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Knowing When to Quit

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cilayin
Vice Captain

PostPosted: Mon Aug 02, 2010 10:45 pm


So this might be quite a change from the majority of the topics but I think it's important because, simply, no one talks about it and that's when to quit.

What do I mean?

Well, it's pretty simple, if you're just doing photography as a hobby, that's great. If you can put the money into it then I say go for it but I know quite a few people who do photography "professionally" at least to some degree and they kept putting money into their business, getting new or more gear.. When their business is failing, when they're getting less and less income.

Lets say you own a photography business, lets call it... "Suddenly Clear". Lets say business was doing great, several years ago when you started. You started out slow the first year, as most businesses do, then things started growing and by the 3rd year you were really doing well. But with the economy being how it is (I hate talking about that), business started getting slower... And instead of 2 - 3 shoots a day, for instance, now you're down to maybe 3 or 4 a week.

There are people, for whatever reason, who just don't seem to know when to quit, when to throw in the towel and scrape together whats left and move on. They keep putting money into their business when it's only hurting them.

For instance, I knew a lady who had a business and she was losing so much money and was getting practically no business but she KEPT ON borrowing money, she kept on getting loans, money from friends for her business. You know what happened? Her business failed ANYWAYS, and now instead of just owing a little bit and dealing with that, she's got people suing her, she owes like $30,000 - $50,000 or some ridiculous amount and... She can't pay it. She's got no money, no business, nothing.

And that's just the reality of it, and it breaks my heart. Everyone, especially photographers, needs to know when to quit, and I think photographers more so than a lot of other professions.. Simply because 1; the equipment and gear can get so expensive, it's mind-boggling. 2; photography is more of a luxury, and if the economy is in the tank a normal family isn't going to just go out, spend $500 for some pretty pictures. etc

I think a lot of photographers, at least when they're starting out... Don't really know what they need. A lot of them spend stupid amounts of money on things that either they don't need or something that would've worked just as well, for a fraction of the cost.

Let me put it simply, you can NOT keep putting money into a business hoping that things will change. As I always say, prepare for the worst, hope for the best. If you're running "Suddenly Clear" and you're getting less and less customers.. Should you buy that 1ds mk3? Or that 85mm 1.2 lens? No. But PEOPLE always try to justify it like, "Oh well if I GET this, i'll get better pictures which might get me more customers". "Oh if my pictures are higher quality, I might get some one who has more money and can pay for more expensive things". etc etc etc.

All I can do is wonder why...

First of all, there's obviously no guarantee that buying anything will get you anything more. Secondly if you were to expect getting higher quality pictures for lets say, more expensive clients. Generally those people are already going to HAVE a photographer, someone they trust, that they've been with for years, etc. So they are NOT going to go to you. Hate to break it to you, it almost never happens, I don't care how "original" you think you are.

Although the ONLY thing I could possibly understand justifying spending any amount of money on is advertising. That's the ONLY thing yet it's ALWAYS the last thing people think of.

Equipment or not, advertising can make or break you. I've seen people with literally crap equipment get lots of customers, how? Lots of advertising, word of mouth, etc. But I've seen plenty of people who actually had good equipment, actually KNEW how to take good pictures.. Yet they got nothing. But that's just how it is, and there's no guarantees advertising will get you anything more too. You can advertise like crazy but if you're photography sucks, good luck. It's not a science, for sure. Some thing that might work for one person, might not work for another. But that's life... As with all things, you gotta know.. really know.. when to just call it quits. You know? You had a good run, it was fun, etc. But don't get yourself into serious financial trouble like a lot of people do. It's never worth it, it'll ruin your life. It's the same with relationships, I don't know why people can't be adult about them. Why people can't just be like, hey it was nice knowing you, we had some good times, and then go their own ways. But, I guess it's part of life's great "imponderables".



Well, it's getting late and im tired.. Plus I think I covered pretty much everything.. I might add more later.

nn
PostPosted: Wed Aug 11, 2010 12:13 pm


What a depressing title for this topic. Instead of focusing on when to quit, we ought to be discussing how and when to spend your money or take out business loans. I think a lot of people know very little when it comes to business administration, taxes, accounting, ect.

Just to get the ball rolling in the right direction here, I'll ask a few questions and anyone can chime in with any insight they may have.
1.) How do you turn a trip or equipment into a business expense on your taxes?
2.) What's a depreciation table and why is it important?
3.) What types of advertising will really help me?
4.) What's a target market?
5.) How do I break into other markets?

These are just a few things I feel people need to have answers for when trying to maintain a business.

Minthalas

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Madame No

PostPosted: Sun Aug 15, 2010 12:52 am


Minthalas
What a depressing title for this topic. Instead of focusing on when to quit, we ought to be discussing how and when to spend your money or take out business loans. I think a lot of people know very little when it comes to business administration, taxes, accounting, ect.

Just to get the ball rolling in the right direction here, I'll ask a few questions and anyone can chime in with any insight they may have.
1.) How do you turn a trip or equipment into a business expense on your taxes?
2.) What's a depreciation table and why is it important?
3.) What types of advertising will really help me?
4.) What's a target market?
5.) How do I break into other markets?

These are just a few things I feel people need to have answers for when trying to maintain a business.


I will answer these questions when I complete my business courses I'm taking over the next two years along with my photography classes -- it's a requirement of my degree plan. xp

I refuse to start a business in the first place without knowing how to start/run/maintain/succeed with a business.
PostPosted: Mon Aug 16, 2010 5:57 am


It's true and I am shocked to hear that is how some photographers conduct their business. If you are in the portrait business (which seems to be what we are talking about) then your right if business isn't working or even if it is invest in advertisement which with things like facebook and twitter is VERY easy to do. Though I would like to point out that not all photographers run their business that way in fact I think with the digital era many don't. We have Stock photography and microstock photography which work differently than the typical portrait photographer. I know I myself do not want to become a portrait photographer. There is also war photography, model photography and photojournalism. I am not saying this to denote you but rather maybe if a photographers business is failing they should switch the photos they take and try a different type of photography. This is just my opinion, how correct it is I don't know.

I_See_You_Monster

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Kokihi
Captain

PostPosted: Sat Aug 28, 2010 8:00 pm


I agree with both points made here. I would defiantly take some type of business class, or at least become an apprentice to a successful photographer before trying to start your own business. Even if you have the skills to start taking pro pictures now, you still need to go to school to start a business.


I don't think that "When to quit" should be discussed so much as "How to avoid common mistakes" or "First things first." I absolutely agree with Yuma Stray's point; if what you are doing doesn't work, try another angle. My boyfriend's parents run a business and their motto has always been "Winners never quit, and quitters never win."

One thing I would like to add is that asking for help is always an option when you are in trouble. Now, I'm not talking about taking on a huge loan when your business is tanking, but more of a meeting of the minds. Figure out what is causing your business to fail, and how to fix it.
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"OH SNAP!"

 
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