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| Category: | Accessories |
Managing your cash flow - The current climate means we need to be better than ever at managing our money. Here's how Annabel Williams does it.
Posted: 19th May 2009
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Annabel Willams and Catherine Connor run a successful photographic business so they know a thing or two about saving some cash.Do you have any good money saving tips for photographers?
- Buy the equipment you need NOT the equipment you think you want.
- Don't invest in large yellow pages adverts.
- Don't get sucked into paying to be in hotel magazines for recommendations - there are so many other ways of spending your money,which are far more effective.
- Create an office environment from home for you and your admin in the first few years while you get used to being in business. You don't need a studio and this will help you concentrate on your client and building the business, rather than having unnecessary overheads.
- Get a book keeper – This will save you time while you build the business and this will mean it brings in far more money than it costs you.
- Get an education, let others show you smarter ways to build your business which will save you a great deal of time and money.
- Join a business network and work with other people.
Are you having to think more creatively now? If so how?
"I have always thought in that way, as thinking creatively keeps your photography alive. Whether flicking through fashion magazines, watching a movie, they are all sources of inspiration. Fashion trends and ever evolving lifestyles will keep you creative. Designing a continually evolving product keeps me on my toes together with new ways to fulfil my ambition to capture the BEST picture my client will ever have had taken."
Are there any ways to do your sort of work without so many costs?
"The first thing to consider is how you are shooting your images. Digital photography should not make you snap happy - it should make you as considered as you were when using film. Don’t bring hundreds of images into production! It will take up so much of the time you could otherwise use to get in more business.
In truth setting up a photographic business is not a hugely costly business to set up; you do not need great volumes of stock, premises, a large team; imagine you were setting up a clothes shop or restaurant. Be realistic. Don’t invest in too many sales tools at the start, as you will probably change them later, go for quality not volume.
In truth setting up a photographic business is not a hugely costly business to set up; you do not need great volumes of stock, premises, a large team; imagine you were setting up a clothes shop or restaurant. Be realistic. Don’t invest in too many sales tools at the start, as you will probably change them later, go for quality not volume.
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| Photo by Annabel Williams. You don't need a huge studio to take great photographs. |
The key is to invest in the basics - good camera and laptop, and a small office in which to work. Your best investment is a good accountant, who will help you understand the impact of your costs, and help you to run your business more effectively.
Customers are in the same situation too so are there any ways you can market yourself to persuade people it's still a good idea to spend money?
Clients should always feel inspired and the desire needs to be created so they persuade themselves. No hard sell is required as most people buy emotionally; retail is a nice therapy for boys and girls! People buy into people, so consider those people who know you are in business and have a product to sell. Their are so many effective ways to market yourself by starting with yourself! Try joining a business network group, and talk about your business! Inspire your contacts."
People cut advertising to save money but by doing so they are not getting the exposure they once were and as such may end up with less customers. If you had to do this would you lose the advertising or make cuts somewhere else to keep your exposure?
"I do not invest in advertising, so this is not a budget I need to lose. People need to know you are in business however, but there are many other ways. Advertising on a small level is not cost effective, because there are too many people doing the same thing, and most photographers get lost among them. Networking is far more effective for our kind of business but will only work if people are saying the right things about you. Think about how you look after your customers, some days you get it right and some days, you don't. The key is to try and get the customer care right most days, be nice, look after people, and they will want to recommend YOU. Word of mouth is very powerful, and the key is to give impact to your conversations in as many sectors as you can, but smartly and stylishly."
Can you make any offers/ give discount without crippling yourself?
"You have to be selective and understand why you are giving it away. My business contacts often receive discount, as do close family or I might be doing a campaign for charity to support a charity group. Discount has to have a place in the business and be monitored as it all effects the bottom line. I would rather assess each case on it's own merits. Large scale discounts just show people you are struggling for business. The key is to appear highly successful and that you don't need to discount. If people want to buy only on price, then they are probably not the client you want."
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| Photo by Annabel Williams. Working with other people can make your life easier. |
Do you make any photography items yourself? Or have you in the past?
"No! Not now, but in the past I used to create my own albums - but this was only because no one would make what I wanted! I really think if we've got to the stage of getting out the sticky tape, then we would be better spending time networking and bringing in business, rather than making things ourselves."
Any final pieces of advice to keep photographers smiling?
"The main summer season is now just about to unfold, every time you do a shoot, consider what you are doing that is inspiring you and the client; what is making you special and what will the clients say about the experience they had with you to their friends... make it extra exciting and worthwhile!
Keep looking at those that inspire you, and take that inspiration into your photography, and make it your own. And lastly I have spent the bulk of my winter, writing, and planning the new training studio. In fact I am starting to feel like a builder! If you are in Cumbria this summer, call in and say hello, and look at what we're doing. We are here to inspire the photographic industry, and create a centre of excellence, and somewhere photographers can go to get help to improve what they do. I hope visiting the studio will have as much as an impact on YOU and your future as it has been designed to do."
Visit Annabel Willam's website for more details.
Keep looking at those that inspire you, and take that inspiration into your photography, and make it your own. And lastly I have spent the bulk of my winter, writing, and planning the new training studio. In fact I am starting to feel like a builder! If you are in Cumbria this summer, call in and say hello, and look at what we're doing. We are here to inspire the photographic industry, and create a centre of excellence, and somewhere photographers can go to get help to improve what they do. I hope visiting the studio will have as much as an impact on YOU and your future as it has been designed to do."
Visit Annabel Willam's website for more details.
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