Building a successful photography business and sustaining it can be incredibly difficult. According to Digital Photography School, only 15 percent of professional photographers survive the first three years. You need to evolve a foolproof business strategy to earn big money doing what you like behind the lens. Some handy tips on making your fledgling photography business profitable and sustainable in the long run:
Offer Affordable Mini-Photography Sessions
Plenty of people hire professional photographers for important events like weddings but give it a pass for smaller events, like a birthday or a graduation party assuming it will be too expensive. One way of getting more assignments is to offer clients mini-photography sessions at pocket-friendly prices. You can expand your client base with these mini packages to make good use of your time and investment. Clients satisfied with your services may engage you more often and keep you in mind for bigger events.
Offer Discounted Packages for a Higher Volume of Shoots
If you partner with a wedding planner, or event organizer or work for a customer that needs your services throughout the year, you can offer them a discounted rate based on the volume. Even for one-time clients, you can offer discounts on the number of photoshoots, photos you take, or the prints they order. You must carefully research photography business name ideas if you want to project yourself as a discount photographer.
Consider Stock Photography to Boost Your ROI
Because you are not likely to be shooting for clients all the time, there is little sense in letting your expensive photographic equipment idle. Using your idle time to shoot photos of various objects can allow you to hone your skills and also build up an extensive library of shots you can market on different stock photography platforms. Depending on the subject and appeal of your photos, you can supplement your income significantly.
Support a Cause for Free
Generally speaking, working for free is not a good idea, but offering your services to support a charitable cause or a community event can bring in rich dividends. Apart from doing good, you will get valuable exposure and goodwill that will pave the way for more business. You can watermark your photos so people know who has taken them. You can also consider auctioning your photos and donating the proceeds to a charity.
Establish a Referral Program
Referral programs work very well for bringing in new business and building client loyalty. Every time you work for someone, you can offer him a special discount for his next assignment or a job that earns you another assignment from another customer. You can also offer a discount on photo prints instead of your professional fees. You can offer referral discounts to potential partners like event managers, party planners, hotels, etc., that regularly deal with customers with the potential of requiring photo shoots.
There is no end to the opportunities and tactics you can use to promote your photography business and integrate yourself into your community. The best way to maximize your income potential is not to keep chasing money but keep your eyes on the big picture.