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Are you teetering on the edge of entrepreneurship, held back by fears and doubts? You're not alone. Today, we dive deep into the journey of a seasoned entrepreneur who transformed a college hobby into a thriving business. Get ready to be inspired, empowered, and pushed to take action now. The time to ignite your entrepreneurial spirit is here.
When did you first realize you had a dream of becoming an entrepreneur? What inspired you to take that leap?
While studying electronic engineering in college, I stumbled upon my passion for photography during an art credit course. My instructor, John Tweedle, saw potential in me and mentored me, pushing me to refine my skills. As I began shooting events and sharing photos, requests for my services started pouring in. I set up a darkroom and business phone, inadvertently laying the groundwork for my future career.
One day, a notice about a photo studio building for sale caught my eye. Despite being a student with limited funds and no intention of buying property, I decided to check it out. The moment I stepped inside, I felt an inexplicable sense of belonging. Trusting my gut, I made the bold decision to purchase the building.
In February 1976, Powell Studio was born, marking the start of my entrepreneurial journey. Reflecting on my childhood ventures like selling greeting cards and shoes, I realized I had always possessed an entrepreneurial spirit. This unexpected turn of events transformed my hobby into a thriving business, setting the stage for my career as a professional photographer.
Could you share your journey? How long have you been in business for yourself, and what were some pivotal moments along the way?
For nearly five decades, Powell Photography has remained steadfast in its mission to deliver exceptional photography services. What began as a one-man studio has blossomed into a comprehensive creative force, offering a wide spectrum of services beyond photography, including video, graphics, multimedia, and digital output. This dedication to quality and expansion has earned us a loyal clientele, with many clients trusting us for over 25-30 years.
Many aspiring entrepreneurs face fears and doubts before starting. Did you experience any? What were they, and how did you overcome them?
Fear and doubt were never part of my equation. I simply believed in myself and pursued my goals with determination. Initially, I aimed to showcase exceptional photography, contrasting with the mediocre work I often saw. However, I quickly realized that consumers were primarily driven by price rather than quality.
Despite this realization, I never abandoned my quest for excellence. It remained crucial for me to continually push myself, adhering to the principle that "You're only as good as your last best effort." This drive for constant improvement was deeply ingrained in me.
A pivotal moment with my mentor, John Tweedle, stands out. He once told me, "I don't want you to be as good as me, I want you to be better." This ambitious goal ignited a passion within me that continues to burn brightly today. This unwavering commitment to growth and excellence has been a defining feature of my career.
Reflecting on your entrepreneurial path, when did you feel like you achieved success? How did you define success for yourself?
Success, for me, is a journey, not a destination. Throughout my career, several milestones have redirected my business path.
After purchasing my first building, I secured contracts for school photography and opened a second studio closer to downtown, focusing on B2B clients while maintaining B2C business. Juggling both locations solo proved challenging. A sign reading, "It's hard to get to second base keeping your foot on first," inspired me to close Powell Studio (B2C) and concentrate fully on B2B operations.
Neighborhood gentrification forced me to relocate to the West Loop for six years. As that area developed, I was again priced out. Determined to avoid further displacement, I sought to purchase property.
I nearly bought a converted fire station with living space, but the deal fell through. This experience, however, gave me insight into my financing options. Fortuitously, my sister connected me with someone selling units in a South Loop building. Though I could only afford two of the four available spaces, I negotiated to rent the others until I could buy them. The cost exceeded my initial approval, but I secured increased funding for leasehold improvements.
Over time, I acquired a third unit on the first floor, expanding my live-work arrangement. While I didn't manage to purchase all the ground floor units, I now own four in the building. This brings me full circle - I started with a live-work setup, and that's where I remain today.
Can you describe your business and its mission? What sets your business apart from others in your industry?
Powell Photography, Inc. opened its doors over 48 years ago with one goal in mind: to provide the highest degree of quality photography services for its clients. Doing just that enabled us to grow from a one-man operation at a storefront photo studio to a major creative services operation, offering photography, video, graphics, multimedia, and digital output to a growing list of satisfied clients. Our target market is B2B and high-end consumers. Many of our clients have been doing business with us for over 25-30 years.
Our tagline, “more than just photography,” initially meant that the images we created were more than just pictures. Now, it also means our services go beyond simply photography. Currently, our full creative service support provides clients with a one-stop-shop solution for all their creative needs. We take projects from concept to completion with a dedicated team, ensuring the same level of service our clients have relied on for over 48 years.
What strategies or principles have guided you in building and growing your business?
See previous answer.
7. As an entrepreneur, what challenges have you encountered, and how have you navigated through them?
Like any business, revenue, cash flow, profits, and growth have always been major concerns. Economic fluctuations have been a constant factor throughout my career. I've weathered several recessions by maintaining a reserve account and line of credit to help navigate challenging times.
The Covid-19 pandemic, however, presented the most severe challenge yet. I lost 90% of my business, but my unwavering belief system—the same one I started with—kept me focused on survival rather than dwelling on losses. Thanks to government support through PPP and EIDL loans, coupled with my ability to pivot and provide support for virtual events, I managed to stay afloat.
It took some time to recover from the financial setback, but I did. All the business practices I had learned and implemented over the years proved their worth. Currently, I'm just a few years away from paying off three units, rebuilding our operating capital, and I'm now able to focus on anticipating and preparing for the next business shift.
This experience reinforced the importance of adaptability, financial planning, and maintaining a positive mindset in the face of adversity. It's a testament to the resilience built over years in business, and it positions me well for future challenges and opportunities.
Your journey likely involved learning and adaptation. What are some key lessons you've learned along the way that you wish you knew when you started?
Predicting the future of the photography industry was challenging, given its unpredictable trajectory. The landscape has transformed dramatically over the years, transitioning from film to digital and from darkroom to computer processing. These shifts brought both challenges and opportunities for those willing to adapt.
Anticipating the digital revolution, I began learning digital photography before it was financially feasible to fully invest in the technology. I recognized that once clients shifted to digital, there would be no turning back. My goal was to be prepared and capable of providing these services as the market evolved.
At Powell Creative Services, we've always embraced change rather than feared it. While the creative landscape continues to evolve, we thrive on problem-solving. Today, we harness cutting-edge tools like AI, but our true differentiator remains the irreplaceable human touch.
Our approach combines strategic thinking and emotional connection with the latest technology to craft solutions that truly resonate. We don't just help our clients get noticed; we help them create meaningful connections with their audience.
By partnering with us, clients can transform potential disruptions into breakthrough creative opportunities. In an ever-changing industry, we remain committed to delivering innovative, impactful solutions that keep our clients at the forefront of their fields.
**9. How do you maintain a work-life balance while running your own business? Any tips for other entrepreneurs on managing stress and staying focused?**
In my early career, I struggled with work-life balance. Raised to believe that financial provision was sufficient for family life, I learned the hard way through two marriages and divorces that this wasn't the case. My son, who now works with me and is set to inherit the business, has benefited from my experiences and maintains a healthier work-family balance. It's refreshing to see this in action.
A key lesson I've learned is the importance of both working hard and playing hard, integrating leisure as an essential part of life. I now keep reminders around my office to prompt me to play and relax.
The best advice I can offer is twofold:
1. Believe in your goals without doubt to achieve anything.
2. Establish a life balance from the start; you'll benefit in the long run.
Pursue a career you love and excel in it; the money will follow, and it will never feel like work. Don't focus on competition; you're ultimately only competing with yourself. Always strive to be the best version of yourself, measuring your progress against your own skills and abilities rather than external benchmarks.
This approach to life and work has not only improved my personal satisfaction but has also contributed to the longevity and success of my business. It's a philosophy I'm proud to pass on to the next generation.
Finally, for those interested in your services, how can they connect with you or learn more about what you offer?
312-922-6366