Weddings and events are back! People are eager to get together and celebrate with family and friends creating the perfect opportunity to preserve memories with professional photography. Many photographers are finding their calendars are booked well into 2022. This post-pandemic uptick in the industry promises financial relief. As cash begins to flow again, why not look at some hot tips for increasing your revenue.
Nobody wants to be overextended in their commitments or in their finances. Setting yourself up for some passive ways to add to your finances annually can help support growth, pay off debts and save for a rainy day…or other uncertain times. Here are some creative ideas for growing your revenue stream.
Easy Album Stuff
Include wedding albums in all your collections. We’ll get this one out of the way right off the bat. It’s easier to pre-sell professional wedding albums than offer them after the event as à la carte items. On average photographers can profit between $400 – $600 on album sales and upgrades.
Sell by the image, not by the page. Keeping a fixed number of images per spread makes an attractive wedding album design. Crowded pages are less impactful and don’t do the artwork justice. Additionally, initially limiting the number of images in the album means that you are able to upsell to those clients who want more images later. On average, photographers who sell additional images charge $10-$15 per image or $50-$100 for additional spreads
Always upsell. Adding replica albums for parents, creating a more customized cover, or choosing a larger album size can be all done both before and after the event. Always offer the upgrades. You’ll never sell something that your client doesn’t know they can have. In most cases, it’s more successful to upsell after the event. Money spent is money forgotten. Photographers can average $50-$100 profit with add-on sales.
Host a styled shoot. Every industry has its downtime so when things are slow, get creative. Coordinate with other vendors to create a photography experience. A Styled Shoot is perfect for photographers looking to build their portfolio, network, or just let their creative juices flow. Folks will pay to come together for a creative experience. Scheduling a styled shoot once or twice a year could add $1500-$3000 to your wallet.
Plan a getaway. If you’re travel-savvy and talented, plan an excursion out of your local area, or out of the country where photographers can make the most of their hobbies and careers. This takes a little legwork but at the very least, you will get a free vacation out of it. Plan your expenses correctly and be sure to charge for service and you can make a profit.
Photography 101. Look for opportunities to teach basic photography classes at local park districts and community colleges, particularly in the adult education section. This makes for a great opportunity to sharpen your skills and communication while drafting a couple of extra dollars. Additionally these connections would be excellent attendees to your styled shoots and destination workshops.
Add to Your Package
Buy a money machine. As far as hot tips for increasing your revenue, Photo Booths are on fire! They are an investment but can quickly turn a profit after a few events. Photo Booths can be great for weddings, Bar and Bat Mitzvahs, and corporate events. Booths can typically generate $100 per hour booked.
Having the Photo Booth option that clients can add to their package keeps you in control of all the images that are produced at your event. If you’re interested in learning more, check out The Marquee DJ and Photobooth Show. Zookbinders will be at The Marquee Event trade show at the Hyatt Regency in Deerfield, Illinois, June 22-24. We hope to see a lot of local photographers at this event!
Who is your plus one? Add a second photographer, videographer, or hair & make-up artist to your package. Event planners coordinate vendors and absorb a profit in their planning so why not do the same? If you have a lead why not take a “finders fee” for bringing the vendor to the client. Of course, be upfront with those you partner with.
To keep clients from nickel and diming, don’t itemize the details. “Our Platinum Package includes 12 hours of coverage, two photographers and a hair and makeup artist, a 12×12 custom wedding album, and a 20×24 metal print.”
Share Your Things
Share your space. If you have a physical building, office or studio space consider a sharing option. Shared spaces like The Studio 100 are a great option for photographers not ready to sign their own lease. Offering hourly rentals can considerably decrease your financial obligation to rent and utilities. It can even turn a profit. Listing your studio’s availability on websites like Peerspace can set you up for income when you’re not in the office.
Unused equipment or props? You can sell items you don’t use, but if your set of studio lights or backgrounds are in good shape and relevant, why not lease them out rather than letting them gather dust? There are plenty of photography groups on Facebook to market to. If the price is right, a borrower could turn into a buyer.
Rented out. We talked about allowing other individuals to use your studio space, but why not also rent out a Photo Booth. Letting other photographers and event venues know that you have this rental option can be a real bonus. It’s an easy way to cover the cost of the booth and to make some passive income.
The past year has been full of challenges. It made people thankful, it made them think of new ways to do things, it made businesses pivot. With things rolling back to normal we can’t think of a better time to consider these hot tips for increasing your revenue in 2021 and beyond!