Author: Leslie Burns

Yes, I’m not working today, but this was too important (you may have to login to get the article) to be ignored. Estimated value? $1.5bn.

Mostly private equity firms are interested and that is interesting for us. When a private equity firm buys a company, they usually split it up and sell off its assets in some way or another. Could make for another aspect to an intriguing year.

The famous quote made by Margot Channing (Bette Davis) in All About Eve seems particularly applicable these days:

Fasten your seatbelts, it’s going to be a bumpy night.

The economy in the US (and elsewhere, but I’m just focusing on the US) is not doing well. In fact, it’s probably in a recession and, depending on whom you believe, things may be much worse than we’re being led to believe by the main-stream media and government. Regardless, even the rosiest of prognostications are barely pink these days. And what does that mean for you?

It means business at all levels is very likely to slow down. For some photographers, 2007 was already worse than 2006. 2008 is likely to be hard for everyone.

Take the time now to figure out how you can cut your costs without negatively impacting your business. For example, if you do not need a studio, when your lease is up, get out. Or find a studiomate if you only barely need a studio. Put off buying a new Mac if yours is still expandable–instead max out the RAM or update the motherboard perhaps. Increase your deductible on some insurance policies to lower their cost. There are lots of things you can do–now is the time to do them–preferably before you really need to.

One place where you should not cut back is your marketing. This is a common error with businesses–sales slump and the first department to get cut-backs is the marketing department. For you that means two things: 1) you are probably under-spending on your marketing already and any cuts will significantly decrease your visibility; and 2) there will be fewer opportunities for projects (because of client cuts to their marketing depts.) so it is even more critical to keep in front of your targets’ radar to have a chance at the projects still available.

Not everything is doom and gloom, though. There will be projects–there always are–and, even better, if you have been licensing your work (and if you haven’t, now is the time when you’ll see what a bad idea that was!), don’t be surprised to see an increase in relicensing existing work for the original clients. This is what happened after 9/11 (when new work really did dry up)–clients relicensed work all over the place and that saved a lot of photographers from going under. Remember to price that re-use fairly (there is no reason the Usage Licensing Fee should be any less than the it was in the past) and hold on…

…this downturn too will eventually end.

There are several really talented consultants out there, but a common complaint I hear from photographers is that some of them are too touchy-feely or flaky for their tastes. We are perceived as a mostly hippy-dippy lot who ask our clients to look into their hearts, to be open to new ideas, do affirmations, etc.

Stuart Smalley be praised, so to speak.

I can understand that discomfort–I too get uncomfortable with some of the more spiritual or less “concrete” stuff. I’m big into research and proof. I like to deal with facts and evidence. But at the same time, there is a reason that so many consultants find connections with these areas…because it works.

It works in the real world, for example, to use compassion in your business. This is something that may come to us from Buddhism or other spiritual practices, but when applied in the real world, it simply works. When you deal with a buyer by expressing an understanding of her issues and appreciating her difficult situation (needing to get the best work for the smallest price), she is much more likely to be more forthcoming with you and that leads to finding solutions and getting gigs. (Note: being compassionate doesn’t mean rolling over!)

Another perceived flaky idea is that being positive will help your business. Again, this is not crap, it will. There is all sorts of science to back up this notion–thinking more positively (and yes, that includes doing things like affirmations) builds connections in your brain which improve cognitive functioning, and if you are thinking better, that can only help you in your work!

So, when you are considering working with a consultant, you should expect to hear some common things like that it is vital that you be open to your own creative voice. Yes, even from me with my obnoxious sense of humor (I sell shirts that say “I don’t suck” and “vision = value” after all). We (consultants in general) wouldn’t offer these ideas if we didn’t really believe in the results.

Rob Haggart of aPhotoEditor.com and I are going to work together on a photographer’s website. Rob has the details including how to sign up for a chance to be reviewed by us both.

I’m really looking forward to it. Rob was kind enough to be interviewed by me recently for an article and he is a gracious and honest guy who loves his profession. I’m sure it wil be a pleasure to work with him on this.

Monday is a national holiday, Martin Luther King, Jr. Day. I’d bet dollars to donuts you are not taking the day off.

You should reconsider that choice.

Yes, it is a choice. I know it may feel like you can’t possibly take a day off, but it may very well be that you can’t afford not to.

Taking holidays is good for your business because it gives you the chance to recharge your batteries a bit. The days following a long weekend are often more productive and more importantly, taking time off is better for your health overall. If you are constantly working you are constantly in a state of stress. All that stress gets your hormones seriously out of whack and that leads to poor physical health…and doesn’t do your brain any good either.

If you don’t take holidays (and weekends, etc.) off, you will burn out. You might not even be aware of it until it manifests in constant colds, chronic pain, or even a heart attack–but you may already be in the dangerous stress zone. What is your business going to do if you are laid up in the hospital or out for a couple of weeks with a bad back or sinus infection? How will you afford that?

So take a long weekend. Turn off your cell phone and computer. Get outside (if you can) and get some exercise. Read a novel. Play with your kids/spouse/dog.

The clients will still be there when you get back.

It turns out it really is all about perceived value…there’s an article on MSNBC.com today discussing a study where brain scans were done to register the “happiness” felt by one experiencing something they perceived to be high priced (and thus, of high value) versus items perceived to be lower priced/lower value. People were “happier” (albeit for a short time) with the higher priced/higher value items.

A quote from the article:

“It’s very weird, I know,” admits Antonio Rangel, the lead author of the study and an associate economics professor at California Institute of Technology. “But people believe that more expensive prices are correlated with higher quality. So if you believe something better is happening to you, that affects the way your brain handles the experience.”

So what does this mean for your business? Raise your prices to be perceived as higher quality. There is money being spent on creative services out there but it is being spent with more (theoretical) care. Buyers are happy to spend money on high quality creative product…except for the cheap bastards who will always be the cheap bastards and they aren’t worth your time and efforts anyway. To go after the better paying clients, you have got to look worthy. That means great work and the perceived image that goes with. A higher price can actually help build that perceived image.

Just a little reminder that if you haven’t paid your 4th quarter 2007 estimated taxes yet, they are due on Tuesday.

Well, on the good side, at least you won’t lose projects to ChiptheIntern anymore. Now, if a client has a product of a certain size, s/he doesn’t even need a human to make images of it.

This isn’t really bad news. Good photographers, real pros who live and breathe their creativity, won’t even notice the terminal shift to commodity for this low-end product stuff. There are still plenty of clients who want different, unique, creative imagery. So, if anything, this product will help those photographers who have had a hard time letting go of the crap work finally say “no more.”

I just got a marketing piece in the mail that is supposed to represent a group of top-level intelligent people and appeal to those who want to improve themselves (intellectually) significantly. It had at least 7 different writing, grammar, and punctuation errors.

If I had even vaguely considered a business relationship with this group in the past, this piece would have killed it. Talk about a mixed message!

For visual creatives, words are still important, but the analogy I’d like to make here is more about your image selection. Photographers are supposed to make images that make people stop and say “WOW!” When you send a promo that contains anything other than your very best stuff, you’re risking losing potential clients. No one is going to look at a promo piece that visually says “eh…could be worse” and bookmark your site. Hell, they won’t even go to your site!

Will sending your best stuff possibly alienate some of your old “safe” clients? Yes! And that’s a damn good thing! Sometimes the kick in the butt your business will get by losing that old (abusive) bread-and-butter client is the best thing that can happen to you.

Of course, you could just not send to them if you want to play it safe.

But whatever you do, don’t pick images for promos based on what some committee of friends, colleagues, or even clients tell you they like. You pick your BEST stuff–the stuff you want to make. That will give you the best shot at making your targets say “WOW!”

ASMP-SB2 starts in just a couple of weeks! The first event will be in Los Angeles (Torrance) from January 25 through the 27th. Have you signed up yet?

In each location, on the event’s first day, Friday, all of us main presenters will be available for mini-consultations (at a very low additional charge). These are booking up fast in all the SB2 locations, so you really should sign up soon if you are interested in any mini-consultations. You book them when you book the whole event, though ASMP’s website.

Friday evening, there will be a reception for everyone. This will be a great change to get to know the presenters, meet your colleagues, and get schmoozed by some of the sponsors, I suspect.

Saturday starts bright and early with breakfast provided. The day will be full of in-depth seminars by us presenters (Judy Herrmann & Richard Kelly, John Harrington, me, then Blake Discher) with a lunch break (and lunch provided!) of course. Then we’ll hear from Judy again briefly, then the keynote speaker (either Sean Kernan or Joyce Tenneson, depending on the city) will end the formal day by inspiring our creative side. Digital Railroad will then host a reception and the keynote speaker will be available to sign books and chat.

I expect there will be after-parties as well, both Friday and Saturday nights. This is another reason to book now and to stay in the conference hotel–to hang out with everyone and get even more out of the weekend!

Sunday we’ll start with another provided breakfast then jump into our negotiations practicum. This will be great. We’ll look at real-world issues and role-play negotiations all morning. In small groups, we’ll also encourage the participants to offer their own tough negotiation problems for us to work on together. By lunch, you should have some fantastic tools for the next time the client offers a lousy contract or questions your estimate.

After another provided lunch, we’ll break into the smaller workshops. Participants will choose two from the 4 offered by me, Judy, Blake, and John. This way you can drill down in the area you most want help. If you want learn how to do your own marketing plan, sign up for my workshop. Is your website lame? Take Blake’s. John will cover improving your business workflow and Judy will help you plan your business/career and your future more clearly.

By the time Sunday night rolls around, your brain will be reading “Full!” I’m sure. 🙂

For most people, that will be the end of the event, but for me, I will be staying an extra day in each city to offer one-on-one meetings–I call them On the Road Test Drives. You do not have to attend SB2 to sign up for one of the OTR Test Drives with me (though I really encourage everyone who can to attend). These consultations will be 50 or 110 minutes in length and you book them directly with me. There are more details here. I do still have openings in each city, but some places are starting to get tight!

So, get off your duff and sign up for SB2 already! And when you’re at the event, please make sure to introduce yourself to me–it will be great to get faces to go with the names!