Are you a Wedding Photographer or business owner looking to revive and upgrade your business? Are you struggling to create a brand identity?
We know that the covid times have fallen hard on entrepreneurs, business owners, varied industries and has almost affected every business segment. As a business owner, you must be worried about your company’s value because you don’t want your hard-earned company to fall into pieces.
To help you revive and upgrade your business amidst the pandemic, we bring to you one of the most comprehensive articles based on the webinar with the award-winning photographer – Anand Rathi.
Capturing WOW conducted a webinar on “How To Revive And Thrive Your Business In Covid” with Anand Rathi. A pool filled with valuable insights and takeaways on how to upgrade one’s business was shared at the webinar by Anand. If you have missed out on the webinar, don’t fret! This article covers the 3 learnings shared by Anand! So keep up the momentum as we are about to get started!
Here are the top 3 questions that we would be elaborating on, in this article. To get a deeper understanding, ask these questions to yourself and use the solutions given below to upgrade your business. These questions include,
1) What went wrong?
2) Where are we now?
3) Where do we go?
Let us now dive deep into understanding the answers to the above questions.
WHAT WENT WRONG?
When you analyze your business, think about what went wrong and how you could solve this problem
A simple rule put forth by Anand was, “If you are in your early 20’s, try and save at least 80℅ of your annual income.” A lot of business owners buy expensive gadgets or things that may or may not be of any use. Save more, not less.
Addressing high expenses Anand said, “You don’t have to buy expensive gear or other expensive stuff and don’t keep upgrading your equipment. Even if you buy a good camera, it will last for 4-5 years so don’t keep upgrading just because others are doing it. If you are making expenses, please make sure that there is enough return on them.”
He also quoted, “A painter does not charge for the brush day he paints with and a photographer should not charge for the camera he shoots with.”
Talking about low/no investments, Anand said, “Most people assume that you should invest in something when you have a lot of money. Unfortunately, that’s not how it works. Money is based on Compounding’. Compound interest is when you earn a certain amount of money, for eg. 10 rs it becomes 11 rs and by the end of the year, your money keeps growing. Your money is like an employee who makes more money for you. Invest till you become financially independent and make sure you save till you become financially independent.”
WHERE ARE WE NOW?
Talking about the current pandemic situation, Anand said, “We need to cut costs and work hard. Save a lot of money and be a complete miser at this point.”
If you are in the business category, cut costs through these segments:
- Hiring – Try and assess if you need full-time employees in your business right now or ask yourself if you can work on a freelance model? If you are a freelancer try and see if you can work with one freelancer and put in efforts to drain him and work with him.
- Admin- Admin expenses for things like cars should be cut off. Ask yourself if you really need the car and if you don’t, just sell it and use that money for investment.
- Capital expenditures- Expenses for fixed assets like cameras and computers. Here, you don’t need to buy the latest Apple computer just because it is fancy. Only buy those assets that you find are important.
A BIRD IN HAND IS BETTER THAN TWO IN BUSH
- Confirm assignments first – Start filling in your clients and build a trusted client base.
- Optimization Later – Once you confirm assignments and build a client base, you can then get into optimizing it.
WHERE DO WE GO?
So the way forward to the future of your business lies in this 3 step approach.
- Invest – The first step is to invest your money. It is okay to be greedy when it comes to money. Don’t gamble but do a lot of research. At the same time, invest your money. Don’t let it sit in your bank account. Even after coming out of the covid times, do not stop investing your money.
- Adapt – The second step is to adapt yourself. When the times become better, most people tend to change their strategies. As soon as times go bad they start firing people. When times are good, adapt yourself and let your strategy stay constant. Don’t make rash decisions when you are in your bad times.
- Evolve – The third step is to evolve. Only adapting won’t work. Because if you are only surviving and not evolving, your competitors will evolve. Evolve your brand value. This is the most important thing. Become and make a better brand year on year. Give value to your clients, not discounts.
eg- offer a freebie that won’t cost you much or offer innovation that no one else does.
These were some of the great tips to upgrade one’s business in covid exclusively shared by Anand Rathi!
If you have not yet booked your ticket for the creative event of the year, DO IT NOW! Click on www.capturingwow.com/expo to confirm your attendance at the world’s largest photography, filmmaking and content creation conclave.