The economical crisis… how do you face it?

[nicolas claris]

OPF saw me less posting these last weeks, I've not been so much in the mood for the ho! and the wows!

Everyone is talking for months now about the economical crisis, all the media: radios, newspapers, TVs etc… but nothing within OPF!

How are you doing guys and gals?

Are you lowering your rates?
Are you increasing your rates?
Are you making "gifts" to keep your clients?
Are you going out to show your work?
Are your clients using now "free of rights" pics?
Are they trying to put you under pressure for you to lower your rates?

What is -what you can say here- about your strategy to survive with your photography?

Maybe you haven't feel any difference?

As for us, we've been a little knocked by the impact of the crisis on our little company.
- Some of our clients have dissapeared (companie's bankrupcies)
- Some have chosen cheaper photographer (we have not lowered our rates, on the contrary, we have increased our rates by some few %), some have kept our work but lowered their budget (less shoots).
- Some new prospective clients have declined and are "waiting" to invest in photography and marketing.

Our company is healthy (no debts! no loans! no bankers chasing us!), since January our income have diminished a lot, but we can face it. For once I'm happy to check that small is beautifull!
We kept most of our clients and finally, we got some good news last Friday, maybe a new "big" client for photography at our normal rate… To be confirmed ….

So we're battling, searching and chasing new businesses, a hard time, believe me!

It would be interesting to know how you're doing and facing -or not- that economical crisis…
After all OPF is also the place to share our experiences and maybe some good advices…

I wish anyone the best of luck

 

[Kathy Rappaport]

Interesting

Nicolas,

Since I also do small business accounting, I have really seen a change in the economy. I analyse the numbr and most of my clients are done. I have lost a few clients because their income in down and some have gone out of business. Those that I have kept, several have changed the work that I do for them so that their cost is down. That means my income is down - quite substancially. They say to watch what you pray for because, I was hoping to do less accounting work since I have opend my photography studio.

The good news is that it has freed me to market for clients. I moved into the studio office (I do the accounting work at the desk there - my husband has moved his accounting practice next door so people do not know what I am doing at the desk) and I have had some intreest in my photography. I have had a few people walk in to inquire and I have had several small businesses ask me to do heatshot and product work. I have always marketed my business one on one so I am gearing up to do more of that.

All that said, I am way below any income goals I have set in both businesses. I am sure things will happen as I weather this storm.

 

[Will Thompson]

Lots of tears, screaming, yelling, crying, and cursing!

I am lucky I still have a job and my IRA only lost $9 in the last 2 quarters (in cash since the Nasdaq crashed)!

 

[Asher Kelman]

Hi Nicolas,

From software sales through my sources, one large company has to deal with the fact that their clients have less salesmen so need less "seats". Prices don't get dropped but accounts might each bring in less per month. One approach is to offer a substantial discount for invoices paid within 10 days or more if it's paid upfront. These offers don't alter the price structure as they are offered as the 2009 Summer Stimulus opportunity to help clients.

Asher

 

[DanHostettler]

Still constant business

Hi Nicolas,
I am a Prague based professional photographer and I am running also a studio there with a friend/business partner. We are a "smallest"company. All our jobs we handle with our network of professionals = no fixcosts.
Our client base are 95% foreign companies/individuals and only 5% locals.

Compared to 2009/2008 we have absolutely no significant pecuniary injury. We will even expand our studio space.
What we are currently doing as a reaction on the "crisis":
- we have not lowered our rates
- sometimes we promote specials for existing clients
- for existing workshop clients we send out gift-vouchers to encourage them to join a follow-up course
- constantly looking for new niches & "products"/ideas in our field of work - a wide spectrum is crucial to survive unscathed

What we observe are the same impacts like you have:
- Some have chosen cheaper photographer - this is not bothering us, bcs if somebody not want to pay our rates they do not deserve our quality
- some have kept our work but lowered their budget (less shoots)
- Some new prospective clients have declined and are "waiting" to invest in photography and marketing

All in all we are still on a good track and are hoping it will even increase.

Whishing you all a great 2010 with a lot of business opportunities!

Best, Dan