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How To Build A Photography Business You Intend To Sell

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1. You love photography.

2. You hate your job.

3. You decide to make photography your career.

4. You open a studio and bring in clients.

5. You quit your job and begin building a successful photography business.

The above may sound like your plan. But do you have the 6th step in place?

6. Sell your business for a healthy profit.

Photography is an art form. Because its so personal, so much a part of who you are, very few photographers go into business dreaming of the day they will sell their business.

Yet in many ways, every business should be started with the intent that you will one day sell it. When you approach your business through that mindset, you begin to notice things you would never notice on your own. And you make changes to improve it so its more efficient and more valuable over all.

Lets look at this from another angle. Look at your business as you would your home.

When you buy a home, you go into it with the intent of living in it for a long time. Yet everything you do along the way you probably say something like “this will add to the value of my home”. So you happily improve the landscape in the summer. And add granite counter tops to your kitchen. Why not spend the money; you can enjoy it now and benefit from it in a few years when you decide to sell.

So why is your business any different?

If you make improvements along the way, you’ll increase your odds of attracting future buyers. You won’t look at your business through the eyes of “I just want to make money”, but instead you’ll say “how will this make my business more healthy, more profitable and highly attractive to others”? [Read more...]

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The 7 Deadly Sins Of A Photography Business

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If you are operating a photography business, you are in competition with thousands of other photographers all vying for your prospects attention.

When it comes to photographing, many have a natural eye for creating amazing art.

But when it comes to running a business, most of them don’t have a clue as to what they are doing. The same problems come up again and again, keeping them away from doing the one thing they want most of all – finding success.

So how about you? Do you commit one of these deadly sins with your own business?

1. Laziness

Have you ever said something like:

“I don’t have the time for this.”

“Will this work immediately?”

“This sounds like a lot of work.”

You know what is a lot of work? Getting up every morning for work, spending time getting ready, a long commute it to the office, working your 8 hour day, plus breaks, plus overtime, a long commute home, then settling in for the night. Easily 10+ hours every single day – gone with nothing to show for it but a paycheck. And if pink slips come around next month, you can only keep your fingers crossed you won’t make the list.

By contrast, operating your own business is a lot of fun. You make your own hours, you create your own schedule, you do your own thing. You are in control.

Will there still be work? Yes. But the type of work will be much more satisfying.

2.Impatience

Every photographer in the world has been frustrated at the beginning of their journey. You have all of this energy, all of this passion, just bursting and ready to come out. You want so much for things to happen. So you wait. And wait.

It takes time to build an audience. They don’t come overnight. You must build slowly. One turns into two. Two turns into three. And so on.

Yet if you build today for where you want to be five years from now, you’ll see the picture clearly. You may struggle today, but that allows you to see things a bit more clearly and try something new. Don’t think of it as “why can’t it start today”? Instead, think of it as “this will help me for tomorrow”. [Read more...]

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The Day We Were Almost Sued

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Whew, yesterday’s post had me keeping up with comments all day. Thanks to everyone who enjoyed the discussion – I’ve enjoyed hearing what you have to say.

Wow, I Never Knew It Was So Easy To Make Money At Photography

One comment surfaced that made me want to share a story.

We had been in business for years, had the proper licensing and insurance in place, and had a very strong and lucrative business.

We met with a client and both “fell in love”. This bride and groom to be were from New York City, high powered, traveled the world, and were planning a very exotic wedding right here in the Rocky Mountains. They loved our work. We loved their personality and everything they were planning.

They were heading back to New York after meeting with us, and called a day later to book us. We forwarded a contract to the bride to be – in Word. She printed it, signed it, and sent it back. We likewise signed the copy once we had received it, made a copy for her and forwarded it back to her.

Several months later, we photographed one of the most fantastic weddings to date. It was on top of a mountain, beautiful day with not a cloud in sight. The food was great. The party was amazing. The bands were flown in from New York City. The wedding decorations were flown in from all over the world.

And the photographs were gorgeous.

So of course we started sharing them. We sent some to the caterer. Some to the wedding planner. Started using some for marketing. And then it happened. [Read more...]

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3 Reasons You Should Give Up Your Dreams Of Being A Photographer

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I had an interesting comment thrown at me a few days ago and I’ve been pondering it ever since.

“You’re just lucky. You just happened to fall into the right place at the right time and happened to make some good money.”

The implication was very few can do it, its almost an impossibility to do it again, and photography is a market that simply has no money in it. If you make a decent income, it won’t be in photography.

So I decided to take the approach that maybe this person was right. Maybe there is no way you can make money at photography. Maybe the only people that do are lucky. In which case, if you are a photographer, maybe now is the time to give it all up. That’s right, walk away. And I have 3 reasons to prove that now is the time to do so.

1. The only way to get ahead in life is to be lucky – one in a million is the only shot you have.

Do you play Powerball (lottery, mega millions, whatever you happened to call it)? Did you stand in line for hours to buy a ticket? Did you hope and pray that your one ticket would be the magic winner and you would walk away a changed person?

That’s luck. You don’t have to do anything other than stand in line and buy a ticket. No planning (other than which line to hang out in). And it all comes down to chance – will your numbers be the actual numbers pulled.

Photography is much the same way. You grab a camera and start shooting. If people like your work, they pay you. You may book a few clients. Or maybe not. It all depends on your luck for the day.

2. The only way to make money is to work for someone else – there is no room for small business and it’s way too risky to try.

Paychecks are where its at in today’s world. Nothing is safer than having an employer keep you safe and secure. You work for them 40 hours per week (or more) and they give you a paycheck at the end of the week. Hopefully. Your benefits may go away. You may worry about the pink slip. But at least your safe as long as it lasts.

The true risk is small business because it simply doesn’t work. You never know if you will succeed and there is no way to build a future that brings in a healthy income. [Read more...]

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The Most Important List You Will Ever Have To Quit To Succeed

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I’m a list person. But I’ll be the first to admit that lists aren’t always all they are cracked up to be.

A list can be a great tool IF you have the right things on the list.

But what if you don’t?

Then a list is simply a waste of time.

But the problem comes in not knowing if you are making the right list … or the wrong one. Because we use our own knowledge, our own filters, our own biases, there is a good chance your list may do more harm then good.

Your list may be putting you on the path to “un-success”.

If you look at your own life – wants, desires and goals – chances are you have big things planned for the future.

“I want to start my own business.”
“I want more time with family and friends.”
“I want to quit the 9 to 5 corporate grind.”
“I want to travel more.”
“I want to make sure my kids get into all of the best camps and schools.”

Those are great desires to have; but does your list support those goals?

Unnecessary tasks are the number one cause people don’t get what they want out of life.

When you make a list, you fill it with a variety of tasks. But when it comes time to check the items off the list AND SO SOMETHING, we tend to go with what we love first, pushing the difficult or challenging tasks to the bottom. And eventually you wad up the piece of paper and throw it away – do you really want to be reminded year after year of the tasks you can’t get done?

If we don’t want to do something, for whatever reason, we don’t. No matter how much impact it may have on our future.

So what is the solution?

Do only the things you love to do and have them make all the difference in the world.

Of course its not that simple. We would all be highly successful people if that were the case. But there are things you can do right now that will help you create better lists.

If you actively looked at everything you do, there are many ways you could simplify your life, giving you reason to create stronger lists. Let me show you what I mean. [Read more...]

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5 Things A Small Business Owner Should Never Skimp On

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If you are just starting out as a small business owner, or are trying to move from part time to six figure level, chances are “shoestring budget” is something you live by. You might not have a regular paycheck coming in, low or no income stream, and are probably taking on debt to help you achieve your dreams. In short, you are cash poor.

So the most logical step to take is to try and do everything on a shoestring budget.

Marketing – what’s that?

Advertising – that’s why Facebook and Twitter is great, they are free.

Business cards – why buy them when you can print them on your home printer?

Part of living on a shoestring budget means doing everything at the lowest cost possible. But if you live your entire life like that, you may be putting your business at risk. There are some things that you just shouldn’t skimp on. It shows.

Your Image

When a prospective client meets you for the first time, what do they think? People form opinions within the first few seconds of meeting; make sure those seconds count. Even if you can’t afford an entire wardrobe from Bloomingdales, you should still invest in one great outfit to meet people in. Head to your local consignment store and talk with the staff. Ask them to make recommendations about looking your best. Make sure everything fits the correct way. And pay attention to your shoes; holes, scuff marks and worn down heels say a lot.

Try to look like your customers. If you are targeting business people who usually meet you in business suits, follow their example and show up in a suit. If you work with Internet companies and start up business owners who show up in jeans and a t-shirt, dress down a bit and show up in something suitable. Never look like you’ve spent the last 24 hours in front of the computer.

The Customer Experience

Meeting a potential customer for the first time puts you on display. At all other times, its your company that is on display. Everything you do that relates to the customer should create a “WOW” experience and make them feel like a million bucks. If you are not fully vested in making your business shine and stand out, a prospect may not feel like investing in what you have to offer.

Look at what you have to offer through the eyes of your customer. Would you buy something? Are the marketing materials top notch – or are they thrown together? Is the website custom designed – or put together by amateurs? Do you use top quality albums, frames, materials, etc – or do you use your local discount store? It all matters at this stage of the game. The more thought and time you put into creating a dynamic experience for your customers, the more it will show in top quality referrals, and life long clients.

Your Website

Having a great website no longer equates to spending a ton of money. If you are even just a bit tech savvy, you can do the design yourself with WordPress.

Dig Deeper: The 10 Advantages Of WordPress For Designing Your Photography Site

Move Your Photography Business To The Six Figure LevelThere are really only two things that will provide you with a website you can be proud of.

1. Having a site that looks professional.

2. Having a site that allows you to create content.

Websites today are meant to be a window to the online world. They connect you up with various social sites and allow you to connect with your customer base on many different levels. If you still think a 5 page website will cut it, think again. The more you put into it, the more you will receive. [Read more...]

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Photographers – 12 Commonly Overlooked Deductions That Can Add To Your Bottom Line

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Tax day is creeping up on us once again. And if you are like most photography business owners, filling out tax forms are anything but a fun time. Whether you do it yourself, or hire someone else to do it for you, nothing can make the experience a little more bearable is seeing the word “refund” instead of finding out how much more you owe.

With thousands of pages of code and a plethora of changes that occur every year, its easy to miss things that could impact your bottom line. Check out these commonly overlooked deductions to see if you qualify for more this year.

1. One of the most overlooked credits is the American Opportunity Credit, which has been extended through 2012. This credit allows eligible taxpayers to claim up to $2,500 for each of the first four years of college for each student. Whether you or a child is currently in college, this credit is nonrefundable, which means you could get back more in a refund than you paid in.

2. Have you donated anything to charity this year? While you’ve probably cleaned out your closets a time or two, don’t forget about the things you’ve donated for your business as well. A donated portrait session still has value.

3. Mileage can be a huge bonus to your bottom line. In many cases, you probably use your car for personal and business. Everything business related can be deducted. Also include volunteer mileage as you are driving to and from charity functions. While you do have the option for reporting actual expenses or taking the mileage credit, the mileage credit is usually the easiest way. Keep a log handy in your car and record everything you do for business. [Read more...]

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7 Things You Gotta Have For A Successful New Year

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1. How sincere are your messages?

When you send out an email, post on Facebook, or send out a tweet on Twitter, what is your ultimate goal? If its to sell, you have it all wrong. So many people today take the old way of thinking – “sell, sell, sell” – and try and incorporate it into new technology. It doesn’t work, nor will it ever work. When I see the message come through, “Hi you don’t know me but I have a great product…” its straight to the delete button. Messages need to be from the heart, offer value, and convince a person you are the right one for the job. People know how to find you and will make the sale when they are ready.

2. How is your customer service?

When was the last time you flew? Traveling used to be fun. Now its an incredible pain; something you only want to experience if you really have to. You can find your deal and buy your plane ticket months in advance. Yet you know your costs are anything but over. If your bag is a millimeter too big or an ounce overweight, you’ll be slapped with a fee. And don’t expect it to change any time soon – the only thing you can be guaranteed with is more fees. But is that really the way you want to be treated? Do you really want to give your money to someone you really don’t like? Or do you want to hand over your money to a friend? Someone who understands you and is willing to give you 110 percent all the time? This will continue to be the year of incredible customer service – only businesses dedicated to it will survive.

3. Does everyone want your products?

There’s a Starbucks in our area that does an unbelievable amount of business. It’s a free standing coffee shop with a drive thru. I have never driven by that place without seeing a minimum of a half dozen cars waiting in line – at all hours of the day. And if you go into it its one of the largest in the area, with tables, sofas and chairs spread out by two fireplaces. A little closer to my home was a local coffee shop that recently went out of business. The coffee was okay and they had few options for snacks and other beverages if you weren’t in the mood for coffee. To tell the truth, the only reason I frequented it is because you could always find a table. The difference is in the quality. If your products are average, there is no incentive to make the purchase. But if you make someone say “WOW” you’re on your way to success. [Read more...]

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What 10 Things Will Change Your Photography Business?

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Have you ever found yourself saying, “I really need to do this” or “I need to make this change”. Then months go by and you realize you never had the time to do those few little things.

I think we’ve all done that over and over again. If something isn’t absolutely necessary, if it isn’t something that needs to be done for your business to succeed, it seems to be put onto the back burner indefinitely.

Yet if you sit down and take a look at all the little things you wish you had time to do, you might be surprised at how they cumulatively could change your business.

That’s what we’ve done here the last couple of weeks. We sat down and made up a list of the little things for each facet of our business. And now we’re finding it’s a great roadmap to get 2012 started with a bang. Want to do it to? Here’s how.

Write it down

The problem with doing the little things is you always put them off, hold them in the back of your mind, and never add them to your to-do list because bigger things are always more prevalent. If you have to get out an order for a client, are you really going to put “change  out About Us page on website” in front of it?

In order to get the little things done, you have to know what the little things are. And how they will impact your business. Let me share with you one of our examples.

We’ve created a “10 things to do” list for several different areas of our business, one of them being our VirtualPhotographyStudio website. We still love the look and feel of our Virtual site, yet there are small things we’ve talked about changing for months. So we sat down and created our top “10 things to do” list for Virtual. Some of the things we’ve included are: [Read more...]

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6 Things A Photographer Should Be Prepared For

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Operating a photography business can be so much fun. You fill up your bags with the latest photography equipment, bring in the best clients, and showcase work you truly love and are proud of.

And for the most part, its all good. Things move along smoothly, and you learn how to improve day to day.

But on occasion, you hit a rough spot. You have a day where something goes wrong – terribly wrong in some cases – and you’re just not sure if its all worth it.

While the unexpected will always happen, and there is little you can do to prepare for it, there are certain things you can plan for today. What are your policies on the following?

Bad Advice

Have you ever noticed how people love to dish out advice when it doesn’t affect them? They hold down 9 to 5 jobs, live in the rat race every day, and yet they become an “expert” in running a small business when you mention your ideas.

And in some cases, it can be hard NOT to take their advice. Especially when its family.

“Here’s the $1,000 you asked for. Don’t worry about paying me back right away; just make sure you use it wisely. Don’t put it towards that ad in the magazine you talked about – that sure was expensive. And …” The advice goes on and on.

And while your loved one means well, if they’ve never run a small business, they don’t have a clue as to what to do.

Smile. Take in their advice. Thank them. And move on.

In some cases they may have valid concerns. Use them when making your final decision. But if their line of thinking is way off base, don’t let that influence you. You’re the boss; you get the final say. [Read more...]

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