8 Things Photographers Must Do to Lower Their Expenses During the Coronavirus

Many photographers are scared right now and with good reason. The Coronavirus is causing an unprecedented financial crisis, which we'll probably feel the repercussions of for many years to come. While you may feel pretty helpless right now, there are still things you can do to give yourself the best possible chance of surviving all this.

Control the controllable is a concept that I have lived by for many years. The areas of our life that we have the power to control are the places where we should be focusing our time and energy. This approach to life is especially important during times of crisis, as frittering away time on things that are out of our control is just a waste of valuable resources. One area we all still have control of is our expenses, and luckily for us, the team over at The Futur have been exploring this very subject in great detail with Errol Gerson, financial adviser and consultant to many creative businesses here in America. The talk by Gerson is a long one at well over an hour, but the advice instilled during this time is worth the investment.

Two great points are made right off the bat that will live with me for a long time. The first was the way you frame your correspondences to people who you want to work with, and the second was the idea of bartering during a time of crisis. This second point may sound a little medieval, but it's a way for both sides to get something out of the situation and is much better than working for free. I can see this approach being useful with clients whom you'd love to work for but that just don't have the budget for a photographer. Money is always going to be more favorable, but it might be some time before that medium is flowing freely again.

The talk goes on to explore some of the universal issues surrounding expenses that all us creatives need help with if we are to survive this financial crisis. For those not in America, the suggestions given may feel a little US-centric, but I implore you to stick with the video, as the advice given can easily be applied to wherever you do business in the world. The eight main areas he talks about in regards dramatically lowering your expenses are:

Gerson has also kindly provided a free document containing all these points raised above with some handy examples of how to work out your bottom line, etc. This document also contains some useful links to relevant government sites where Americans can apply directly for certain loans and grants during this difficult time.

All in all, this video is a comprehensive look at what us creatives can do to help the situation we find ourselves in. Even if we weren't in a time of crisis, these valuable lessons are well worth applying to our businesses in order to give us the best chance of being successful. I know most photographers would rather be behind the camera taking pictures, but if we don't control the controllable or know exactly what it costs to operate as a photographer, the chances of surviving are incredibly slim.

Lead image by James Montgomery Flagg and is in the public domain.

Log in or register to post comments

4 Comments

Deleted Account's picture

I cannot suggest strongly enough that anyone running a photography business should find a new business/job and maintain photography as a side hustle.

Also, don't spend money on equipment unless absolutely essential for the survival of your business. Just don't.

Most of you will not survive; if your profitability was in question before, you should probably call it a day now and save yourself filing for bankruptcy.

dale clark's picture

Over the past year, I have gotten rid of a lot of gear. Especially lenses, lights, etc that I rarely use. Everything can be rented nowadays. I see it like a moving van. Sure every couple of years we could use one to haul a large piece of furniture or something, however, you would not buy a van just to have sitting for those rare instances. I look at gear the same way. Amazing how much space one can free up

Bernie Bros's picture

If you’re in the US go get unemployment benefits. Even independent contractors and sole proprietors are eligible now. Approx 1/2 your weekly income+an additional $600 each week. As much as $5000/month in unemployment benefits for at least the next 4 months. Even if you’ve only suffered a reduction in income, you can collect.

regan albertson's picture

Thanks for sharing good news. It will take sometime after this bug gets under control, and expect changes, and opportunities because of those changes.