January 16th, 2009 in We’re all sailing in rough waters, we’re all getting tossed about. The question is, who’s going to make it to port, you or your competitors? I absolutely agree with Nigel. When things are quiet it’s a great time to be working on your marketing. But are you too busy?!
I hope we agree by now that by far the most important cost in your business is you,and therefore…
The most valuable ASSET in your business is YOUR TIME.
That fact should be at the forefront of your mind, and yet most people ignore it. Even if you’re quiet it’s too important to ignore. You’ll never earn $100 an hour by spending your time on $20 tasks.
Consider this. For many photographers each wedding occupies a week of their time – often a long week. Think of the benefits if you could get it down to four days! Some photographers can do a wedding in three: think a day each for pre-shoot (to secure the booking), shoot and post-shoot.
How’s that possible? Here are two scenarios (based on my spreadsheet – email me if you’d like a copy)…
The only difference between them is that in the second, instead of doing it themselves, the studio is paying Queensberry to design the album, colour-correct and retouch the images and assemble the finished book. Obviously the cost will vary depending on how much retouching is requested.
Assuming no associated cost reductions or extra bookings, my income could drop under the second option, so what’s the appeal?
Well, the 500-plus hours I’ve saved. That’s a quarter of a year! And look at the impact on my earnings per hour.
What could I do with that freed-up time?
- I could work on my marketing to book more weddings.
- Or I could develop a whole new income stream. Portraits maybe?
- Or I could hone my golf/surfing/gardening skills, or go home early.
Let’s be clear, you could end up polishing your images less under my second scenario. But you need to look around at your competitors. Right now, are you getting paid for all the work you do? Or doing it for nothing? Another approach might be your next marketing challenge: to find a way to get paid for what you now do for free.
Cheers, Ian
PS I suggested your income would drop under my second scenario, but maybe not if you’ve been hiring someone to do your “production work”, or you use your new free time to drum up some new business.
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