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- A Separate Checking (and Savings) Business Account: If you don’t have a business license, you can just open a second personal account until you do get your license.
- A Business License: I’ve been asked many times to define the right moment in which to apply for a business license. I applied for mine immediately. More than anything else, it was a psychological thing for me. I was going to be successful, and I felt it was important to plan as such. Skirting corners by avoiding taxes wasn’t the road to success, and I knew it.
- A Place to Keep Receipts: Write on the top of the receipt to remind yourself what they were for (i.e., lunch with intern).
- A System to Record Financials: This could be Quickbooks, Excel, or even paper and pencil.
- Business Receipts: Any receipts that contribute to your business should be categorized and filed.
- Deductible Expenses: This goes along with the first, but it’s important to remember that you will need some deductions for end of the year filings. We realized almost too late that I hadn’t spent nearly enough money and was going to be paying a huge chunk in taxes if I didn’t reinvest more into the business.
- Client Invoices: Every session should have a coordinating invoice, so that you can track sales orders and session fees.
- Credit Card Transactions
- Bank Deposit Slips: If you don’t “go to the bank,” then keep track through bank statements.
- All Lab/Vendor Invoices: You need to be able to see what your product expenses are in comparison to your sales; plus, you need it for the purpose of writing off taxes at the end of the year.
- Any Costs Contributing to Your Monthly Overhead: Even if you don’t have a studio, you do have costs! Think about reoccurring payments, prop purchases, home office space, etc.
- My average sale quadrupled! – Rebecca V.
- I went from half a dozen portrait sessions to about 40 a year. -Jamie Z.
- I got a new camera after using the same one for 7 years! – Elaine G.
- I bought a Mercedes after I tripled my income (in only 6 months)!! -Maria S.
- I got to take my family on a Disney Vacation for 7 days because of THRIVE! -Melissa D.
- think about the “why” behind business decisions for the year
- look at your lifestyle, financial, and relationship goals
- develop a 12 month map to grow your profits and to grow as a person
- definitively lay out strategies and systems to take your business to the next level
- create a plan to grow your web presence
- assess and analyze your profits
- seek out new or untapped revenue potential
You would like it if owning your own business was actually synonymous with making a good income. I mean, isn’t that why people start businesses in the first place? To set their own rules, build their own dreams, and make more money?!
But herein lies the problem:
You know you’re not charging enough…
You know you’re going to need to charge more if you want this to last…
What you don’t know is whether or not anyone would ever actually pay the prices you should be charging…
I think Sarah sums it up perfectly… “I know how much I want/need to charge, but I struggle and worry if my work is ‘good enough’ for my prices. I am not a famous celebrity photographer and honestly wonder if my work is worth more than shoot and burn photography. Please Help!”
Today’s episode is dedicated to helping you see past what you’re not and on to what you are!
If you truly want to know you’re worth it? Invest in you. Work and practice and learn – and practice some more – until you can confidently say that you know you can produce stunning imagery every time. And secretly… I hope you never actually get there… at least not all the way… that way you will always have the fire to keep improving your craft.
Love the BACKDROP? We do, too! It’s Spangled, from the fabulous Drop it Modern!