Episode 119: Contracts, Client Communication, & Cash Flow during Coronavirus

Photo cred: https://dawnsilvaphoto.com/

The photography industry has been hit SO hard with the cancellations, postponements, & general uncertainty of the Coronavirus issue. Weddings are getting postponed, portrait sessions are being cancelled, and we’re all sitting here like WTF IS GOING ON?!

We’ve got you covered! In Part Two of our Coronavirus Series, we chat with Braden Drake all about contracts, client communication, & cash flow. (Listen to his previous two episodes here!) He brought super valuable information to this show, and helped us with things we should add to our contracts for the future, ways to speak with your clients about your policies, and ways to help your cash flow during Coronavirus. Here are just 3 of our favorite tips from this show:

1. Do you have a force majeure clause in your contract? That’s the one that would be protecting you right now. A force majeure is basically unforseeable circumstances that prevent someone from fulfilling a contract. Very few of us (if anyone) would have a clause specifically for a pandemic- but that’s certainly something to change in the future! This event is completely unprecedented & we’re all learning here, but this is a BIG one!
2. Be upfront, open, & honest with your clients, but avoid being too gushy or personal. For example, if you’re a portrait photographer looking to sell gift certificates to help your cash flow, Braden suggests reaching out to your clients and basically saying “if you already know that you want to work with me in the fall, I’d love for you to start booking now.” It’s not a bad idea to offer an incentive for booking early.
3. There’s nothing wrong with maintaining your original payment due dates. This applies mostly to wedding photographers. If you have a contract, stating that the wedding will be held on April 15 & payment is due one month before that date, that payment is technically still due on March 15. We have differing opinions on this, but the truth of the matter is, that date does not change just because the wedding is getting postponed. Communicate with your clients, and you might be surprised how willing they are to help you during this time. It would definitely be nice to have payments still coming in right now!

This episode was actually a TON of fun to record, despite the serious nature of it, because let’s face it… everything is just weird right now. Julie caught the giggles, Kate’s husband decided to be as loud as possible while working from home, & Braden basically ended up hosting the show. It’s a great one to listen to, and packed with TONS of valuable legal advice. Keeping a solid cash flow during Coronavirus is key!!

We ALSO made a special announcement! We are co-hosting a live Masterclass on how to save for taxes and manage cash flow with Braden on April 8th!! We’ll be chatting about how to set up a cash flow system which is SO incredibly important. To register, visit https://www.bradendrake.com/photospark