I purchased an existing photography business 6 years ago. The studio was known for affordable photography. I had shot for the business for 7 years as a main wedding photographer. When I bought the business I changed the style and direction of the studio, but not the pricing. As much as I wanted to go higher end, the perception by the public was already in place.
The name does bring in business but it's not anything that will give me a comfortable life. It's been a struggle. I really want to get rid of the name and go with something else, but I'm afraid that doing so will be like starting from scratch and I can't afford that in terms of income.
Should I stay with the existing name, change it wholesale, create a different business and trash the old one ? There's issues involved like the website, domain name which has a very high search engine rating and of course all printed materials and other established business name issues.
Not a pro photographer, but a student of business for a good long time. Some things to consider:
1) I've noticed that a number of photographers have separate web sites for each style of photography so as not to have brand confusion in the marketplace.
2) When Honda Motors wanted to start creating a luxury line, they created the Acura brand name to distinguish it. Others followed suit. This means making a complete break in the marketplace's mind and create a new business model.
3) It sounds like you're not bound by agreements concerning the use of the old name and "good will" associated with it, so have the freedom to change.
4) You can go the route of "intel inside" whereby you attract the same customer, but then try to upsell them to a different and upscale product line which needs to be visibly superior with better processing, papers, and possibly a different style of shooting.
5) You've already changed the style and direction, so it may be harder to change now but can still add top end packages. Again, they need to be visibly superior not just to you, but to your clientele.
6) Raise your prices. You may see volume go down, but profits go up.
Don't change the name. If you are doing weddings that means new clients every time. While they might of heard the name that does not mean they know about prices. I know of several established wedding names in my city and I can't tell you which is higher end but could make a guess based on the marketing.
I think you need to modify your image more than the name. Spend a bit on a classy logo, byline etc if you have not already done that.
If you are high in the search results for wedding photographer don't throw that away. While I really don't do weddings anymore I get 95% or more of my business from being on top of search engines. I would close if not for that making my phone ring.
Starting from scratch would be harder than making what you already have work better.
". . . the perception by the public was already in place."
". . . doing so will be like starting from scratch and I can't afford that . . ."
If the "perception" means that people will come in, see your new, higher prices and have to be up-sold or turned away, that has a chance of being managed.
If the "perception" means that people perceive you as "McDonalds" when you are trying to be "Alinea", then that is more of a problem, since prospective clients may discard you as an alternative before you have even had a chance to sell them.
Trying harder to raise your prices and change the image of your existing business sounds safer (and more aligned to your "can't afford that" comment). It won't be easy, though, and it may take a while.
Trashing your existing business is obviously the riskiest move. You would be bringing primarily your experience and hard assets without the name recognition and few referrals. It doesn't sound like your current risk tolerance favors this approach but if you still want to consider it, I would recommend a serious review of other aspects of your business: Can your output/quality seriously qualify as higher-end? Can you do the marketing effort needed (or invest in that with an external service provider) to create a high-end image? Will your personality and relationship skills permit you to successfully engage a higher-end market? Are there geographic factors that may inhibit or support your move to the higher end?
Creating another business while running the current one seems to work when the owner is doing two types of photography where the clients of one may be initially turned off by the clients of the other (weddings and boudoir, for example). In your case, however, it sounds like it is probably the same type of photography but different price points and packages. People are eventually going to find out that business A and business B are the same guy. How are you going to explain the difference? You can try things like more hours and better albums for the higher end but in the end you are the same photographer. I don't think you are going to purposely take poorer shots for the low-end clients are you? It's a little like an accomplished pianist - he can play dressed in jeans at the local club or dressed in a tux at a formal concert - but in the end it's the same pianist.
Thank you for the suggestions. My pricing ranges from 1500.00 to 4200.00. I use multiple shooters who shoot my smaller weddings when Im not booked. I do have a small studio with the normal monthly costs, rent, insurance, phone, internet, utilities, taxes. We are not high end but not low end by any means.
I guess the better route would be to "up my game" as many say here on FM. But Im realistic about my talents and skills and frankly, there are just better photographers out there with better marketing and brands.
Last year we photographed 61 weddings. Way too much work for me for the income that's coming in. I would like to lower that yet retain the income. I just could not provide the personal customer service that I would like to provide.
And the post production just killed me. I fully edit all of the jobs. I have tried outsourcing but was not pleased with the results.
Actually I just have too much overhead with the studio, which does not get utilized enough to warrant the cost. It's great for client meetings and initial impressions, but after that it's a cash cow. I'm searching for something smaller so that I can still have my office/meeting space but not an actual shooting studio.
