The Updraft Podcast

Episode 53 - Should You Close Your Business?


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All over the photography groups, the business groups and the internet right now I am seeing people shutting down their businesses, or talking about shutting down their businesses and getting a more “reliable” job.
COVID 19 has been INCREDIBLY hard on many, many small businesses. I see that, and I understand that. I also understand that in some cases it will be necessary to close due to financial hardship – there are businesses that won’t be able recover from this shutdown – which breaks my heart, and I truly hope the owners of those businesses are able to get something new up and running eventually. The questions and conversations I am seeing though, the ones I am talking about, are not from those businesses. They are from people who are contemplating or planning to jump ship out of fear, panic and anxiety. And that is something we need to have a chat about. .
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I am a huge fan of entrepreneurship. Huge fan. It allows for flexibility, it allows for unlimited potential, growth and creativity. It allows people to accomplish what they want, look around and then start reaching for the next level. It allows people like me 8 years ago, to support their kids as a single Mom without having to miss their children’s entire lives. For me, entrepreneurship is a huge gift and I don’t want to see anyone bailing on themselves, their family or their dreams because of this pandemic and the fear that it created. So… if you are out there contemplating if you should be closing the doors on your own small business I want you to think about a few things to make sure that you are making the RIGHT decision in closing your business, and not just having a knee jerk reaction to massive amounts of anxiety.
First, what is the biggest reason that you think you should close? Is it because you are completely dreading going back to work and just want to be a stay at home Mom? Is it because you feel your business might not have any customers when you reopen? Is it because you feel it won’t be profitable with the new restrictions that you are required to follow due to COVID19? Is it because you feel having employment would have been “safer” from an income protection perspective? Or that you heard someone else say that small businesses are going to die out? There is only 1 reason on that list that would make me actually consider closing my business. The only reason on that list that would be valid for me personally is if I DECIDED I didn’t WANT to run my business anymore. If I decided that this no longer gave me joy, was no longer something I wanted to participate in – then I would consider closing and either staying home with the kids, or looking for employment elsewhere.
Every other reason is based in fear, and anxiety and likely has little basis in truth.
I have been hearing over and over from photographers that they feel like they need to cut their prices in half after this for a variety of reasons including the idea that people will be unwilling to come in for photos and risk exposure, that people won’t have money to spend on a luxury service like a photo shoot, or because they need to book so many sessions to make up for the lost revenues In the weeks or months that they were closed that they will need low prices to make the competitive. I can tell you, very confidently, that the moment my studio’s doors open I will have a list of people waiting to book their photoshoot. I know this because I have already had people calling, willing to hand over their 10 day old baby to have their portraits done. If your customers trust you, then they know that you will do everything in your power to keep them safe and minimize risk. If you follow careful protocol and do an excellent job with what you do then people will trust you, and they will return or send their friends. There are people who are stuck in fear and there are people who are chomping at the bit to get back to their lives. Don’t let your own personal perspective cloud your judgement on how o
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The Updraft PodcastBy Annya Miller