It
has been almost eight months since WHO announced Covid-19 as a
pandemic. At the start of this, everyone was optimistic that it will
recover very quickly but unfortunately that hasn’t been the case
for many business sectors in India. Small and medium scale companies
in the wedding industry have suffered immensely. With the functional
scale of businesses descending drastically, business have been forced
to take tough decisions.
The
wedding industry, which is one of the leading services, has been the
worst hit. Reports worldwide have classified this sector as ‘Highly
Affected, High Financial Impact’. This leaves businesses and
photographers with no option but to work on their business growth and
findnew
and innovative ways to fight the pandemic.
We,
as a photography magazine, propose some points of business that
wedding photographers need to adopt to sustain the ongoing Covid-19
crisis.
1.
Know your Numbers
Experts
need to realise their business in terms of pure numbers, especially
during the pandemic where every rupee matters. You will need to be
highly alert with your money, the cost of operating your company, the
cost of earning a client and many other things. Your most important
aim here should be to have a net positive in all terms.
Photographers, especially working as freelancers, should keep a habit
of keeping a note of their finances every month and planning their
future steps accordingly.
A
net positive is an indication of a firm business and ensures that the
photographer is in control of their planning and expenses while still
keeping the creative capability of the business alive.
2.
Advertising should remain an EssentialPart
of the Business
YES,
you heard it right. Advertisement and a pandemic are not linked and
one should not make the mistake of connecting the two. Henry Ford
said, "Stopping advertising to save money is like stopping a watch
to save time”.
As
every photographer market their best images, promoting your best work
that you have captured throughout the last season. Else, you will be
out of business competition. Plan a budget for your advertising and
marketing expenses based on your numbers, calculate a monthly expense
and stick to it. Always keep in mind that the photography industry
works on word of mouth advertising more than any other way. So now is
a perfect time to reach out to your clients to present your offerings
to them.
3.
Good Management
will take you Places
Avoid
buying latest equipment
if you don’t need it. Photographers are notorious for spending
unnecessarily on latest gears and techs. It is all about the latest
expensive mirrorless cameras, lenses and accessories; photographers
always want to get their hands on new equipment as soon as it is
launched. In scientific terms, this is known as Gear Acquiring
Syndrome. Every professional has been there and done that and hence
it is advisable to save yourself from such unnecessary acts
especially during this critical time.
Always
remember, you create the content, not your camera. Companies will
keep coming with newer tech every sixmonths. But do you need to upgrade? The simple answer is NO, if it
isn’t needed yet. This is the perfect time to create a standard
operating procedure on buying new gears and make every purchase worth
its cost.
4.Focus
on your Service Offerings
With
home weddings are safe at the moment, it is definitely not a
tradition but more like a trend, at least until the Covid-19 is
completely over. Matching your current service offerings with client
needs is the key to continuing your business successfully. For
example, in a small wedding, clients are not looking at a large team.
So, will you work with someone who you can trust to deliver at least
50% of our results? Will you be able to deliver the work on the time?
Are you ready to work on smaller budgets? Will you deliver the same
value as you did for a bigger wedding?
These
aspects need to be given an ambitious look. This means that you need
to find some good ways to earn money during the pandemic to earn a
good profit. Use your expertise to create new service offerings that
are collective and can be used in other business sectors. Reach out
to clients and other businesses and offer your new services. Cold
calls and emails are something you should start now. Are these things
out of your comfort zone? Now is the perfect time to get started!
5.
Get ready for the New Normal
The
pandemic will not stay forever. The situation will improve in coming
months. However, that being said the economy is going to enter a ‘New
Normal’ where everyone will be more observant about their expenses.
The
last few months have given us a taste of what we actually require and
what really matters. This mentality will have a pure impact on the
wedding photography industry where the prize size for a wedding may
drop, but the value that a client needs might remain the same. In
such a situation, photographers need to plan how they can match
client's expectations and still earn profits. Planning in terms of
team management, editing work, gears, etc, will help you to face the
changed expectations with more ease.
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