5 Reasons You Can Never Afford To Be A Photographer

There is always something in the way of your success. And there always will be.

I know. I’ve been there.

You may have a goal to put away a sum of money and use that to break free of the daily grind. That money will always disappear. The car will break down. The kids need something from school.

You may have a job you hate, and you struggle with it year after year waiting for your big break into photography. Yet that never comes. So the wait continues.

In both of these examples – and really if you look at every reason that is holding you back from photography – your reasons ultimately depend on money.

Emotionally you want to follow all of the experts advice, break free from the daily grind and work at you passion for the rest of your life.

Yet financially you just can’t get ahead. Your job gives you just enough to get buy what you need each week. Your spending habits mean you have to keep working – people depend on you.

And if you followed the experts advice, its easy. Simply spend less than you earn. The more you do it, the more you’ll save.

And that’s where the conflict lies.

We know in our minds we simply need to save. Yet if we want or “need” something, we simply buy it. And the cycle starts all over again.

With all of that in mind, here are 5 reasons your photography dreams may never be affordable … or attainable.

1. You are in denial

This is the easiest trap to fall into and where most people live on a daily basis. If you don’t admit to having a healthy financial picture that will allow you to do what you want, you don’t have to admit your failures. If you truly knew where you stand, you might have to change your habits and say no to some of the things you are currently doing. Who wants to do that?

2. You are a dreamer

There is a part of you that sees your future success. You can see yourself living the life of your favorite photography mentor. You know you’re good; success will ultimately find you. You just have to wait casually by until someone “finds” you and all of your troubles will wash away. [Read more…]

The First 4 Steps To Becoming A Wealthy Photographer

What is the number one reason most businesses fail? It isn’t lack of ideas, lack of enthusiasm, or lack of potential. People go into business for all the right reasons.

Instead, the one reason they fail is they run out of the one resource you simply can’t build a business without – cash. Cash is king when it comes to owning and operating a photography business. There are certain things you can do yourself to avoid using cash – market using Facebook and Twitter, do your own editing instead of hiring, or typing in your own data entry and tax information. Yet if you don’t pay a bill, it will have lasting implications. If you can’t buy product to finish a client’s order, it will impact the success of your business.

The solution comes in the form of cash flow management. And if you put these few steps into place, it could easily help you move from a struggling business to a six figure photographer.

Measure your cash flow

Instead of sitting around waiting for the checks to come in or new clients to materialize before your eyes, take a look at your situation instead. Create a cash flow plan to see where you will stand next week, next month, at the end of the quarter, and over the course of the next year. Cash flow plans are not solid numbers you can use as a guarantee; instead they are an educated guess that will help you keep track of where you are and where you will be in the future.

The easiest way to develop a cash flow plan is to sit down and look at a number of factors already in place. What customers do you have on the books that haven’t paid? When are they scheduled to pay? Do they pay on time? What payments do you owe to vendors? What expenses do you know you’ll be facing in the coming months? By looking at your receivables and your payables, and tracking them according to when they are due, you should be able to develop a rough timeline that will show you when your cash is coming in, and when it is going out. [Read more…]

Crowdfunding – Is It The Solution To Your Next Great Photo Project?

Times are tough. The economy is in bad shape. Its hard to get a small business loan. And even harder to gain trust for a large project that may seem a little risky to some. So how are people doing it? Through crowdfunding.

Crowdfunding is described as the collective cooperation by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or companies. It can occur for a variety of purposes, from disaster relief, to world help, to artists seeking support from fans, to start-up capital for new businesses.

The great thing about crowd funding is it can work in many different ways. It can come in the form of donations. It can come in the form of small loans. Or it can come in the form of exchanging funds now in exchange for a final output at the end of the term.

I reviewed KickStarter a while back in How A Photographer Can Find Money For A Project. I’ve also been a part of a great program, Kiva, for many months now, and love giving small loans to business owners around the world.

While KickStarter is a great crowdfunding source for photographers, it isn’t the only option.

ChipIn – If you already have a great fan base, and they love what you do and are willing to support you in your endeavors, ChipIn might be the perfect solution for you. ChipIn is a widget you can quickly build and add to your website or blog, and it will showcase how close you are to your goal. [Read more…]