Its sad to see a photographer who is really good at photography, yet knows nothing about business.
When we were first starting to climb the ladder of success within the photography industry, we met a couple who were several years older and had several more years of experience. We looked at their work and instantly knew they were one of the best photography studios in our area. Until we got to know them and started learning more about how they ran their business.
When we would get together for dinner, they would proceed to list out several things they were currently working on. And those several things seemed to change every few months. Then they confided the real truth.
“As much as we love photography, we just can’t rely on it for a full time income. We have never been able to figure out how to push it to the point of creating a secure and profitable income.”
These people had some “major player” clients. They were written up in local media. They won awards and were recognized within the photographic industry. Looking at them, they were the people to model. They looked like they had it all together.
But while they were very good at photography, they had never taken the time to learn about the business world.
They created their pricing structure for the low end because:
They felt guilty about charging “too much”, even though it was their belief system that created what “too much” meant, not what others were willing to pay
They let the low end structure their pricing – and their high end was more than happy to pay it, knowing they got a “deal”
For all of these reasons and more, their marketing, pricing, and financial tasks struggled. [Read more…]