Let’s say you are thinking of opening up your own photography studio. You really want the freedom of owning your own business, but you’re just not quite sure how to set it all up to make a bundle over the coming years.

Right off the bat, you know things aren’t going to be easy. Just look around you.

Jobs are more and more at risk every day. And it seems the longer you have been in a position, the more at risk you are.

Pay raises? Not in this market. People are lucky enough just to keep their job; pay raises are few and far between.

Stock increases? What’s that? Even the equity in your home is dwindling by the day. And with foreclosures at an all time high, each passing month is bringing new challenges to our economy. (And it’s not just the American economy; this is moving worldwide even as we speak.)

So taking all of that into account, is now really the best time to open up a photography business? How can you launch your products/services and make the highest profit levels possible?

Yep, there is still opportunity out there. I see four big areas of opportunity for all photographers…

Opportunity 1

Bargains, Bargains, Bargains
People look for great deals. They use coupons. They like bargain basement discounts. You’ll see even the top brands are resorting to sales to bring the people in. Don’t fight it; use it to grow.

You can easily set up payment plans, referral cards, gift registries and coupons. We’ve used gift registry programs for years for weddings, why not baby showers too? Moms love portraits of their babies, and know how quickly they will grow. Instead of 25 outfits under 6 months in size, she would be far happier with a portrait experience of her newborn. Let everyone help her invest in a Baby Plan, and give her a gift she’ll always remember. There are so many ways you can work with payments, get your profits higher, and give the client what she truly desires.

Opportunity 2

Memories In The Making
Babies are born every day. People die every day. Millions of weddings take place every year. Millions of seniors graduate from high school every year.

Life doesn’t stop just because the economy is bad. How we look at it changes due to the situation we are living in. Emotions still run high in every situation; it’s just a matter of finding a way to reach out through those emotions.

Opportunity 3

Little Luxuries
Instead of splurging on items all year long, people are now saving up for things they really want. Instead of heading to the mall every weekend, they may invest in one great outfit, and wear last year’s clothes the rest of the week. People want normalcy, to be able to go back to better times and relive the “good old days”. They are also looking for ways to boost their self-esteem or their hope for the future. They want pleasure today to help them realize things will be okay.

Opportunity 4

Products For The Rich and Famous
In 2009, the number of U.S. households with a net worth of $1 million or more grew by 16 percent to a whopping 7.8 million millionaires. Even better, the number of multi-millionaires, or those with a net worth of $5 million or more, grew 17 percent to 980,000.

Even in tough times, there are many families out there waiting and ready to spend their cash on things they want and love. They don’t want average – they want WOW. They want what the rest of the population can’t have.

Print Friendly, PDF & Email

Pin It on Pinterest