Starting a photography business seems easy to begin with. All one needs is a good camera, an understanding of photography techniques, a love for photography itself, and the enthusiasm to turn a passionate hobby into a business.Unfortunately, it really isn’t as simple as that!The moment a talented amateur photographer makes the decision to become a professional, to earn money from their photographs, he or she ceases to be a photographer and instead becomes a marketer and seller of photography.The distinction between photographer and businessperson is crucial and understanding of this is essential if the would-be professional has a desire to be successful at selling their photographic work.Put simply, photographers do not make money taking photographs. They make money selling photographs.Sadly, the ease of entry into the photography business is so simple that many photographers find themselves asking the question, “how do I start a photography business” after they’ve already discovered that the reality is not as simple as they thought it would be after all!For those who are new to the photography business, or considering making the jump from being an amateur to professional photographer, there is a structured approach that could save some agony further down the line. This systematic methodology is called “The Six Pillars Of Success” and can apply to almost any small business.The six pillars are:
Mindset
Positioning
Marketing
SEO
Sales
Client relationships
MindsetBeing in business is not for the faint-hearted or thin-skinned. Because of this, it’s essential to maintain a positive mindset and keep your business goals firmly in sight. Commitment is a big factor here, too, and it’s important to be 100% committed to your success no matter the current circumstances. This also means investing in your continuing business education, and having a forward-thinking mentality that’s focused on your future growth.PositioningKnowing where to position oneself in the marketplace is something that will set the aspiring professional photographer apart from the competition. Identifying a photographic genre as a specialty, together with the demographic and personality of the ideal target client are a great start here. A pricing model also helps to determine which of those ideal clients will be willing to invest in the photography services and products on offer.MarketingIn its most simple form, marketing is the process of earning, and competing for, your ideal clients’ attention. Effective marketing helps to educate your photography prospects about who you are, your values and beliefs, how you conduct business, and how the client can most benefit from the experience of working with you.SEOSearch engine optimization (SEO) is critical to the success of any business in this day and age. A photographer might be the most personable and friendly person in the world and produce the most incredible photography their clients could possibly imagine, but that won’t matter one bit if no one can find them online. Even with the most amazing-looking photography website, it’s essential to ensure that the search engines have a good idea of what the website is actually about.SalesNo one wants to come across as the stereotypical used-car salesman, and if the client senses the photographer might be uncomfortable with his or her own prices or at all nervous about asking for the sale, they will instinctively become much more resistant to the sales process, making the sales job much harder. The answer is to learn how to sell from an ethical standpoint, and with the client’s needs firmly at heart.Client RelationshipsThis is where most professional photographers really trip up! They attract the right clients, create beautiful work for them, do a great job of selling it, and then never talk to the client again! This is a huge mistake, and can mean the photographer is stuck in a never-ending quest for new clients. The solution is to stay in touch with your family of valued clients. It’s easy to send them an occasional card in the mail, an email newsletter, or even call them on the telephone just to see how they’re doing.An Upward Spiral To SuccessAs you reach the last of the six pillars, you’ll see that a happy family of clients naturally causes you to be happier as a businessperson, which helps create an even stronger positive attitude.You also get to know your clients in a lot more depth, which then helps you when it comes to positioning yourself and your business in the marketplace.The process of marketing becomes much simpler and a lot less costly, since you’ll see a lot more benefit from word of mouth marketing.The SEO for your photography website is also made much simpler because your blog articles, for example, further help the search engines to see you as a local authority.The sales process becomes easier to manage because you’ve now created a good reputation within the community.Finally, your family of happy clients will love you more as your photography business becomes more established.
Starting A Photography Business: A Structured Approach For Success
Consequences of Defaulting on Hard Money Loans
Hard money loans are a common way to fund a real estate project. In many cases, these loans can be used to buy properties that banks won’t finance because of their riskier nature. However, if you default on one of these loans there will be consequences. This article discusses the repercussions of not paying back a hard money loan and how they differ from other types of financing options.
You May Lose Your Property
If you can’t make your payments on a hard money loan, the lender has the right to take possession of the property that serves as collateral for the loan. This means you could lose your home or business if you can’t come up with the cash to pay back your debt.
You’ll Likely Face Legal Action
Hard money lenders are typically more aggressive than traditional banks when it comes to collecting on loans. If you default on your loan, the lender is likely to pursue legal action in order to recoup their losses. This could lead to wage garnishment, asset seizure, and even bankruptcy.
Your Credit Will Suffer
A hard money loan is a high-interest, short-term loan. This means that if you can’t make your payments, you’ll end up with a high-interest debt that will damage your credit score. This could impact your ability to get future loans and may even prevent you from renting an apartment or buying a car.
You’ll Waste a Key Investment Opportunity
Hard money loan financing is expensive. If you can’t pay back your debt, it will represent a significant waste of potential income that could have been used to grow your business or fund future investments.
You May Lose Your Equity
When you take out a hard money loan, you’re typically required to put up some form of collateral. If you can’t make your payments, the lender has the right to sell that collateral in order to recoup their losses. This could mean losing all or part of the equity you’ve built up in your property.
You’ll End Up in a Stressful Situation
If you default on your hard money loan, things are likely to get very stressful. You may face legal action that will require hiring an attorney and could lead to bankruptcy or foreclosure proceedings against your property.
This is why it’s so important for borrowers to make their payments on time; if they can’t do this, there’ll be significant consequences down the road.
You May Need Hard Money Loans Again in the Future
The repercussions of not making timely repayments with a hard money lender may prevent you from getting loans in the future. This means that even if you manage to save up enough capital for another project, borrowing funds might become extremely difficult without good credit history and high-income levels.
You Can Ruin Your Business Relationship With the Lender
If you have a good relationship with your hard money lender, it may be possible to work out a repayment plan that allows you to avoid some or all of the consequences listed above. However, if you don’t repay your debt as agreed upon, you could ruin this relationship and make it difficult to borrow money from them in the future.
As you can see, there are several consequences for defaulting on loan, paying on time will help you avoid all of these unfortunate outcomes and save your business.
Mortgage Brokers: Basics That You Should Know
The term mortgage broker refers to a company or person that can make arrangement for a mortgage between two entities. These entities are usually a lender and a borrower. The lender is known as a mortgage lender. This professional works directly with the borrower to help them opt for the right type of mortgage. In this article, we are going to find out more about this professional. Read on to now more.
Why should you use a Mortgage Broker?
Basically, this professional helps you throughout the process of looking for and applying for a mortgage. Their role is to get you the best deal on the basis of your circumstances. Listed below are some of the services they offer.
They help you make an assessment of your financial situation
They suggest the most suitable option to meet your needs
They help you search the market to help you look for the best deal to match your criteria
Now that you know about the role of these professionals, we suggest that you check out the pros and cons of working with one. This will help you decide whether you should go with these pros or not.
Pros
Convenience: If you don’t know anything about these markets and finance, you may want to work with a broker. After all, it requires a great deal of time, money and effort to look for deals, handle the paperwork and talk to lenders.
Access: Since these pros have a good deal of experience in the field, they are in touch with other professionals as well. For instance, they have a good business relationship with many lenders as well. Therefore, they can help you look for the best deal based on your needs.
Expertise: The problem is that the mortgage industry is not easy for everyone to understand. When the rate of interest goes up or down, it has a great impact on the number of mortgage deals. Therefore, consulting an expert is a stroke of genius. After all, you don’t want to make decisions based on your lack of knowledge.
Cons
Cost: Since these professionals charge for their services, you may have to set a budget to use their services. This will reduce the amount of money you can set aside for rainy days.
The service charges of these professionals vary significantly. Therefore, we suggest that you shop around before hiring one to meet your needs.
Limitations: It’s important to keep in mind that not all of these brokers have access to the whole market, which means depending on a single broker may limit the options available to you.
Quality: Experience and qualifications may vary between brokers. Therefore, if you end up hiring an inexperienced one, you may not be able to go through the process in a timely fashion. And you may not be able to get the best deal.