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A recession can be a difficult time to be a photographer. Unlike discount stores and bread producers photographers do not usually have an increase in sales during a recession. Most people cut back on discretionary items during a recession. For many, photography services belong in the category of discretionary items.
However, there are not only a number of silver linings that a photographer can take advantage of, there are some real opportunities to expand and grow. This article list some of the advantages a business that has found a way to maintain it’s revenue base can enjoy during a recession.?
1. Opportunities for new vendor relationships. In the current recession, many luxury hotels are having financial difficulties and are being sold off or taken over by banks. In one way or another many of these elite establishments will find themselves in the hands of new owners. Photographers who have had decade old relationships with the old owners may find they are not automatically on the preferred vender list. This provides an opportunity for other photographers to create other profitable relationships.
2. Available workers. Photography businesses, which in the past struggled to find available talent, may now have a number of excellent choices. Utilizing this talent effectively can allow a business to substantially upgrade the quality of its offering.
3. Vendors. During the recession, a photographer will likely find that many of his vendors are lowering their prices or offering additional services with little or no extra cost. Lower costs can translate into higher prices even if some of it it?s passed on to your clients.
4. Weak competitors will be rooted out of the business. Many of the studios which do not offer great value will go out of business. Be aware of the state of your competitors in your area. When one of them goes under, their clients will be looking for someone serve their photographic needs.
There is no doubt about it, a there are a number of challenges to be overcome during a recession. However there are also a number of opportunities. Those photographers who thrive will take advantage of those opportunities.