I want to share these concepts with you. They are widely regarded as the 4 vital factors needed to achieve growth in a photography business…
1. Your sales have to exceed your expenses. A lot of people start a photography business with expensive business cards, a nice studio, a lavish website and yet they don’t have any customers. That’s a formula for disaster. No matter how established your business is, keep your income above your expenses.
2. Collect your dues. There are a lot of photographers, especially commercial ones, who go out of business with other people owing them money. My brother Harley Lovegrove was one of the unfortunate photographers who fell foul of bad debt. During the recession of the 90s he was in the unfavorable position of having just four architectural practices as clients. They all went under and owed him three months of fees at the time. He simultaneously lost all his clients and his previous three months earnings. That was never going to stop Harley and I am happy to say he is now a very successful international business consultant based in Belgium and an inspiration to me.
3. Take care of your customers after all, they pay your bills. Never forget the fact that you work for your customers, not for yourself. All the money you’ll ever earn as a photographer is in their hands.
4. Take care of your team. Your team comprises any immediate staff and your wider network of suppliers including your lab, album maker, picture retoucher, framer, accountant, web developer etc. They all need you, and you certainly need them.