How to Survive the Credit Crunch
4) Cut your overheads: Whether you have to rent a smaller office space or studio, or simply not purchase that new laptop or 35mm dSLR you've wanted, one way most companies survive the tough times is by cutting costs. It's hard to do, but sometimes you have to rent out your studio, sell some gear you rarely use, or cut out services you don't need. Less overhead means less pressure to make ends meet.
5) School yourself: Brush up on all the new software you may have in your computer - whether being Photoshop CS4, Lightroom, Aperture, or even Excel and Word hone your skills to tighten your workflow. A few years ago when I had a slow month, I transferred all my presentations from Powerpoint to Keynote, learned the application well, and when the next workshop date arrived, I was ready with a solid lecture.
6) Diversify: Diversifying your business is important in general, but critical during these times. When I started my business, I landed a stock agency and a job capturing production photography three days a week in a studio. As my business grew, I added editorial assignments, then workshops, more ad and corporate work, and slowly expanded my photo business. By putting "20 eggs in the basket", and hoping a few came through, I was able to always have a check coming from somewhere.
7) Work on personal projects. Personal projects can not only be rewarding, but often bring new assignments - all the while allowing you to shoot exactly what you are most interested in. I'm currently working on two new projects - a book I hope to publish, and another a studio project capturing a subject I've been interested in for years- both of which I can do from my home or office.