Planning for the Unknown

No business is immune to a down cycle. In an episode of PPA’s “Professional Photographer” podcast, host Pat Miller talked to Orlando, Florida-based photographer and educator Gary Hughes, M.Photog.Cr.,CPP, of Hughes Fioretti Photography about the ways photographers can not only weather a decline in business but navigate their way to a brighter future.

“Anyone who’s been in business for a while knows that every seven to 10 years, some major event comes along and knocks all the pieces off the table,” says Hughes. “Business always ebbs and flows, and there are lots and lots of things you can do to shore up against that [variability].”

Hughes shares these tips for strengthening and rebuilding your business.

Look at your business like an investment. Smart investors know not to freak out every time the market moves up or down, and your business is no different. There are going to be peaks and valleys. Don’t lose faith every time there’s a slowdown.

Review your numbers. Early in his photography career, Hughes and his wife and business partner, Julie Fioretti Hughes, CPP, took a hard look at the business’s finances. “That process was transformative,” he recalls, because it showed that their enterprise, which seemed fun and profitable, really wasn’t making much money when they factored in all their expenses. The exercise led to a new approach to managing by the numbers, which facilitated informed decision-making. 

Adjust your mindset. Think of everything in your business as a product offering and divide those product offerings into different income streams. Separate each stream, examine each area of practice, and determine the return on investment (ROI) for each. When you factor in time and expenses, not every business line may provide a good ROI. Use that data to determine which business lines to emphasize and which to reduce or eliminate. 

Think like a pro. Do you want to be a professional photographer or a photographic hobbyist? If you’re a professional photographer, focus on what makes you money. That doesn’t mean you have to abandon your artistic passions for the lure of cold cash. In fact, your business is what allows your art to thrive. The more successful you are at the business, the more time and resources you’ll have to pursue what you love. Focus on what is profitable, and think of your photography business as something that exists to protect your art.

Dream bigger. Surviving is not enough. Being successful as a photographer isn’t about money, because there are easier ways to make money, Hughes says. Demand better from your business. Believe it’s possible to pay yourself out of debt, fund your retirement, and pay for your kids’ college tuition. Make all the effort worth it. 

Grieve and move on. “When the thing you created that you absolutely love is failing, it can be incredibly devastating,” says Hughes. If your business is struggling, process the overwhelming feelings, but put a time limit on your moping because you have decisions to make about your future, he advises.

Pivot. Go back to your data, find what is not profitable, and consider making changes. Those changes could be dropping business lines, moving around resources, adding new products, switching up the business model, or marketing differently.

Adjust your communication. Your marketing efforts usually have a four-to five-year life cycle, and then it’s time to freshen the approach.

Let go of the past. Photographers often struggle with moving on from the way they used to do things. But it’s important to understand that just because a technique or process was successful yesterday doesn’t mean it will still work today.

Cater your services to your market. “The problem is never your market,” says Hughes. “Sometimes, it’s what you’ve chosen to do in that market.” For example, if you live in a small town with no big businesses but you want to be a corporate headshot photographer, it could be difficult to find success. Adjust to your market. 

Never discount your way out of a down cycle. If you’re stuck, resist the temptation to run a sale or offer deep discounts. “You can’t ever come back from making your prices cheaper,” says Hughes. “If you’re already in a hole, lowering prices digs you deeper into that hole.”

Create a separate product. Instead of discounting your current offerings, consider segmenting your product lines to provide a lower-cost option that appeals to a different clientele. Try offering a simplified product that involves less labor, fewer resources, and can be profitable at a lower rate. For example, you could do mini sessions or high-volume photo events with standardized setups. But don’t degrade your flagship product; keep your premium level products and services in place for your premium level clients. Never offer the same level of product and service for less money.

Focus on retention. When you’re new in the business, it’s all about new client acquisition. But as your business matures, retention is the pathway to success. The more customers you keep or re-engage, the less new business you need to acquire.

Check in with previous clients. Make lists of previous clients. Then reach out to them at pre-planned intervals. This doesn’t need to be a salesy conversation, says Hughes. Make it about service. For example, a check-in could be something like, We’re getting ready to take down your gallery from your last session, and I wanted to see if you needed anything before we do that. Did you get all the files from the last shoot? Did those file sizes work? “You’d be shocked how often those simple check-in conversations lead to additional business,” says Hughes, because they show you care about the interaction you had in the past and could provide a useful service in the future.

Don’t give up. “If you’re struggling, if you’re looking at things that were good and have gotten bad, know that you can survive this,” says Hughes. “We all have these moments. But if you make good decisions, you’re going to look back on this time and wonder what you were so worried about. The best things that are going to happen in your business very likely haven’t happened yet. And if you quit now, they will never happen. Concentrate on your business,” he adds, “and you’ll be fine.” 

Jeff Kent is editor-at-large.