I finished reading the January edition of Entrepreneur magazine this past weekend, and frankly I was shocked.
They dedicated a large portion of the magazine to franchises, and showcased the top 500 franchises that are available for startup.
Did you know 8 of their top 500 franchises are in the photography industry?
Does that tell you photography is still very profitable?
And now for the most shocking thing to me – people are willing to invest anywhere from $15,000 to more than $300,000 to get involved in one of these photography businesses. And on top of the franchise fee they listed many more thousands of dollars in startup costs (buying equipment, leasing office space, etc). Wow.
The great thing about buying into a franchise is you get a pre-existing business. They have the business model, the marketing, the advertising, the production – everything is included in the system. You’re never left wondering what you should do next – the system is there to help you every step of the way. People that invest at this level understand the type of support they are getting, and value it highly.
Yet doesn’t that seem amazing? Invest hundreds of thousands of dollars in a franchise to start up a photography business? (Six of the eight were portrait related, one in video, and one in real estate) Especially when there are tons of other ways to get the support you need?
So what are the most important parts of having a business system in place?
1. Seeing the big picture. Having something in place that allows you to look at how a photography business would run at the level of income you are trying to achieve.
2. Identifying your ideal customers. There’s more to marketing than saying you’re looking for anyone from 18 to 80. You have to be specific about who you’re trying to photograph.
3. Understand marketing. Marketing isn’t something you do in your spare time or when things are slow. It’s something you have to do all the time, as long as you want your business to thrive.
4. Become better at selling. The only way to profit is by selling. That doesn’t mean you have to become a used card salesperson. But you do have to make the selling process easy.
5. Think business. You may be thinking photography right now, but in order to succeed you have to think business too. Business can be fun, once you understand how to put all the pieces together.
And in a nutshell, that’s it. If you become the best you can be at these five items, you’ll end up a very successful Six Figure Photographer.
Every day I get emails in my inbox, and see signs on the street corner promising instant wealth if I call a phone number or visit a website. I read about people that tried out a system for 30 days, and put five figures in their pocket. Sure, I suppose that happens once or twice here and there. But for the rest of us we have to take the time and dedication to put a system into place, and work at it until it works.
A system makes it easier. Whether you choose to develop the system yourself over 5 or 10 years, or you invest in a franchise for hundreds of thousands of dollars, its all about the system.
Or you have another option. If you have decided now is the time you want help on becoming a Six Figure Photographer, I would like to welcome you to my newest release for 2010 – my Fast Trak Six Figure Photographer system. People have been asking for a quicker way to get through my Six Figure Photographer program, and for 2010 I decided to make that a reality. The Fast Trak program isn’t a 12 month process – it’s three. In 3 months you can have all the information you need to understand each nuance of building up your business. If you are ready, or would like to read more, visit my Six Figure Photographer site and look for my Fast Trak option. You’ll be taken to the Fast Trak section, and will have immediate access to a full month’s worth of course work.
What are you waiting for?
About Virtual Photography
