So far 2010 is starting out pretty well. Although 10 days cannot be a testament to much, I will remain positive.
I’m guessing that many of you have made resolutions. I too have committed to some. Before I share with you all what I have in mind for 2010, I want to talk about something called “exit strategy.”
Exit Strategy
Exit strategy is one’s plan to leave a certain situation or circumstance (usually an unfavorable one). The exit strategy that I am talking about is removing yourselves from this wedding industry. For my sake, let’s pretend that you are all photographers (since I am one).
Ask yourselves these questions:
- At what age do I want to stop shooting?
- Do I still want to carry lots of gear around… at age 45?
- Would brides still hire me…when I am 45? If so, will I need to change my pitch from young and edgy to something else?
- Can I work 8-12 hours straight…at age 45?
- Can I still stare at the monitor for hours at a time…at you know…
Just to be clear, I am not making 45 some magical number. For some of you, it might be 60. I’m just using this scenario as an example. So let’s just say that by (whatever age), you want to get out of this industry.
Planning Backwards
Take into consideration your current age. At what age do you want to (blank – leave this industry, retire, change careers, etc.)? This is what I meant by planning things backwards.
- What age are you?
- At what age do you want to exit this situation?
- Take the total amount of resources necessary to exit and divide it by the difference in ages (where you are and where you want to be)
The reason why I am writing this article is to remind everyone that, yes, the money can be good as a photographer, but it won’t last forever. We might not be as capable in the future. And even if so, we might lose interest by then.
Therefore, plan your exit strategy. Factor in retirement savings. As entrepreneurs, we do not have HRs to remind us to allocate funds to 401Ks or other deferred comps, so I am reminding you NOW.
Planning Forward
Now that we understand the importance of planning backwards, let’s plan forward! For 2010, I want to tone up. It sounds cliched, but you must understand that I’m pretty inactive when I’m not shooting weddings :x
As a distant goal, @bullysaurus and I plan to move to France within the next two years. We figured that life’s too short to stick with one area. Plus, we’re young and still have a lot of adventure left in us!
What are your plans? Do share!
Happy belated new year,
Lawrence Chan
P.S. That picture above was my view from Aria Hotel. I was working in Las Vegas during the week of the new year. It was my first attempt at HDR. If you want to check out more of my personal work, I intend to practice my HDR photography with a post every week.
P.P.S. ANNOUNCEMENT — January 25th — Jeffrey Neal is hosting his first workshop! He is the dude that taught me how to use a tilt-shift lens. For meat lovers, I think he’s offering steak as dinner :P
P.P.P.S. ANNOUNCEMENT — January 23rd — San Diego PhotogShootout is hosting a pin-up photo shoot with me as the guest speaker! If you want some portfolio images, these are great events to attend for a tiny fee.
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I just had the opportunity to preview a great book that won’t actually be out on shelves until Feb. 1, titled, “Built To Sell” by John Warrillow, that is about building a sellable business. Like your article, the book points out that it is important at the start of your business to plan for the day that you might have to sell it. Everyone and every business owner should plan this way.
I just had the opportunity to preview a great book that won’t actually be out on shelves until Feb. 1, titled, “Built To Sell” by John Warrillow, that is about building a sellable business. Like your article, the book points out that it is important at the start of your business to plan for the day that you might have to sell it. Everyone and every business owner should plan this way.
Hey Lawrence, If you are ever in Florida, I’ll take you up on the coffee and I’ll treat you to some of the best oysters and shrimp you ever tasted!. I’m in Port St. Joe, If you ever want to travel back in time, and I mean that literally, come to Port St. Joe and see what Florida used to look like.
Hey Lisa, you have a gift for words, that is very eloquent. Experience is priceless.
To stop being a career photographer is one thing but if you still love it, you should never quit. You can still making money here and there doing small jobs or selling your work.
To stop being a career photographer is one thing but if you still love it, you should never quit. You can still making money here and there doing small jobs or selling your work.
As always, great insight Lawrence. I got into the photography industry, and more specifically the wedding photography industry, at what I thought was a late age. I was 32 when I second shot my first pro wedding and 33 when I shot my first solo wedding. I knew being a wedding was the perfect “exit strategy” for my IT career which I knew was no longer my passion nor part of my future. I got into photography knowing two things from day one — first, that photography was my exit strategy from a career I needed to leave into a career (and lifestyle) that I love and want. And second, I got into the photography business with an exit strategy from day one, knowing full well my body, my eyes, or my spirit may no longer be up for shooting 20 or 30 weddings per year when I’m in my late 40s or 50s.
I struggled (and I still do at times) being in my mid 30s when so many others photographers are in their 20s. Then at WPPI in 2008, Joe Buissink talked about how he shot his first wedding when he was 40 years old. When I heard that, I knew I would be just fine. Hearing Joe’s story, and also learning about how Dane Sanders got into the business, really inspired me and made me realize 33 was still “young enough”. Nowadays I meet all sorts of wonderful photographers in their 40s, 50s, 60s, and beyond!
Lawrence is onto something big here. The cool thing is that what Lawrence is proposing is unique to each person. It’s not about the number 45, it about proper planning and foresight. It’s about making your dreams come true, which is different for each of us. But while doing so, we need to honestly ask ourselves how long do we really think we’ll be chasing around brides and grooms on hot summer afternoons or staying inspired. In this industry, there are endless opportunities for transitioning from, or simply just supplementing, our careers behind the camera.
““Aging is not ‘lost youth’ but a new stage of opportunity and strength” – Betty Friedan
As always, great insight Lawrence. I got into the photography industry, and more specifically the wedding photography industry, at what I thought was a late age. I was 32 when I second shot my first pro wedding and 33 when I shot my first solo wedding. I knew being a wedding was the perfect “exit strategy” for my IT career which I knew was no longer my passion nor part of my future. I got into photography knowing two things from day one — first, that photography was my exit strategy from a career I needed to leave into a career (and lifestyle) that I love and want. And second, I got into the photography business with an exit strategy from day one, knowing full well my body, my eyes, or my spirit may no longer be up for shooting 20 or 30 weddings per year when I’m in my late 40s or 50s.
I struggled (and I still do at times) being in my mid 30s when so many others photographers are in their 20s. Then at WPPI in 2008, Joe Buissink talked about how he shot his first wedding when he was 40 years old. When I heard that, I knew I would be just fine. Hearing Joe’s story, and also learning about how Dane Sanders got into the business, really inspired me and made me realize 33 was still “young enough”. Nowadays I meet all sorts of wonderful photographers in their 40s, 50s, 60s, and beyond!
Lawrence is onto something big here. The cool thing is that what Lawrence is proposing is unique to each person. It’s not about the number 45, it about proper planning and foresight. It’s about making your dreams come true, which is different for each of us. But while doing so, we need to honestly ask ourselves how long do we really think we’ll be chasing around brides and grooms on hot summer afternoons or staying inspired. In this industry, there are endless opportunities for transitioning from, or simply just supplementing, our careers behind the camera.
““Aging is not ‘lost youth’ but a new stage of opportunity and strength” – Betty Friedan
Amazing landscape photo. I love the vivid colors!
Amazing landscape photo. I love the vivid colors!
Thanks for the very useful career advice for your fellow pro photographers! Also, looks like your off to a good start with your HDR photography.
Great insight…thanks for the post.
Regards,
Carl from T.O.
Great insight…thanks for the post.
Regards,
Carl from T.O.
Great post Lawrence! It is definitely something to keep in mind! I have no doubt that you will find success in whatever venture comes next for you!
Great post Lawrence! It is definitely something to keep in mind! I have no doubt that you will find success in whatever venture comes next for you!
It’s 11:27 at night and I’m sitting at my desk googleing for some inspiration. And here I am enjoying everyone’s comments. I love how everyone is able to agree and disagree while adding there two cents into the bucket.
Time for an exit plan.
It’s 11:27 at night and I’m sitting at my desk googleing for some inspiration. And here I am enjoying everyone’s comments. I love how everyone is able to agree and disagree while adding there two cents into the bucket.
Time for an exit plan.
Good read!!!
I am following your blog from now on!