the best of times – so a downward economy is no different.
If you find that more often than not, clients are asking for a discount, your pricing may be off in general. (If that’s the case for you – here’s a guide for how to price your photography). But it’s helpful to be able to accept that people in a recession won’t be able to pay top dollar.
Put your ego aside, temporarily if you want, and adjust your prices to what people can actually afford.
It is much better to lose some cash flow than go out of business completely!
Clients will thank you and be loyal, as they know that you are helpful in harder times. Plus you’ll also keep your portfolio fresh and get positive reviews which both help boost your business.
Prepare your Business Tip #3: Don’t sit around if you aren’t booking clients – do something fresh!
If you aren’t getting new clients, and you find yourself with freetime, use it! Get inspired with your extra time and invest that into yourself and your business.
For example, if you have always wanted to start a YouTube channel, do it now! Many wedding photographers ended up doing this during the pandemic and it’s turned into a huge part of their business strategy.
So you never know, that channel may turn into another source of income and you might not need client work as much in the future.
Don’t just sit around feeling sorry that you aren’t able to book clients or get the shoots that you want. Seek the opportunities you can find in front of you, and get going on them.
Shoot a short film.
Do that short course you’ve been wanting to do to upskill in your niche.
Whatever it is, go for it; Now is the time!
Make sure whatever you do, you are strategizing for your photography business’ future!
Hopefully after reading this, you have some ideas or at least feel inspired to take some actions to recession-proof your business. You should have some good starting points for planning to proof your business to make it even if times become tough.
Plan ahead and look for all of the creative opportunuties you can.
