Your issue is acknowledged. The OP implied making a name which also implies a high quality name or brand. I am noted for being a little more expensive than most and I find that it dissuades some and attracts others. There is room for all but if you are on the low side you are going to have a long hard climb and you probably don't know your cost of doing business. There's always room for everyone.
russelray wrote:
I'm going to take issue a wee bit with pricing because there is room in this world for both the Walmarts and the Nordstroms.
I had a home inspection business here in San Diego from July 1, 2001, to December 31, 2015. I started off as the low man on the totem pole because I knew that would get me a quick start, and it did: 493 inspections in my first year at an average inspection fee of $318.52. The math is not hard.
Then one time when I followed up with a Client, she told me she was very dissatisfied with me. Wow. Ego buster. Turns out that she didn't want to know everything that was wrong with the property because she was going to GNR it (gut & renovate). She just wanted to know about the roof, the structure, the plumbing, the heating & cooling, and the electricity. I went to my attorney to see if I could accompany people like her. I could. Discussing this idea at online home inspector message boards, I found a guy in Florida who only did home inspections on properties that listed for a minimum of $1 million. His inspections took 3-5 days, he took a thousand pictures, his report was 350 pages long, and his minimum charge was $3,999. His company was booming. Could I do something similar in San Diego working with the 1%s? My attorney said yes. So I by April 1, 1993, I was both the Walmart and the Nordstrom of home inspections in Southern California. Didn't matter what you wanted; I could deliver it. If you called me, I would convert you because there was no reason for you to go anywhere else. I had it all. Just tell me what you want.
To be successful, though, required marketing, and that I knew how to do. I didn't advertise Walmart inspections to the 1%s, and I didn't advertise 1% inspections to the Walmart shoppers.
Everyone told me I was crazy to try to do what I did, but I proved them wrong simply because I knew how to do marketing. It's no different in photography. If you want to make money from photography and you don't understand marketing, hire someone who does. Put your initial investment into capital expenditures; see your CPA, and get a CPA if you don't have one.
In my view, there are two types of companies that fail: those which are undercapitalized to begin with, and those that don't understand marketing. Create a business plan. Part of that business plan should be a marketing plan. As my wise old grandmother told me in 1966 when she was helping me set up my very first company: "If you fail to plan, plan to fail."
I'm going to take issue a wee bit with pricing bec... (
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