The Financial Downfall: Habits That Can Keep Photographers Broke
As with any profession, success in photography is not just about talent but also about developing good habits. However, photographers can also fall into bad habits that can hinder their progress and even keep them financially unstable. In this regard, it’s essential to identify these habits and take action to break them to achieve greater success in photography. In this context, let’s explore some common habits that can keep a photographer broke.
- Not charging enough for services: This is a common mistake many photographers make, especially when starting their careers. They may underestimate the value of their work and charge too little for their services, making it difficult to sustain a business. I did this when I started out and almost went out of business before starting a business. Charge enough for your service before you go out of business. You make money to make more art, you don’t make art to make more money.
- Failing to market themselves effectively: Even if you’re a talented photographer, if you don’t market yourself effectively, it can be challenging to get noticed and attract clients. Marketing is crucial to building a successful photography business. About this, Grant Cardone wrote in his book 10X saying, “The problem wasn’t competition; it was obscurity. No one even knew who I was.”
- Overspending on equipment: While having good equipment is essential for a photographer, it’s also easy to overspend and go into debt. It’s crucial to balance investing in equipment with other business expenses and not get carried away with the latest gadgets. Before you buy any equipment, ask yourself if the one you own currently will not get the job done, and also, what is the new gadget going to bring to your photography and art.
- Not diversifying income sources: Relying on a single income source, such as client work, can be risky. It’s important to diversify income sources by selling prints, teaching workshops, or offering other photography-related services. This is doing hard work in a smart way.
- Not keeping track of expenses: Many photographers fail to keep track of their expenses, leading to financial instability. It’s essential to track expenses and income to understand how much money you’re making and where you can cut costs.
By avoiding these habits and focusing on building a sustainable business, photographers can improve their financial situation and achieve greater success in their field.