Already we are hearing of photographers being laid off, staff wages being cut and studios not renewing their lease.
As ever in hard times the weak photographers will be bullied into submission by customers who sense their desperation for business. More & more photographers are giving away their images on DVD which makes them no better than a fast food take-away where you couldn't spend more than 10 Euro a head if you tried. They will sadly never experience the opportunity of celebrating even 10 years in business never mind having a business worth selling when they retire.
And as ever only the strong will survive. Because they refuse to downgrade their quality, reduce their price or sell their soul (by giving away their digital files).
It’s a buyers market: - Suppliers are no longer saying "ahh sorry sir, we won't be getting another delivery from them for two weeks". Now you are more likely to hear "yes sir, we will have that for you in the morning". And with the current state of the Dollar & Sterling it is also very attractive for Irish photographers to buy from Northern Ireland or abroad.
Look to Michael O'Leary of Ryanair - he quickly turns a crisis into an opportunity, i.e. after the global downturn in the airline business following 9/11, he bought planes! Cheap! People were getting out, but he knew flying was here to stay, he recognised the temporary loss of faith would soon pass, and made a killing buying up what the airlines were frantic to offload.
So if business is slow upgrade your equipment, learn new skills, paint the studio and redesign everything from your business cards to your showroom. Get busy, be positive and did I mention? “Don’t give away your images on DVD”.
Best of Luck,
Dominic
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