Are You Breaking Even?
Many studio owners that I speak to that have been in business for many years, now find their business operating at “break even.”
They have money coming in, and money going out at the same rate.
Cashflow but no profit.
This is one of the most frustrating periods of a business life.
The photographer is working long hours running the business, but at the end of the day has absolutely nothing in the bank account as a reward for their hard work.
I remember going through this period in my business.
I was frustrated, miserable, angry, and could not see any light at the end of the tunnel.
What to do?
After searching my own brain and not coming up with an answer, I asked my daughter for advice.
She does after all have two Marketing degrees, and works for a multi million dollar International company as a Marketing manager.
Her response came quickly and was very brief.
“Dad………you can’t milk a dead cow.”
It took me by surprise.
It took me a few days to get clarity on her statement, but when I did, I knew exactly what to do.
The cow was my business model.
What she meant was that my business wasn’t dead, but the way I was running it was.
If was no longer working……. it was dead!
I HAD TO STOP TRYING TO MILK IT.
I had to stop living in the past….that was over.
So how did I move forward and resurrect my business to continue on successfully for many more years.
It was time to clear the past Marketing, processes, pricing, products, mindset, and CHANGE a few things.
The first thing I changed was my mindset.
I determined to focus on the future, and recreate myself.
I learned more about Marketing, and made overall change in my business.
Slowly my business turned around.
I became profitable again, as my new cow started producing milk.
Most leave it too late, because they can’t get out of their comfort zone.
You can keep doing the same things that aren’t working or you can do something that will change your life.
When I am Coaching the clients that I have who are feeling this pain, I know how they feel.
But I also know how to help them.