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Untold Impact of Recession on Filmmakers and Videographers
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During the last major recession, I nearly lost everything. I learned some crucial lessons, and I want to share them with you, as there's a lot of talk about another big recession just months away.
Between 2008 and 2009, I was a freelance videographer, taking on various gigs from corporate and commercial to weddings. In 2008, I was doing well, making about 58k in my first full year after film school. I thought it was a lot of money and believed it would only get better.
However, in 2009, everything suddenly stopped. My two major clients, who provided almost all my freelance work, couldn't pay what they owed me, and I received no new calls. I was even willing to be a production assistant again, but I couldn't find work.
Recessions typically cause companies to pause or slow down their spending, especially in marketing and advertising, which made up most of my work. I had a few wedding clients, but I was trying to transition to commercial work and documentary filmmaking.
During several months in 2009, I couldn't cover my $700 monthly rent. By December 1st, 2009, I had only made 11k. Luckily, I had saved a significant amount from 2008 since my expenses were relatively low, which allowed me to make it through 2009.
By the end of that year, my top 3 clients had either gone bankrupt or moved on to ventures that didn't require video. Many photographers and videographers I knew went out of business or found jobs in unrelated fields.
I learned three important lessons. First, when times are good and money is flowing, don't assume it will always be that way. Save for a rainy day, as it will come. Second, don't rely on just one or two main clients, as work can dry up quickly, and it takes time to find replacements. Third, keep expenses low until you have enough revenue sources to justify expansion costs.
Now, I've diversified my income sources and clients while keeping my expenses manageable. I've been preparing for the storm ever since. If a recession is looming, now is the time to prepare: cut expenses, save what you can, and try to secure more clients and revenue sources. Though I learned my most important business lessons in 2009, I wouldn't wish that experience on anyone.
Between 2008 and 2009, I was a freelance videographer, taking on various gigs from corporate and commercial to weddings. In 2008, I was doing well, making about 58k in my first full year after film school. I thought it was a lot of money and believed it would only get better.
However, in 2009, everything suddenly stopped. My two major clients, who provided almost all my freelance work, couldn't pay what they owed me, and I received no new calls. I was even willing to be a production assistant again, but I couldn't find work.
Recessions typically cause companies to pause or slow down their spending, especially in marketing and advertising, which made up most of my work. I had a few wedding clients, but I was trying to transition to commercial work and documentary filmmaking.
During several months in 2009, I couldn't cover my $700 monthly rent. By December 1st, 2009, I had only made 11k. Luckily, I had saved a significant amount from 2008 since my expenses were relatively low, which allowed me to make it through 2009.
By the end of that year, my top 3 clients had either gone bankrupt or moved on to ventures that didn't require video. Many photographers and videographers I knew went out of business or found jobs in unrelated fields.
I learned three important lessons. First, when times are good and money is flowing, don't assume it will always be that way. Save for a rainy day, as it will come. Second, don't rely on just one or two main clients, as work can dry up quickly, and it takes time to find replacements. Third, keep expenses low until you have enough revenue sources to justify expansion costs.
Now, I've diversified my income sources and clients while keeping my expenses manageable. I've been preparing for the storm ever since. If a recession is looming, now is the time to prepare: cut expenses, save what you can, and try to secure more clients and revenue sources. Though I learned my most important business lessons in 2009, I wouldn't wish that experience on anyone.
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