Orange County Photographers can Lower Expenses to Increase Profits
Photographers in Newport Beach, Laguna Beach, Huntington Beach and Irvine can keep more of their revenue by lowering expenses.
During difficult economic times businesses are made more competitive because they are forced to cut waste and focus their resources on those activities which produce the largest return on investments.
A Orange County Photographer can increase profits during an economic downturn by lowering expenses. The following is a list of suggestions professional photographers can use to lower their operating expenses.
1. If a photographer is renting a studio, he can seek a renegotiation of the rental terms. During difficult economic times commercial real estate is one of the first areas to endure price declines. This can be a boon for renters. You may first ask for rent reduction. If it is not given, see what people signing new leases are paying. If you are paying substantially more than they, you may need to threaten to leave.
2. Be willing to share a studio with another photographer. If your bookings are down see if you can share studio space with another photographer. This will reduce rent and utilities. In addition - if your serve different markets (one of you photographs weddings the other senior portraits) you may be able to share receptionists and marketing efforts.
3. Look for a printing lab that has lower prices. During a recession you may find it necessary to lower prices. The good news is that your suppliers are likely finding it necessary to lower prices as well. The printing industry has become increasingly competitive. If you have not comparison priced over the past few years, you may be able to find a lab that offers similar results at a 30% reduction compared to what you are currently paying. This will substantially help you profit margins. As a result, you may be able to maintain your current profits even while offering lower prices.
4. Perform an audit of the repeat services you are being billed for and eliminate those which are no longer needed. For example, have you found that you are paying for an email newsletter service but are no longer using it? That might be a good service to ax. Are their magazine subscriptions you are paying for which you could read online? That might be another place to save some money. Ask your employees how to cut costs or make systems more efficient. They are closest to the action and will likely have a number of ideas which can be implemented.
A Laguna Beach photography business that focuses on streamlining during a recession will be in a terrific position to expand when the economy recovers.
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ABOUT THE AUTHOR
The Author is a Laguna Beach Wedding Photographer who services all of Orange County. He has created a website that evaluates, from a photographer’s perspective, wedding and portraits sites in and around Orange County.