We\'re looking to diversify our business so that we\'re not so reliant on any one type of photography, trend or client type.
Hi Nathan,
Keep in mind you can\'t be all things to all people. Pinpoint who you are, who your customer is, what areas of photography you can be proficient, profitable and happy with, and have a firm business plan on how you\'ll succeed.
If you don\'t have business, marketing and bookkeeping experience you\'ll either need to gain that or hire it out. It\'s possible be busy all of the time, have great cash flow and yet not really be profitable. Many small start-ups get stuck in that cycle. Run your business, don\'t let it run you.
As always, have valid exit strategies and know how either one or both of you would be able to get out. It\'ll save a lot of pain, issues and feeling trapped, but it\'ll also make a stronger business when you make decisions that don\'t put your exit strategies at risk.
To start brainstorming the areas of photography to concentrate on, list 5-10 areas of photography you\'re interested in and have your potential partner do the same. Research what the profit and demand is, if it\'s local or national, and how you\'ll be able to compete in those markets. Also, which areas will allow for the same gear to be used or will some require great additional expense without as much satisfaction and profit? That should help you narrow your field quite a bit.
~ Linda
Nov 25, 2008 at 10:28 AM
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