How to survive a recession in your studio
Recession….is one around the corner or are we in one now? Many of us have survived Covid, now there seems to be an impending recession. Or at least no matter where you turn, the topic is Recession. Is a recession coming? As a business owner, family photographer specifically, hearing the word recession can be difficult to maneuver. Typically, families don’t see family pictures as a necessity and will place having them on the back burner.
As a professional photographer serving clients in the Los Angeles and Northern Virginia area, some of the biggest questions are should I niche or be a general photographer, should I hold off on increasing the prices of my photography services, and so much more.
Should I Niche Down?
When recessions happen, people tend to question every purchase or hold off on purchases until they feel more confident with the buying power.
With, many professional photographers tend to gravitate towards being a general photographer. This way they don’t necessarily have to turn down revenue and they’re able to stay consistently booked. Especially if their typical revenue avenues have shrunk or no longer available. Diversify your portfolio.
Should I Increase Prices?
This year, every price has increased, gas, housing, food, etc. No matter where you turn, the prices for everything in life has increased. Even if you had a pay increase from a job, it didn’t suffice for the increase of everyday life or with the inflation rate. The last I checked; the inflation rate has increased by more than 30%. As the owner of a photography studio, pricing for products and services can be difficult. Especially when vendors are increasing their prices. If we don’t increase our prices, we will be losing revenue on both ends, inflation, and vendor price increase. With all that said, it may be required to increase your prices. Especially if the price increase is needed to stay in business and be profitable.
Sometimes we can’t control the income or revenue we receive from clients, but we can control our expenses. Do you need to cancel subscriptions or membership in organizations?
Are you a newborn photographer or have a lot of props? Do you need a new prop currently? If not, I would consider delaying the purchase of new props during a recession.
Control your mindset
Our mindset plays a heavy role in our actions and beliefs. If we believe clients won’t book us for our photography services, our thoughts will come to pass. Stay positive and look for ways to stay engaged!
Enduring a recession can be overwhelming; but it’s doable. Consider being open to photograph what you need to be profitable and maintain your photography studio. Charge the prices needed to stay open for business and pay the various studio expenses and hold off on buying new equipment and props unless it’s necessary.
If you have questions, or need help, don't hesitate to call me at (571) 250-5073.
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