Here in Idaho we’re at the mercy of mother nature as she continues to bury us in snow. It accumulates quickly, making it difficult to get around. The only way to survive is to keep digging ourselves out as the storms come through. If we let it build up for too long it will get out of control in a hurry.
Managing money is the same way. The financial part of your business is critical. If you sit back ignoring it because it’s confusing, you will soon find that it’s hard to get back on track. If you are losing money you need to know RIGHT AWAY so you can make an adjustment. If you need to get organized for taxes, don’t let it build up into a giant overwhelming pile that will only grow bigger.
Here is a glimpse into some of the basic costs involved in opening up shop to collect money for your photography products and services. This reality is important to have in front of you when it’s time to set your prices. The cost of doing business isn’t cheap, so make sure you’re making a profit!
It’s all fun and games for a while, but if you’re not making money you will likely burn out. There’s a lot of work involved.
Camera Body $2,000
Miscellaneous Gear $500
(flash, memory cards, batteries, camera bag)
Editing Software $50/month
Office Supplies $500
(biz cards, printer, ink, pens, storage devices, screen calibrator)
Logo/Website (DIY) $100
Client Contracts $500
Accounting Software $30/month
Watch for the next blog post on how to calculate your cost of doing business on a monthly basis. This will help you further with pricing yourself, as well as determine the number of shoots you need to aim for in order to profit and pay yourself a salary.
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Talk to you soon,