photo by jacoblund via iStock
Starting your own photography business is rife with possibilities. When thinking about your future, it’s hard not to be full of excitement at the prospect of doing what you love and being your own boss at the same time.
But as you plan and prepare to open your business, it’s important not just to think long-term, but to also address common issues that cause businesses to fail.
According to Forbes, about 80 percent of small businesses make it through the first year. That might sound encouraging, but it’s a precipitous drop after that - about 50 percent of small business live to see five years and only 33 percent make it to ten years.
If you want to be one of the 33 percent that makes your business last, watch out for the following ways photography businesses fail.
Ways Photography Businesses Fail: No Protection for Your Gear
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As a professional photographer, you have a ton of money invested in cameras, lenses, tripods, flashguns, and other necessities to get the job done.
Should a critical piece of equipment - your primary camera, for example - get damaged and is inoperable, your ability to work is obviously very limited.
What would limit you further is not having insurance to protect your gear in the event that something goes awry.
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Though it isn’t fun to think about all the calamities that could occur to render your gear useless, it’s something to think about because things can and will happen.
A fire in your studio, an accidental drop of your lens on the sidewalk, or a stolen camera body can put the brakes on your work for days, if not weeks.
However, if you have a photography equipment insurance policy, you can quickly overcome these issues and get back to work.
photo by aleksandr yakovlev via iStock
For example, Athos Insurance Services has you covered for damage that occurs in a wide range of situations, including:
- Natural disasters like earthquakes
- Fire and smoke damage
- Flooding and water damage
- Lightning and wind damage
- Acts of terrorism
- Explosions
Their policy also covers more common situations - an accidental drop, lost or stolen gear, and gear that’s damaged in shipment. Policies start as low as $175.00 a year.
photo by pkujiahe via iStock
These coverages extend worldwide as well, so have peace of mind at home and abroad. Athos Insurance also offers replacement cost coverage, so your gear will be replaced with brand-new or like-kind items.
When your livelihood is your gear, it’s unacceptable to go without insurance for it. Head over to Athos Insurance to learn more and to get a fast, free online quote.
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Ways Photography Businesses Fail: Lack of Financial Focus
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Consider this - roughly one-third of businesses make a profit, about another one-third break even, and the remaining one-third lose money.
There are plenty of reasons why so many businesses only break even or lose money, and one of them is lacking financial focus.
It’s imperative that you know where your money comes from and where it goes if you have any hope of being in the one-third of businesses that turn a profit.
If you aren’t much of a numbers person, hire one. The health of your business is too important not to!
photo by PeopleImages via iStock
Likewise, some photographers mistakenly believe that investing in a ton of expensive photography gear is worth it. It’s not.
When you’re just starting out, the last thing you need to do is go out and spend $5,000 on a new camera body when the one you have is perfectly fine.
There are other more important things to spend your money on - paying an accountant, creating a rainy day fund, and investing in targeted marketing to draw in clients, to name but a few.
Keeping a close eye on your finances and making smart investments for the future is a great way to ensure your business is open for the long-term.
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Ways Photography Businesses Fail: You Don’t Stand Out
photo by jacoblund via iStock
Make no mistake - there is tremendous demand for professional photography services.
The problem is that there are also a lot of professional photographers offering those in-demand services, so competition for clients is robust.
Additionally, though many photographers are extremely talented, they might find that their business is just breaking even or even failing because they don’t stand out in the sea of other photographers.
In other words, why should a client hire you instead of one of the other dozen photographers in the area that offer the same products and services for roughly the same price?
photo by trumzz via iStock
The solution to this problem is simple: determine how you can set yourself apart from everyone else and make that the centerpiece of your marketing.
Branding is certainly part of this equation. You need a business name, a logo, a tagline, and consistent colors and fonts in your marketing materials that help people identify you and your business.
photo by meatbull via iStock
Likewise, you need to develop services or photography packages that are high-value and unique. For example, you might waive the sitting fee for engagement photos if the clients book you for their wedding too.
The point here is that to stand out, you need to have a customized approach to marketing that captures the attention of clients, and to back that up, you need to have products and services that are attractive and valuable.
Likewise, having unique marketing materials will help you grab the attention of potential clients more readily than the same old social media posts and advertisements.
One genius product that can help you stand out from the crowd is Tripod Flags.
Emblazoned with your company name, your logo, your contact information or a combination thereof, Tripod Flags is an ideal marketing tool that uses a highly visible area to let people know who you are.
The heavy-duty canvas is strong and durable, so you get years and years of performance out of them. They also look great!
You literally don't have to do a thing to promote yourself with Tripod Flags, other than set up your tripod and add your flag. Marketing your business doesn't get much easier than that.
Learn More:
- How to Be a Successful Photographer: 3 Tips You Need to Know
- Critical Photography Business Tips for 2019
Bonus Tip: Prevent Business Failure With a Reliable Website
As a photographer, you have to have a solid online presence.
Sure, social media is important, but you also need a website where you have a portfolio of images that you can show potential clients and convince them that you're the photographer for the job.
Of course, if your website is constantly down because you have unreliable hosting, it'll be difficult to show people the kind of work you do...
Back in the day when PhotographyTalk was just starting, I had all sorts of issues with our hosting company. In short, the website was down all the time.
That's just not a recipe for success, which is why I tried many different hosting companies, some good, some bad, and some just plain ugly.
Then I found OVH...
OVH has been our hosting company for going on four years, and it's been a match made in heaven.
To say that they provide reliable service is an understatement - they promise 99.9 percent uptime, and they have absolutely delivered on that promise thus far. I'm sure you'll find the same to be true!
Failing in business is an all-too-common occurrence, and if you want to keep failure at bay, you've got to develop relationships with other companies that can help you achieve your goals.
In the case of OVH, they're a global company with tens of thousands of customers, but when you interact with their customer service team, you feel like you're their most important client.
That kind of service shouldn't go unnoticed, especially in today's world of robo calls and automated "help" lines.
Truly, if you want your business to flourish, don't neglect the little things like having reliable hosting so that your website is up and viewable to the world!