Profits differ from net income, and no where is there clearer than for small business owner-operators, artists, and creatives. Just because you have a certain amount of money left over after covering expenses doesn’t mean you’ve made profits. Why? Because you have to factor in the cost of your labor and the risk you took and so after factoring that in, millions of small businesses and artists and creatives are operating with little to no profit. However, it doesn’t have to be this way and so we wanted to create a space where sharp entrepreneurs and creatives could come together and discuss the challenges to profitability and potential solutions. If you have something valuable to add to this conversation that can help others achieve profitability, please reach out to us as we want to get your ideas in front of our readers.
The biggest challenge to profitability in the photography/videography industry is the general public’s lack of understanding regarding how much time/effort goes into running a photography business. It isn’t just taking and editing photos and video. There’s client communication, booking systems, session prep, print product ordering and delivering, and the list goes on and on. Read more>>
Over the past 2 to 3 years, I’ve seen an increasing amount of creatives in the photography and videography industry. Many of them are creating their own businesses and charging customers at such a lower rate. For my business, I can’t compromise to meet the lower budget clients mainly because my quality in service and product is far superior to the average wedding videographer. Is it frustrating? Absolutely, however, I keep pushing forward and trust my own instinct. Read more>>
My industry is one that scales much like an eco system. Koi fish will grow as large as their pond allows. For wedding photography often times people think they’ve hit the ceiling of what is possible. When in fact they just need to look close by for a bigger pond. Or better yet, look for some bigger fish to see where they swim. An enormous challenge to profitability is simply breaking through imaginary pay ceilings that we impose on ourselves. Read more>>
Many people, when they post about seeking a photographer, they include the phrase “that doesn’t cost an arm and a leg,” or something along those lines. The biggest issue here is that because we are in a creative field, many think that they should be able to get the work done and we should be happy with exposure. It is frustrating to say the least. Having professional photos taken and purchasing gorgeous products that will be cherished in your home is a luxury, and as with other luxuries we all partake in, one may have to budget for it in advance. Read more>>