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...]