Putting Your Eggs Into One Basket

So you have a photography business. And you decide to do weddings.

eggs in a basket So you find one reception site and work there a time or two. You start building relationships with the planner, and they begin referring you again and again.

So you begin relying on them to fill up your summers. They send 15 clients over your way every year. Your goal is 20 weddings per year, so you’re happy with the 15 from a strong referral.

Now let me ask you a question.

What happens the day that reception site goes out of business?

If you have a strong relationship with the on site planner, its easy to get the 15 wedding clients with very little selling. The event planner has already talked you up, and has possibly let the prospect see some of your work. Why wouldn’t they book you?

But by relying on them for a huge part of your bottom line, you’re setting yourself up for failure.

If each client brings in $2,000, and your total profit is $40,000, what will it do to your business if you suddenly lose $30,000, with no quick way of replacement?

Instead, make it a goal to have multiple sources for bringing in your income.

  • 5 reception sites each sending over 2 clients per year, plus
  • 2 bridal shows bringing in 4 new clients per year, plus
  • 1 ad in a local bridal magazine bringing in 3 new clients per year, plus
  • 3 referrals from clients you’ve photographed in the past

Now you have a bunch of sources bringing in clients from different places. If you lose one source, it will be easier to replace. The dire necessity won’t be there, and you’ll have the time to expand another source, or look for a new one all together.

image source truemitra

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