It's been a while since I have posted here on Strategy Avenue, mainly because I have been busy speaking at wonderful sold-out like Learnfest and ImageX and focusing on the photography business. But don't unsubscribe your RSS feed because from time to time when I am inspired by something I will be coming back here and create a new post!
At my workshops I am being asked the same thing by every participant. "What about the economy? Should I be worried. My sales are down, what should I do?" Fortunately at Laura Novak Photography we are busier than ever and since I am a glass-half-full kind of person let me talk a little bit about why I am not as concerned.
1. People living within their means is good for photographers. There was a time when people who were making a combined household income of 100k could get a mortgage for a 800k house and be house-poor. Right now we are seeing a temporary shakeup but after that people will be forced by the banks to live in a home they can conservatively afford. This is great news for non-necessities such as vacation resorts restaurants, spas, home decor and of course photography as this will result in more available discretionary income.
2. Quality trumps price. The photographers I see struggling the most right now are once that have tried to compete on price. If you have ever gone to one of my workshops you know how strongly I feel that is a bad idea and a fast-track to going out of business! The ones that are still doing well have great relationships with their clients, and that relationship continues to drive sales.
3. If you have good credit, banks are still lending. The news reports are very doom and gloom but if you want to purchase property or expand your business, now is a good time to do it! It's a buyers market for real estate and the small credit and savings banks with no sub-prime mortgages on the books are still lending with low rates. Right now we are in the process of purchasing the building I leased three years ago.
Most of all, try to turn off CNN or the Today show - I try not to psyche myself or my staff out by the doom and gloom media reports. I am a big believe in that whatever you expect to happen will become a self-fulfilling prophecy so be sure to keep your mind positive when you are navigating this tricky economic landscape.