What are some strategies for building a strong, viable long-term business?
Probably the single most important piece of advice is to diversify your client base and your income sources. This is much easier to do when you’re first starting out than once you’ve been established for a while. Diversifying frees you from having to say yes to a bad deal when it is presented by a client who is your single largest source of income. It also frees you from having to accept bad deals from any single source of revenue, like magazines for instance, when they begin to lower rates and claim more rights. Having a diversified client base allows you to say no to a bad deal and having the ability, the willingness, and the courage to walk away form a bad deal allows you to negotiate from a position of strength. There is no stronger position than knowing that your client needs you more than you need them. It frees you to dictate your own terms and then decide how much you want to compromise — if they want your images, they must meet your terms, or close to them. Along the same lin
