Tuesday, June 5, 2012

Where will YOU be in 5 years?

I was reading a Facebook post today in which the writer stated that people looking for low price should expect low quality product.

While we'd all like to believe that is true, less money charged does not necessarily translate to low quality. Sadly, there are some really decent shooters out there who:

- Have no confidence in their work and ability to charge appropriately
- Have no business knowledge and therefore no clue as how to charge appropriately
- Think that they're going to save the world from expensive photographers by practically giving their work away

All of them are thinking that they are running a successful photography business - either full-time or "on the side" - and with the exception of the one who's trying to save the world, truly believe that they're charging as much as they can for their work.

There are a few basic statements that can be made which apply to many people who are new in the business. No, I'm not talking about the ones who went to WalMart or Best Buy and came home with a Rebel kit and a copy of PS Elements. The photographers I am referring to are the ones who have been active for a couple of years, gotten some additional education via traveling seminars and have actually kept themselves somewhat busy. However, they refuse to set their pricing at "market value" because:

Many new photographers are way better than they think they are. 
Most new photographers are severely underpriced.
As a result, most new photographers are making far less than they probably could be making.

Is this you? If so, here are a few more startling facts:

15% of you won't be a professional photographer next year at this time.
38% of you won't be here in 3 years.
50% of you will be out of business within 5 years.

You pick. Which one do YOU want to be?

Here's a graphic from business blogger Barry Ritholtz which outlines the profile of a US Small Business. How closely do you fit?


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