As the world is set to face the worst recession since the Great Depression, do you worry about how your photography business will be able to weather the storm?
Those photographers who keep all their eggs in one basket are more prone to problems when their market of choice dramatically changes. This risk can be significantly reduced if you have multiple income streams coming in. The question is, where should you place your chips to ensure the best possible return?
The team over at B&H Photo Video has released a fascinating presentation by creative business owner Marie Segares, who explores the many options of income that photographers can take advantage of. Segares goes in-depth on areas such as affiliate marketing, sponsorship deals, subscription and membership ideas, crowdfunding, as well as the traditional routes such as consumer product services and business to business dealings. I like to think I know my way around the industry, but there were some great suggestions for income that I've had never really thought about before.
This video is a long one at over an hour, but the time is well and truly worth the investment. After Segares goes through the seven main income streams, she talks about branding as well as some of the positives and negatives of managing multiple income streams. I like how the video pauses between each point to allow the viewers at home to think about how they could apply the ideas to their own practice. This is one of those valuable videos you add to your bookmarks and revisit when in need of business inspiration. I think the climate we find ourselves in right now means we all should be embracing some of these ideas if we want to survive post-pandemic.
What did you make of the video suggestions? Are any of you taking advantage of some of these income streams already? We'd love to hear from you in the comments below.
Lead image by Geralt via Pixabay, used under Creative Commons.