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Are you planning on turning your passion for capturing images into a profession? Starting a photography business could be an exciting pursuit. After all, not everyone gets to earn money doing what they love.
But as with any business, you are bound to encounter challenges and make mistakes during your new venture, especially at the inception. Certain pitfalls could be costlier than others, so identifying them in advance is crucial. Here are four common mistakes to avoid when launching your very own photography business.
Underpricing Your Services
In a transactional economy, understanding the value of what you offer is key for efficient and effective transactions. This makes accurate pricing pivotal for the success of any business.
According to CB Insights, pricing mistakes are responsible for the failure of 18% of companies. Understandably, how well you strike the right balance when determining the value of your services could make or break your enterprise.
Underpricing is a common mistake photographers make when launching their first business. At the initial stages of a company, finding customers is difficult when you lack substantial experience or references. As a result, you will be more inclined to sell yourself short to attract clients.
However, setting rates below the market average has several drawbacks. It devalues your services, creating a less-than-favorable impression of your skills. Unusually low prices can cause suspicion and doubt when a customer is willing to pay a fair fee for the services they acquire.
Remember, a reasonable price signals reasonable skills and a lower price can indicate inferior talent. So, by lowering your rates, you could lose valuable business instead of gaining more work.
Besides, by consistently charging less, you create a certain expectation in the customer’s mind. And when you raise rates later, they could feel disappointed and go elsewhere.
So, before starting a business, research your competitors’ rate cards and understand average market pricing. Also, assess your skill levels and determine your cost base to devise an appropriate pricing strategy. For instance, when launching your company, you can offer a limited-time discount for the first X number of customers. It will allow you to create an initial customer base and quickly increase your prices to market levels thereafter.
Failing to Keep in Touch
For most photographers, customer communication typically ends when they deliver the work. But this is when it should actually begin.
Strong customer relationships make it easier to generate repeat business, leverage word-of-mouth publicity, and gain referrals. But relationships require nurturing, and that takes time and effort.
So, start by building a database of existing clients. Use their contact numbers for periodic SMS campaigns. A reverse number lookup on PhoneHistory can also get you their email addresses and social media links. These are useful for reaching out via regular emails and connecting with them on social media for more effective engagement.
Use these mediums to share your work as your portfolio expands and to let customers know about new services. You can even reach out to them just to say hello. All these will help you remain on top of their minds and ensure you are the first photographer they think of when opportunities arise.
Not Preparing a Business Plan
If you intend to make a living out of your photography services, treating it as a business is important. And no business can survive without a plan.
An effective business plan enables you to avoid some of the common reasons for startup failure, including flawed business models and cash flow problems.
For instance, a business plan allows you to define your business model in detail. You get to assess your strengths and weaknesses and decide what type of photography opportunities you want to pursue—from corporate events and social gatherings to fashion shoots, weddings, and portraits.
It is also an opportunity to understand what resources you may need. For instance, should you have a studio? If so, is there space at your home, or should you rent a separate office? All these questions will help you dig deeper into your business idea and fine-tune it further. It will also enable you to identify roadblocks and determine the necessary action to overcome them.
The most significant aspect of a business plan is that it pushes you to set goals by considering what you want to achieve in the near term and your long-term vision for your enterprise. Five years from now, you may want to hire other photographers and expand your business into several locations. Achieving such lofty goals is certainly possible with a prudent strategy and plan.
Ignoring Marketing Opportunities
Did you know that 22% of businesses fail due to marketing mishaps? Regardless of your business’s scale, devising a marketing plan is crucial for your success.
Naturally, you will not have a substantial budget when starting a new venture. But this is not an issue when you deploy digital marketing tactics.
A website, for instance, can help you leverage your portfolio—inarguably, your biggest selling point—to gain new customers. It can feature your best work and client testimonials. Besides, setting up a website is easy and affordable thanks to the countless free web templates and cheap hosting plans on offer today. But if you don’t want to spend on hosting services and domain names, Behance, Instagram, and Facebook can all provide a platform to share your work.
Maintaining a social media presence is also important for your photography business. It allows you to create an audience, showcase your portfolio, spread the word, share your knowledge, engage with others, and build an online reputation.
Email marketing is another proven method to create awareness and generate leads. In fact, 64% of small businesses rely on it to reach customers.
To Wrap Up
Starting your very own photography business could be an exhilarating experience. But there are a few common mistakes every entrepreneur needs to avoid. Underpricing services, not keeping in touch with clients, failure to develop a business plan, and ignoring essential marketing activities rank high among them.
So, avoid these pitfalls to ensure business success. Believe in yourself, stay focused, and remain persistent as you build a thriving enterprise. Most importantly, keep in mind that technologies, techniques, and knowledge change over time. So, never stop learning your trade if you want to remain on top.
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