This week I attended a workshop run by a business development expert. He was helping one person businesses put together a plan to grow their business. He had a lot of content and some useful exercises to take the participants through. Among the gems of wisdom were two great sayings photography business owners should know. So what were these two pearls of wisdom?
Juggling a lot this week? See if these business insights can help you.
Insight #1 – It’s About Progress, Not Perfection
This saying came from an example being given by the presenter. The business owner was producing active wear for everyday people trying to get fit – not for elite athletes like Nike and Adidas present in their advertising. As soon as the presenter shared this saying I knew it could be powerful for one person photography businesses. Many of the photographers I work with seem to expect it to be easy and get frustrated that either their images are not winning awards, or their business is not as profitable as they hope (and sometimes it’s both). Patience and perseverance are key.
If I use a photography business example, if you are trying to generate a $100,000 per annum profit in your photography business this can seem overwhelming when your current profit is $20,000 per annum. Rather than focus on the $80,000 shortfall – can you see the power in focusing on progress not perfection? Increasing business profits to $40,000 the following year is a 100% improvement and a huge accomplishment – not a $60,000 failure.
Business success rarely happens overnight. It’s about progress and taking steps forward.
And if we use a photographic image example, mastering a new post production skill and being able to produce a wider variety of images is a major step forward. You don’t go from being a novice to being an expert in one week, or one month, or one year. Again it’s about progress, not perfection.
Be kind to yourself. Focus on making progress this week.
Insight #2 – If You Don’t Have a Marketing Budget You’re Not Really in Business
This insight was a wake up call to the participants at the workshop and will be a wake up call to many of the photographers I talk to and work with. The presenter outlined that word of mouth is the very best form of advertising you can have, but expecting that to fill a pipeline of work – particularly if you are relatively new in business – is not realistic.
His point was you have to be deliberate about your marketing and set aside a budget for it, if you are serious about business success.
He went on to explain that your budget could be in time or money. For example, if you have no money, you can invest time in marketing. You can contact 5 possible new business clients per day to see how your business could serve them. You can spend 2 hours per day researching stock photography trends so you can better meet the market demand. To be successful with this strategy you have to be deliberate, and invest the time if you expect the return.
Make a marketing plan and commit time or money or both to grow your business.
Once your business is established hopefully you will be busy servicing your clients. While you do that your advertising can help attract new clients (remember, don’t just rely on word of mouth no matter how busy you are). In this scenario you need to set aside a monetary budget each month to keep driving your pipeline of future clients. While you look after your clients, your advertising attracts new inquiries.
I got a lot out of the workshop. I hope these two great sayings photography business owners should know are helpful to you and will help you challenge and develop your current marketing approach. Thanks for reading two great sayings photography business owners should know. Let’s focus on progress in business and in photography this week!