One of the common threads that I am seeing is that people are willing to stay home but they are panicking about income, and their businesses shutting down. In Ontario we have been told to shut down all non-essential businesses – which means there are a ton of people who were self-employed that are suddenly out of work. I know this is the reality for a people in a lot of other provinces and countries as well and it is creating a lot of stress for people. I am incredibly lucky in that our government is offering emergency care benefits for people like me, who wouldn’t normally qualify for normal unemployment benefits or programs like that – so if I find I am unable to come up with other ways to generate income then I will have that to fall back on and help us keep our children fed and bills paid - but I recognize that for a lot of people this isn’t the case. This is why I want to talk about how we as small business owners (or aspiring business owners) can get scrappy, get creative and innovate within our businesses to keep the money flowing in.
A lot of people are worried right now – not just about their immediate income, but about how the economy is going to rebound when everything is said a done. How would a potential recession affect them? How will their business and finances survive? I’m not a financial guru or expert, but I do know that some of the most successful businesses were created in recessions. Times of challenge create problems – problems that need solutions. I also know that if you look to the most successful businesses out there you will see a common theme – they change, they grow and they innovate. Logically, this means that as a small business we need to prepare to do the same, and we need to look for needs that our services or products can fill.
My business is clearly non-essential, so I wasn’t in the least bit surprised when I was told it was time to close up shop. Having professional photographs done of your baby is beautiful to have, but certainly not a requirement for survival. Well before I got that notification, I was already aware that there was a high probability it was going to happen, so I started brainstorming. What can I do to continue generating income through my business without actually bringing new face in front of my camera? What are some ways that I can continue to serve my clients and community so that I am top of mind when things are up and running again? How can I hit the ground running hard once this is all over and get my business back to thriving as soon as possible? I was able to think of a few things pretty quickly. I could offer a sale on digital files for all of those people who had sessions with me over the years. This would supply a bit of income not just for me, but for my retoucher as well. We could offer an amazing deal and send out an email along the lines of “if there was an image that you always wished you could have had” or “ever wish you could have had all of the images from your session? Now’s your chance” and then offer an amazing deal on those previously unpurchased digital files. Yes, it means offering my work for slightly less – but this is an unprecedented time where we need to think survival – and let’s be honest, there’s LOTS of time available to edit them now that we aren’t allowed to leave our homes :P Another idea came from seeing a piece of art someone in a Facebook group had made. They were following an online tutorial that helped them turn a photograph into a beautiful digital watercolor painting in Photoshop. They are beautiful images and definitely something I could see my clients purchasing. So there is another opportunity – create a new piece of art from the sessions I have already done and sell those to the clients as well. These ideas aren’t going to generate the 6 figures a year that my business was previously making – but they might bring in enough income to buy groceries or keep the lights on. Take a look at your business and see where y