Starting photography business and will be doing animal, glass, product, and personal portraits.... is this the variety that is desirable in a business model or should the variety come from a single type of the photography and include a b2b and b2c business model.
....battling the idea of multiple streams of income vs niche.
I would suggest to make a clear difference between your
- skill set and
- market differentiation.
I think, the answer highly depends on your current situation.
What's your current level in photography in terms of photography and relevant business skills?
Do you already have first clients? What do you stand for in the market?
What we did in our studio is the following:
We tried out a few different things, found what works best for us and focussed quite narrowly on that topic. We reached a very high skill level in that topic and could build up a clear market profile.
With further growth and a bigger team with a broader skills set and interests, it makes sense for us to widen up and work different markets. That helps to break seasonality and reliance from a single market.
Most important things for us is to market for different segments in a different way.
So, the question to answer would be: where is your starting point and what are your next reasonable steps to progress in your photography business? I belive, there is no answer that fits for everybody. Happy to elaborate in more detail by phone.
The first question I would ask is: Is this your passion which you are converting to a business model or are you looking for a profitable business model to enter and develop the passion? [Either way you need a passion]
If the answer is former, then you clearly have the answer. Follow your passion. You might be a small player today but as you deliver great results to your clients on your passionate topic, you will slowly turn the stones and add more people who can broaden your company's offerings.
If the answer is latter, you need to look at the competition and entry barrier in each of the varieties and choose the most profitable and less encroaching ones to start with.
The decision to be B2B or B2C again depends on the choice you make and happy to go over them over a call.
This is a great question no matter what business you are starting (or trying to expand).
Adding to what has been written already (good stuff!), my recommendation is to be *very* clear on who your ideal customer is (or will be).
Learn about personas and "empathy maps" for more details on this.
Remember that 80% of your revenue will come from 20% of your customers.
Having the guts to say "NO" to more than just one target is tough... but I have found that the laser focus saves me a ton of sleepless nights and bringing on crappy customers.
Let me know if you'd like to discuss this more.
- michael vizdos